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COMPARE OUR BEST SAVINGS ACCOUNTS AND ISAS


GET THE BEST SAVINGS ACCOUNT FOR YOU

See the highest-paying savings rates right now

Find out what interest rates the best-paying instant access savings, notice
accounts, cash ISAs and fixed-rate savings bonds are offering today
We can help you find the right savings account to suit your needs. Take a look
at our best savings accounts and ISAs to start saving today, or get the guidance
you need before achieving your savings goals.
Author
Salman Haqqi
Editor
James Andrews
Last updated
February 13, 2023
Find the right product in less than 30 seconds


WHAT DO YOU WANT TO DO?

Pick the option that's closest to your main savings goal
 * Start to build up savings
 * Invest a lump sum
 * Save for retirement


TODAY’S BEST SAVINGS RATES

Here are the highest interest rates for a range of savings products available in
the UK market. Be aware that the products with the highest interest rates may
often be further down the results table. This list is updated daily.  

Product typeAERInstant access savings3.35%
See deals

Notice savings3.50%
See deals

Cash ISAs4.20%
See deals

1 year fixed rate bond4.18%
See deals

5 year fixed rate bond4.50%
See deals

Fixed rate bond4.50%
See deals



Is my money safe?
The Financial Services Compensation Scheme (FSCS) guarantees that the first
£85,000 you have saved with a registered bank or building society (or the first
£170,000 for a joint account) will be safe even if the business goes bust.
On this page
What is a savings accountWhich account should you chooseOur best deal for an
emergency fundOur best deal for large purchasesOur best deal for fixed-rate
bondsPros and consFSCS protectionFAQsJargon buster



WHAT IS A SAVINGS ACCOUNT?

Savings accounts are types of accounts with a bank or building society where you
put away money to earn a return through interest.

While the interest you earn on many savings accounts can be relatively modest,
they provide a safe and reliable place to stash your money for short term needs.

They’re especially useful if you’re looking to build an emergency fund, or for
short-term savings goals like buying a car or a holiday.

There are also tax-efficient savings accounts, called cash ISAs, that let you
earn money on your savings without being liable for any tax on the interest you
earn.

Read more about how savings accounts work.

Monthly UK household savings[1]

£180
Average savings rate vs base rate over time


An illustration of how savings rates have changed in relation to the Bank of
England base rate over the past year. Source: Defaqto and Bank of England data.


WHICH IS THE BEST SAVINGS ACCOUNT FOR YOU?




If you're building an emergency fund...

For an emergency fund, you need an account that lets you access your money
whenever you need to. Instant or easy access accounts let you to deposit or
withdraw cash as you see fit. There may be a short delay of a day or two to
complete withdrawals with easy access accounts, but otherwise they are the same
as instant access accounts. Be aware that some banks may asked for 24 hours
notice for withdrawing amounts above £1,000.


Compare easy access accounts



If you want to put away money regularly...

If you're looking to save money regularly, but don't have a specific goal in
mind, a cash ISA lets you add up to £20,000 a year to your nest egg. The better
news is that any interest you earn with these is also protected from tax.


Compare cash ISAs



If you're trying to save for a large purchase...

If you're looking to buy a car or pay for a future holiday, you'll likely want
an account that allows you to put away money that you can't access unless you
absolutely need to. In this case, notice savings accounts may have you covered.

These accounts will allow access to funds saved, although you may have to wait
for 30 days to up to 120 days to make a withdrawal. However, you typically get
higher interest rates on notice accounts compared to easy-access accounts.


Compare notice accounts



If you don't need the money right away...

The go-to option if you’re serious about earning interest on your savings, but
won't need the money for a while, is a fixed-rate bond. These pay about the best
interest available, but mean you have to commit to locking your money away for a
set period. The longer the term of the bond, typically, the higher rate you'll
get.


Compare fixed rate bonds
Which is the best savings account for you?
If you're building an emergency fund...

For an emergency fund, you need an account that lets you access your money
whenever you need to. Instant or easy access accounts let you to deposit or
withdraw cash as you see fit. There may be a short delay of a day or two to
complete withdrawals with easy access accounts, but otherwise they are the same
as instant access accounts. Be aware that some banks may asked for 24 hours
notice for withdrawing amounts above £1,000.


