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Best inflation-beating savings accounts – could your money be working harder?
The UK inflation rate eased to 2.8% in April, but experts warn that inflation is still set to accelerate this year due to the Iran war. We list some of the top-paying savings accounts where your money will grow in real terms.
Inflation slowed to 2.8% in the 12 months to April 2026, according to the latest data from the Office for National Statistics (ONS).
However, price growth is still not tamed and most forecasters are expecting it to accelerate this year, making it all the more important that your savings are being held in accounts that pay inflation-beating interest rates.
But not all savings accounts on the market offer rates that guarantee real-terms growth.
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Put simply, inflation measures how much the overall level of prices for goods and services consumed by households has increased in a given period of time.
Most economists agree that inflation of around 2% is healthy for an economy as it incentivises people to spend their money instead of hoarding it and waiting for prices to come down.
Whether inflation is at the 2% target or much higher, any level above 0% will mean your money is losing value in real terms. The only thing that changes is how fast this happens.
To mitigate the effects of inflation on your savings, you will need to put your money into an account that pays an interest rate at or above the current level of inflation.
The latest data from Moneyfacts shows the average interest rate for a savings account is 3.55%, which is just slightly higher than April’s inflation reading.
Over the entire market, 1,806 savings accounts beat inflation, including 202 easy access, 178 notice accounts, 180 variable rate ISAs, 410 fixed rate ISAs and 836 fixed rate savers, according to Moneyfacts on 20 May.
The Bank of England (BoE) currently predicts that price growth will creep close towards 4% in the next few months.
To protect against this, consider ensuring your savings are in an account with a high interest rate.
The top easy-access savings account on the market right now is Chase’s Saver With Boosted Rate, which pays an interest rate of 4.5%, inclusive of a 2.25% boost for 12 months. It beats April’s inflation reading by 1.7 percentage points.
To get the deal, you must be a new Chase current account customer and open the saver within 31 days of opening your account. You can put a maximum of £3 million into the savings account with withdrawals allowed, although the FSCS only covers up to £120,000 per person, per banking licence.
Be aware that the 2.25% boost will expire after 12 months, meaning your interest rate will tumble down to just 2.25% after a year, assuming the variable underlying rate hasn't changed.
But that isn’t the only option. We look at the best savings accounts currently on the market which can help you beat inflation.
Each of the accounts listed below currently have the highest rate on the market for someone saving £10,000 and are all FSCS-protected, according to Moneyfacts.
Which are the best savings accounts to beat inflation?
Best easy-access savings accounts
Swipe to scroll horizontally
Chase Saver With Boosted Rate
4.5%
Rate includes 2.23% bonus for 12 months
Spring Special Edition Easy Saver
4.3%
Save between £10 and £20,000
Chorley Building Society Online Saver
4.27%
Lower rate paid if more than 2 withdrawals per annum.
Mansfield BS Triple Access Bonus Saver
4.25%
Rate includes a 1.00% bonus for 12 months. 3 withdrawals including closure per year.
Best easy-access cash ISAs
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Trading 212 Cash ISA Promo Rate
4.62%
Plum Cash ISA
4.6%
Moneybox Cash ISA
4.33%
Best one-year fixed savings accounts
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Melton Building Society Fixed Rate Issue 17
4.8%
Birmingham Bank 1 Year Fixed Rate Bond
4.76%
MBNA Fixed Saver 1 Year
4.75%
Best one-year fixed cash ISAs
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UBL UK 1 Year Fixed Rate Cash ISA
4.66%
Vanquis Bank 1 Year Fixed Rate Cash ISA
4.66%
Vida Savings 1 Year Fixed Rate ISA
4.65%
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Join more than 165,000 subscribers and keep yourself informed with the latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.
Daniel is a financial journalist at MoneyWeek, writing about personal finance, economics, property, politics, and investing.
He covers savings, political news and enjoys translating economic data into simple English, and explaining what it means for your wallet.
Daniel joined MoneyWeek in January 2025 and previously worked at The Economist in their Audience team. He read history at Emmanuel College, Cambridge and edited Cambridge's student newspaper, Varsity.
In his free time, he likes reading, walking around Hampstead Heath, and cooking overambitious meals.
