Easy access
Easy access savings allow you to dip into your savings at short notice with no penalty.
Our best savings accounts by type
We update our best savings accounts daily, so you always see the latest rates available.
What is a savings account?
A savings bank account is a type of deposit account held by a bank, building society, or other financial institution. You can put money into your savings account as a lump sum or regularly and you’ll earn interest on your balance.
There are many different types of savings accounts, including variable, fixed rate, and Individual savings accounts (ISAs). Each has its own advantages and disadvantages, as well as eligibility criteria and limits on deposits and withdrawals. It's worth doing your research before you decide which savings account is right for you.
Fixed vs variable interest rates: what's the difference?
A fixed interest rate stays the same for a set period, giving you certainty over the returns on your savings. A variable interest rate can go up or down, meaning you could earn more or less interest over time. Fixed rates can suit longer-term savings, while variable rates may offer more flexibility, depending on the account’s terms.
How do they work?
Open an account: You can open a savings account online, over the phone, or at a local bank or building society branch. You'll need to provide proof of identification.
Deposit money: Add money into your account through online and mobile banking, cash, cheque, or over the phone.
Earn interest: The account provider pays you interest on your savings. The rate you earn depends on the type of account you have.
Access your money: Some accounts allow you to access your cash whenever you like, while others require you to leave it in the account for a set period of time.
Pay tax: In the UK, basic-rate taxpayers have a personal savings allowance of £1,000, which means the first £1,000 of savings income is tax-free. Higher-rate taxpayers have a smaller allowance of £500.
Types of savings account
There are several types of savings accounts, each with different features, interest rates, and access options.
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Fixed rate
Fixed rate savings accounts, also known as fixed term bonds, offer you a fixed rate of interest over a set period of time, up to several years.
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Regular saver
Regular saver accounts encourage you to put away a certain amount of money each month. Ideal for savers working towards a specific goal.
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Notice savings account
You have to give a set period of notice before making a withdrawal. Will often pay a higher rate than easy access accounts, but comes with penalties if you need the money fast.
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ISAs
Individual savings accounts (ISAs) let you save up to £20,000 per tax year, without paying tax. There are cash, stocks and shares, and other types of ISA.
Is it a good time to save?
While interest rates have eased from recent highs, they remain competitive compared to much of the past decade, which is good news for savers.
You can benefit from spreading their money across different account types to balance strong returns with easy access. If you can commit to saving for a long period of time you can often secure higher interest rates, while an easy access account is a much better choice if you want to earn interest and be able to dip into your savings as and when you need to.
You could find a savings account offering up to 5.00%[1]at MoneySuperMarket.
As of 14 October the base rate is
3.75%[3]
What are the advantages and disadvantages of savings accounts?
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Advantages
Savings accounts are a safe, low-risk way to save and earn interest.
There’s a wide choice of accounts, including Cash ISAs that let you earn interest tax-free within your annual ISA allowance.
If you have an easy access account, you can dip into your savings whenever you need to.
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Disadvantages
Interest rates can be variable and relatively low.
The best interest rates may require you to lock your money away for a fixed term.
Easy access accounts can make it tempting to spend.
Fees and charges to consider
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Withdrawal penalties
Some accounts limit the number of withdrawals you can make or reduce the interest rate if you exceed the allowance. Others may charge a penalty or restrict access to your money.
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Early closure charges
Some fixed-rate accounts charge a penalty if you withdraw your money or close the account early. This may be calculated as a set period of interest, so check the terms before opening an account.
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Introductory interest rates
Some savings accounts offer a higher introductory rate that drops after a set period. This isn't a fee or charge, but it can reduce the interest you earn, so check when the rate changes.
How to choose the best savings account
Choosing the right savings account can help you earn more interest and reach your savings goals faster.
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Look out for the highest interest rate
Compare rates to find an account that offers a good return, but check whether the rate is fixed or variable and whether any introductory offer will expire.
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Match the account to your savings goal
Consider a standard savings account or a Cash ISA. A Cash ISA may be useful if you want to earn interest tax-free, particularly if your savings interest could exceed your personal savings allowance.
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Consider how much you want to save
The more you save, the more interest you’ll earn. But don’t go so hard that everyday life becomes a struggle.
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What level of access do you need?
Easy access accounts let you withdraw money when needed, while fixed-term accounts may offer higher rates in return for locking your money away for a set period.
Our expert says…
A quick check of your savings can make a big difference. Leave £5,000 in an account paying 0.1% and you will earn just £5 in a year. Switch to 4% and that jumps to £200.
Review your accounts regularly and always check the terms so you know when you can access your money. Remember, the Financial Services Compensation Scheme protects your savings up to £120,000 per bank.
Kara Gammell Personal Finance & Insurance Expert
Compare savings accounts with MoneySuperMarket
MoneySuperMarket can help you compare leading savings accounts all in one place
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Browse our providers
Just click the button below to see a list of all our savings accounts, ordered by highest interest rate
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Filter and sort
Use our filters to focus on what’s most important to you, whether it’s interest rate or deposit amount
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Click through to provider
When you find the account you want, click straight to the provider to complete your application online today
Reporting savings scams
We’re aware some fraudsters are trying to use the MoneySuperMarket brand to trick consumers into handing over money or financial details by offering fake ISA and savings products with eye-catching rates. The best way to stop these scams is to report them.