Compare easy access accounts
If you want to put away money regularly...

If you're looking to save money regularly, but don't have a specific goal in
mind, a cash ISA lets you add up to £20,000 a year to your nest egg. The better
news is that any interest you earn with these is also protected from tax.


Compare cash ISAs
If you're trying to save for a large purchase...

If you're looking to buy a car or pay for a future holiday, you'll likely want
an account that allows you to put away money that you can't access unless you
absolutely need to. In this case, notice savings accounts may have you covered.

These accounts will allow access to funds saved, although you may have to wait
for 30 days to up to 120 days to make a withdrawal. However, you typically get
higher interest rates on notice accounts compared to easy-access accounts.


Compare notice accounts
If you don't need the money right away...

The go-to option if you’re serious about earning interest on your savings, but
won't need the money for a while, is a fixed-rate bond. These pay about the best
interest available, but mean you have to commit to locking your money away for a
set period. The longer the term of the bond, typically, the higher rate you'll
get.


Compare fixed rate bonds


OUR BEST SAVINGS ACCOUNTS FOR BUILDING AN EMERGENCY FUND

Our editors pick these deals by weighing several factors such as the interest
rate, term, withdrawal conditions, minimum opening balance and others for each
product.

Editor’s pick
Paragon Triple Access Account (Issue 11)
Paragon Triple Access Account (Issue 11)
Open with
£1
Interest rate
3.1% AER variable
Term
Easy access
View deal

If more than 3 withdrawals are made in a 12 month period, the rate payable will
drop from the date of the 4th withdrawal, with the 12 month period resetting on
the anniversary of the account opening date.

Show Details


Eligibility
Minimum Initial Deposit
£1
Maximum Initial Deposit
£500,000
Permanent UK Resident
YES
Rate Tiers

Gross rateIncluding bonusExcluding bonus3.1%0.75%AER rateIncluding
bonusExcluding bonus0.75%3.1%

“This easy access account by Paragon offers a virtually market leading rate, and
you can open it with just £1. However, the interest rate does drop if you make
more than 3 withdrawals in a year. ”

Salman Haqqi
Senior Personal Finance Editor
Editor’s pick
Ford Money Flexible Saver
Ford Money Flexible Saver
Open with
£1
Interest rate
2.8% AER variable
Term
Easy access
View deal

No notice, penalty, or charge applies.

Show Details


Eligibility
Minimum Initial Deposit
£1
Maximum Initial Deposit
£2,000,000
Permanent UK Resident
YES
Rate Tiers

Gross rateIncluding bonusExcluding bonus2.8%2.8%AER rateIncluding bonusExcluding
bonus2.8%2.8%

“This easy access offering by Ford Money offers a essentially market leading
interest rate, and can be opened with just £1. A great option for those
starting. an emergency fund.”

Salman Haqqi
Senior Personal Finance Editor
Editor’s pick
Paragon Easy Access (Issue 12)
Paragon Easy Access (Issue 12)
Open with
£1
Interest rate
2% AER variable
Term
Easy access
View deal

No notice, penalty, or charge applies.

Show Details


Eligibility
Minimum Initial Deposit
£1
Maximum Initial Deposit
£500,000
Permanent UK Resident
YES
Rate Tiers

Gross rateIncluding bonusExcluding bonus2%2%AER rateIncluding bonusExcluding
bonus2%2%

“This instant access account from Paragon only needs a minimum deposit of £1 to
open, so it’s a good option for someone who wants to dip their toes into saving.
The interest rate is also reasonable and you can make withdrawals. ”

Lucinda O'Brien
Personal Finance Editor



OUR BEST SAVINGS DEALS FOR A LARGE PURCHASE

Our editors pick these deals by weighing several factors such as the interest
rate, term, withdrawal conditions, minimum opening balance and others for each
product.

Editor’s pick
Paragon Triple Access Account (Issue 11)
Paragon Triple Access Account (Issue 11)
Open with
£1
Interest rate
3.1% AER variable
Term
Easy access
View deal

If more than 3 withdrawals are made in a 12 month period, the rate payable will
drop from the date of the 4th withdrawal, with the 12 month period resetting on
the anniversary of the account opening date.

