Best savings accounts – November 2022

Interest rates on cash savings are making a comeback. We look at the best savings accounts on the market now

Banks have started to raise the interest rates on saving accounts and are currently offering some of the best deals on cash savings and, although they don’t beat inflation, we’ve checked the best savings accounts available right now.

If you have cash savings – whether it’s your emergency fund or savings for a short-term goal – you can earn as much as 5% from an easy access account for up to £1,500 right now. Below are the best savings accounts available for easy access, 12 and 24 months fixes.

All the banks we have mentioned are protected by the Financial Services Compensation Scheme, which protects up to £85,000 of your money should a bank or financial institution go bust. 

This article is also updated regularly using data from Defaqto. 

The best easy-access savings accounts 

Easy access accounts aren’t the top rates, but they come with the freedom of letting you access your cash when you want without losing any interest. So, if you want flexibility, then an easy access account could be for you. These are the best easy-access savings accounts available now.

Al Rayan Bank Everyday Saver – 2.81%

Al Rayan Bank's Everyday Saver is a Shariah-compliant account that offers an expected profit rate of 2.81%. The account must be opened and operated online and has a minimum investment of £5,000. 

Atom Bank Instant Saver – 2.55%

Atom Bank’s Instant Saver is one of the top-paying savings accounts on the market at the moment. However, the account can only be opened and managed online via Atom’s app. 

Savers can open the account with £0. It’s possible to move to fixed rate deals with higher rates of interest within the app. Atom’s 6 month fixed saver offers a rate of 3.55%. 

Tandem Instant Access Saver – 2.55%

There’s no minimum deposit required to open Tandem’s account, which is opened and managed exclusively through the company’s app. 

Best limited withdrawals easy access savings accounts

Yorkshire Building Society rainy day saver – 2.5% 

If you are new to Yorkshire Building Society, then you can bag 2.5% interest with its rainy day saver account for balances up to £5,000. For anything more, the rate drops to 2%. You only need £1 to open the account and are permitted two withdrawals a year. 

Principality Building Society Online Double Access – 2.50% 

You only need £1 to open this account and start saving, but you can only make two withdrawals per year. Anything more, and the bank will close the account. 

Harpenden Building Society Triple Access Saver – 2.4% 

You can open this account with £100 minimum, but to keep the rate, you should not withdraw from the account more than three times. If you withdraw from the saver more than three times in a year, the rate drops to 1.4%. 

Best Easy Access Savings for existing customers 

It’s worth checking in with your current account provider as many have special savings deals available to existing customers only. Here is what’s available right now. 

Barclays Rainy Day Saver – 5.12% 

This account is only available to Barclays Blue Reward members. If you’re not a member, you can become one by opening a Barclays current account and linking this to your Blue Rewards account. 

The account offers 5.12% on balances up to £5,000. On any balance beyond that the rate drops to a measly 0.15%. The 5.12% interest on the account means you earn £51.20 on a £1,000 deposit after one year.

Chip Instant Access Executive – 2.55% 

Managed by the investment platform Chip, this account is only available to the firm’s existing customers. Savers can open the account with just £1 and withdraw their money whenever they want. 

The account aims to pass on higher rates faster than other savings providers following a Bank of England decision. Users can also set up a recurring payment to the account for effortless saving. 

Newbury Building Society Existing Members Account - 2.3% 

You must have been an existing Newbury Building Society customer for at least one year to open an account. The minimum opening balance is £50 and to receive the headline rate of 2.3%, you must keep a balance above £1 or the rate will drop to 1.20%. 

You can withdraw up to £500 per day.  

The best one-year fixed accounts

If you’re happy to lock a chunk of your savings away for a year, it might be worth considering a one-year fixed rate account. 

Just be aware that if you take money out before the 12-month period ends, you will lose the interest deal. 

Here are the best deals available for 12-month fixed accounts.

FirstSave 1 Year Fixed Bond – 4.50%

This online account has a minimum opening deposit of £1,000. the money cannot be withdrawn before the end of the term. Savers who deposit more than £5,000 can elect to receive their interest monthly. 

SmartSave 1 Year Fixed Saver – 4.37%

You must open this online account with a minimum deposit of £10,000.

Investec Bank 1 Year Fixed Saver – 4.36% 

You need a minimum £5,000 deposit to open this account. Interest is paid when the account matures. You cannot withdraw any cash until the fixed period ends.

Atom Bank 1 Year Fixed Saver - 4.35%

You can open the account with £50. 

The best two-year fixed-term savings accounts

If you are happy to fix for two years, the interest rates are marginally better. But just as with one-year fixed accounts, you can’t access the cash until the fixed period ends. 

This also means if better rates appear within that time frame, you will be locked in at a lower rate. 

But, since there is no guarantee that will happen, you might decide it’s better to start earning something on short-term savings immediately.

Investec 2 Year Fixed Saver (via Raisin) – 4.75%

You can open this account with a minimum of 28£1,000. 

Cahoot 2 year Fixed Saver – 4.70%

This online account requires a minimum opening deposit of £500.

FirstSave 2 Year Fixed Bond – 4.70%

This online account requires a minimum opening deposit of £1,000.

What are the different types of savings accounts?

When putting your cash away, you will usually have the option of different types of saving accounts – ranging from easy access accounts to one, two or three-year fixes.

Easy access accounts allow you to take your money out as and when you please.

Fixed-rate accounts come with restrictions and also mean you cannot access your cash until the account reaches maturity.

You usually earn more interest if you are willing to lock your cash away for a fixed period but keep in mind that this also takes away the flexibility should you need the cash suddenly. 

Although two or three-year fixed accounts, sometimes described as fixed-rate bonds, can earn you more interest, it is worth noting that the rates currently on offer do not beat inflation, meaning the value of your cash is still eroding. So if you can lock your money away for the long term (five years or more) then your cash could potentially earn more on the stock market. 

Looking to switch current accounts? Take a look at our guide in the best current account switching offer, where right now you can earn as much as £200 for moving bank accounts.

This article is updated regularly to bring you the latest on the best savings accounts rates.

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