How do I report a savings scam?
If you think you’ve been contacted by a fraudster, please stop all communication with them and report it to Report Fraud (formerly Action Fraud).
If it’s someone impersonating MoneySuperMarket, please contact our customer services team.
Check out our tips on how to keep you and your family safe from scams.
Are savings accounts worth it?
Savings accounts are a good place to keep your cash safe and secure – even if interest rates aren’t particularly high. The longer you can lock your money away, in general, the higher the rate you’ll earn on your money. Just aim to save regularly and you could be surprised at how your money mounts up.
You may be able to find higher interest rates on deposits – for example in some high interest current accounts – but there are typically maximum limits on the money you can earn interest on.
Investing in equities offers the potential to earn higher returns than a savings account – but with stock market investing your initial capital will be at risk (the value of your investment can go up and down), which is not the case in a savings account.
How much should I have in savings?
While there is no limit to how much you can save, be aware if you have savings worth more than £120,000 you should not hold them all with the same savings provider. The Financial Services Compensation Scheme (FSCS) will cover you up to £120,000 (for FCA regulated firms) should your savings provider run into difficulties. This limit was increased in December 2025. This is the maximum amount covered per person per banking group.
Will I pay tax on my savings?
You may pay tax on savings interest, depending on your income and tax band. The Personal Savings Allowance lets you earn interest tax-free up to these limits:
Basic-rate taxpayers: £1,000 a year.
Higher-rate taxpayers: £500 a year.
Additional-rate taxpayers: no allowance.
Interest earned in a Cash ISA is tax-free. If your taxable savings interest exceeds your available allowances, you may need to pay tax on the excess.
Where can I put money instead of a savings account?
If you’re just looking to deposit your money somewhere safe, you could keep your savings in your regular current account.
If you want to put money away so it can grow, you might also consider investing in stocks and shares ISA rather than keeping it in a savings account. But bear in mind that investing carries higher risk, as there is a chance you could lose money on your investment.
Where is the safest place to put my money?
All UK-regulated savings accounts and cash ISAs offered by banks, building societies and credit unions are covered by the Financial Services Compensation Scheme (FSCS).
This means if your bank collapses and you lose your money, you can claim back up to £120,000 per person, per financial institution.
Do savings accounts have a deposit limit?
Different types of saving accounts can come with different deposit limits. Tax-free ISAs have a maximum amount of money you can deposit into your account each year, for example, and this can change annually. For other types of savings account, the maximum deposit allowed may vary depending on the provider and the type of account. All UK savers have an amount of savings interest they can earn each tax year free of tax. This is known as the personal savings allowance.
Does having multiple savings accounts affect my credit score?
No, having multiple savings accounts won't usually affect your credit score. Opening a savings account doesn't normally require a credit check, as you're depositing your own money rather than borrowing. Current accounts are different, as some providers carry out hard credit searches when you apply, particularly if you're requesting an overdraft. Multiple hard searches in a short period can affect your credit score.
How does the base rate affect savings-account interest rates?
When the Bank of England hikes the base rate, the usual knock-on effect is that banks and building societies increase interest rates on savings accounts.
However, in practice some high-street banks are often slow to pass on increases in the base rate to their customers.
As of October 2026 the base rate stands at 3.75%, but some high street banks are still paying as little as 2%-3% on some instant-access savings accounts.
For that reason, take the time to compare what's on offer to receive the highest return.
How do I open a savings account?
It’s usually straightforward to open a savings account online. Once you have compared accounts and made your choice, just click through to the provider and follow the sign-up process.
You are likely to have to meet simple criteria, such as uploading ID to prove you are a UK resident and aged 16 or over, for some accounts. There might also be a minimum deposit you need to save to get started.
What is AER on a savings account?
AER stands for annual equivalent rate and represents the return you can expect on your savings. AER differs across savings accounts, so it's important to shop around for an attractive interest rate.
Comparing savings accounts
You can compare savings accounts using a number of factors. These include the interest rates they offer as well as how long the rate will last, the amount you might need to deposit in order to open the account, and how you can access the account. Once you’ve decided which account you want, simply click through and you’ll be taken to the provider’s website.
Not sure what type of account to go for? Our Savings Decision Tree can help you decide.
How we work
So how do we make our money? In a nutshell, when you use us to buy a product, we get a reward from the company you’re buying from.
But you might have other questions. Do we provide access to all the companies operating in a given market? Do we have commercial relationships or ownership ties that might make us feature one company above another?
We commit to providing you with clear and informative answers on all points, so we have gathered the relevant information on this page.
Reviewed on 14 Oct 2026 by
Sources and supporting information
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[1]
Accurate as of 13 October 2026.
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[2]
YouGov Survey 1st July 2025 to 30th June 2026. Net Recommend score derived from "Which of the following online service websites would you recommend to a friend or colleague, or tell them to avoid?" Base: Current Customers of (MoneySuperMarket n=17,883, Compare the Market n=16,193, Go.Compare n=8,523, Confused.com n=7,918, Uswitch n=514)
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[3]
The base rate or 'Bank Rate' is the official interest rate set by the Bank of England that guides banks and lenders.
The base rate is currently 3.75%, following a hold in September 2026.