Show Details


Eligibility
Minimum Initial Deposit
£1
Maximum Initial Deposit
£500,000
Permanent UK Resident
YES
Rate Tiers

Gross rateIncluding bonusExcluding bonus3.1%0.75%AER rateIncluding
bonusExcluding bonus0.75%3.1%

“This easy access account by Paragon offers a virtually market leading rate, and
you can open it with just £1. However, the interest rate does drop if you make
more than 3 withdrawals in a year. ”

Salman Haqqi
Senior Personal Finance Editor
Editor’s pick
Ford Money Flexible Saver
Ford Money Flexible Saver
Open with
£1
Interest rate
2.8% AER variable
Term
Easy access
View deal

No notice, penalty, or charge applies.

Show Details


Eligibility
Minimum Initial Deposit
£1
Maximum Initial Deposit
£2,000,000
Permanent UK Resident
YES
Rate Tiers

Gross rateIncluding bonusExcluding bonus2.8%2.8%AER rateIncluding bonusExcluding
bonus2.8%2.8%

“This easy access offering by Ford Money offers a essentially market leading
interest rate, and can be opened with just £1. A great option for those
starting. an emergency fund.”

Salman Haqqi
Senior Personal Finance Editor
Editor’s pick
Paragon Easy Access (Issue 12)
Paragon Easy Access (Issue 12)
Open with
£1
Interest rate
2% AER variable
Term
Easy access
View deal

No notice, penalty, or charge applies.

Show Details


Eligibility
Minimum Initial Deposit
£1
Maximum Initial Deposit
£500,000
Permanent UK Resident
YES
Rate Tiers

Gross rateIncluding bonusExcluding bonus2%2%AER rateIncluding bonusExcluding
bonus2%2%

“This instant access account from Paragon only needs a minimum deposit of £1 to
open, so it’s a good option for someone who wants to dip their toes into saving.
The interest rate is also reasonable and you can make withdrawals. ”

Lucinda O'Brien
Personal Finance Editor



OUR BEST FIXED RATE SAVINGS BOND DEALS

Our editors pick these deals by weighing several factors such as the interest
rate, term, withdrawal conditions, minimum opening balance and others for each
product.

Editor’s pick
My Community Bank 1 Year Fixed Term Deposit
My Community Bank 1 Year Fixed Term Deposit
Open with
£1,000
Interest rate
4.18% AER fixed
Term
1 year
View deal

Withdrawals are not permitted during term.

Show Details


Eligibility
Minimum Initial Deposit
£1,000
Maximum Initial Deposit
£85,000
Permanent UK Resident
YES
Rate Tiers

Gross rateIncluding bonusExcluding bonus4.18%4.18%AER rateIncluding
bonusExcluding bonus4.18%4.18%

“This one year bond can be opened with a minimum deposit of £1,000 and a maximum
of £85,000. It's a good option for those looking to lock money away for a large
purchase in a year's time.”

Salman Haqqi
Senior Personal Finance Editor
Editor’s pick
Raisin UK - QIB UK Bank - 2 Year Fixed Term Deposit
Raisin UK - QIB UK Bank - 2 Year Fixed Term Deposit
Open with
£1,000
Interest rate
4.3% EPR (gross p.a.)
Term
24 months
View deal

No withdrawals or closure permitted during the term of the account.

Show Details


Eligibility
Minimum Initial Deposit
£1,000
Permanent UK Resident
YES
Rate Tiers

Gross rateIncluding bonusExcluding bonus4.3%4.3%AER rateIncluding bonusExcluding
bonus4.3%4.3%

“This 2 year fixed rate bond from QIB (UK) has a competitive interest rate and a
minimum deposit of £1,000. However, there are no withdrawals or closure
permitted during the term. ”

Lucinda O'Brien
Personal Finance Editor
Editor’s pick
Ford Money Fixed Saver 5 Year
Ford Money Fixed Saver 5 Year
Open with
£500
Interest rate
4.4% AER fixed
Term
5 years
View deal

Withdrawals or closure during the term is not permitted

Show Details


Eligibility
Minimum Initial Deposit
£500
Maximum Initial Deposit
£2,000,000
Permanent UK Resident
YES
Rate Tiers

Gross rateIncluding bonusExcluding bonus4.4%4.4%AER rateIncluding bonusExcluding
bonus4.4%4.4%

“If you can afford to lock your money away for a few years, Ford Money’s 5 year
fixed bond is a good option. It offers a competitive rate, and you can open with
£500.”

Salman Haqqi
Senior Personal Finance Editor



WATCH: HOW TO PICK A SAVINGS ACCOUNT

Play


PROS AND CONS OF SAVINGS ACCOUNTS

Pros

They're easy to open

You earn interest so your money grows

Some types of accounts allow you to access your money easily

You can open some savings accounts with just £1

Your money is protected by the FSCS
Cons

Any returns you get through interest are relatively moderate

Some types of savings accounts penalise you for withdrawals

Interest rates can fluctuate depending on the BoE base rate and savings
providers' needs


DO SAVINGS ACCOUNTS OFFER ANY PROTECTION FOR MY MONEY?

The Financial Services Compensation Scheme (FSCS) provides £85,000 of protection
for each person who has saved money in a registered bank or building society in
case it goes bust.

This rises to £170,000 for joint accounts.

So, if you’re a single person with £170,000 in savings, you could protect the
full amount by putting £85,000 in two separate accounts held by different
savings providers.

But keep in mind that many banks operate under shared licences, for example HSBC
and First Direct, which means you are only protected up £85,000 even if you have
accounts in both banks.

Read more about how the FSCS works


It's a good idea to spread your savings across a number of banks, so that you
don't hold any more than £85,000 with one."


SAVINGS ACCOUNTS FAQ



How do I open a savings account?

You'll be able to do this online, by phone or in branch. Some accounts have to
be opened in specific ways.

To open a savings account, you'll need to provide ID and proof of your address
so the bank can do its checks.



How much can I save?

Usually as much as you want, but some accounts restrict how much you can
save. This guide explains how to manage each type of account.




Do I have to tie my money up to save?

No, you can choose how much access you have to your money by choosing the right
savings account. This guide explains which accounts are available.




Can I get a joint savings account?

Yes, most savings accounts can be set up in joint names, so you should be able
to do this if you’d like to save with someone else.


SAVINGS ACCOUNTS JARGON BUSTER



AER

The Annual Equivalent Rate (AER) tells you how much interest you will receive by
the end of your chosen savings account’s term.



BOE base rate

The Bank of England base rate, sometimes known as the bank rate or base interest
rate, is the most important interest rate in the UK. The Bank of England uses it
to control inflation (the cost at which everyday things - such as food, fuel and
clothing - rise).

The BOE’s goal is to keep inflation as close to 2% as possible and, therefore,
it changes the base rate if prices fall or rise by too much or too sharply.

The current Bank of England base rate is 4%.



FCA

The Financial Conduct Authority (FCA) regulates the financial services industry
to ensure firms stick to the rules and consumers do not fall victim to scams or
get tied into unfair contracts.



Fixed rate

This term is used to describe savings accounts that deliver a set interest rate
over a given term. The interest rate and how long it lasts are agreed when you
sign-up for the account.



Gross Interest

This is interest paid on a savings account without any deduction of income tax.



Maturity

When your account reaches maturity, it means that the fixed term has come to an
end. For example, if you have a 5 year fixed rate bond, your account matures on
the day the 5 year fixed term ends.



Variable rate

A variable rate of interest on your savings account means that it may go up or
down during the term of your account.


LEARN MORE ABOUT SAVINGS ACCOUNTS

Find out more about savings accounts and how to figure out which products are
right for you.
How to find the best savings accounts
How does savings interest and tax work?
Best place to save money

Find more guides here


ABOUT THE AUTHOR

Salman Haqqi
Salman Haqqi
Salman Haqqi spent over a decade as a journalist reporting in several countries
around the world. Now as a personal finance expert, he helps people make
informed financial decisions.
Didn’t find what you were looking for?
Below you can find a list of our savings pages:
Savings accountsCash ISAsCash ISAs for over 60Fixed rate bondsFixed rate cash
ISAsInstant and easy access accountsNotice savings accounts
Investment pages (capital at risk):
Investment ISAsJunior ISAsLifetime ISAsISA savings accountsGuides


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References
1. Average savings per month UK This represents the median amount saved each
month. That means that 50% of households save less than £180 a month and 50% of
households save more.


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