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Savings Accounts

Compare our best savings accounts today

  • See our best savings accounts in one click

  • Get peace of mind with our FSCS-regulated providers

  • Earn up to 5% with a fixed or easy access savings account

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Our top savings rates

Whether you want an easy access savings account or a fixed rate account, we’ve got great deals from a wide range of providers. Accurate as of Tuesday, 21 May 2024

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Paragon Bank

Raisin UK - Rainy Day 2024 Easy Access Account

  • Interest Rate (AER)

    5% Variable

  • Notice Period

    none

  • Min/Max Deposit

    £10,000.00 to £85,000.00


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Aldermore

Double Access Account Issue 1

  • Interest Rate (AER)

    4.9% Variable

  • Notice Period

    none

  • Min/Max Deposit

    £1,000.00 to £1,000,000.00

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Leeds Building Society

Limited Issue Online Access Account (Issue 58)

  • Interest Rate (AER)

    4.85% Variable

  • Notice Period

    none

  • Min/Max Deposit

    £1,000.00 to £1,000,000.00

How to make the most out of high interest rates

As of May 2024, the Bank of England base rate is 5.25%, which is the highest it has been for 15 years. This is good news for savers because you can earn better returns on their money. While rates are high, you can take advantage by:

  • Opening a regular saver account that allows you to put away money every month

  • Putting your cash in a fixed rate bond to lock in the high interest rates for a set number of years

  • Taking advantage of tax-free savings with an ISA if you have reached your

    personal savings allowance (PSA)

It’s worth noting that experts predict rates could start to drop from summer 2024. So now could be a good time lock into a fixed rate and maximise returns from your savings.

Pile of cash

What are the different types of 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 different types of account and some have limits on deposits and withdrawals. 

  • Easy access

    Easy access savings allow you to dip into your savings at short notice with no penalty. Most children’s savings accounts offer easy access

  • 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, such as one year, two years or longer

  • ISAs

    Individual savings accounts (ISAs) let you save up to £20,000 per tax year, without paying tax. There are cash, equity and easy-access options

Should I open a savings account or an ISA?

Whether you open a savings account or an ISA depends on your own needs.

A savings account might be more suitable if you..

  • Are just getting started with saving - you can save up to £1,000 as part of your personal savings allowance (PSA), £500 if you are a higher rate tax payer

  • Want ready access to your money at all times

  • Want a wide range of interest rates to choose from

An ISA might be more suitable if you...

  • Have a larger amount of money to save - you can save up to £20,000 a year tax-free

  • Are happy having limited withdrawals - some ISAs only allow a few withdrawals each year if you want to maintain the best interest rate

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How to choose the best savings account?

There are a range of things to consider when thinking about what type of savings account is right for you and your goals:

  • Look out for the highest interest rate

    Maximising the return on your money is essential, so look out for the account with the highest interest rate

  • Match the account to your savings goal

    A savings account may be best if you’re starting out, whereas an ISA may be preferable if you’re hoping to save amounts above £1,000

  • 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

  • What level of access do you need?

    Easy access accounts mean you can always get your money, but usually offer lower interest rates. A fixed savings account means you can’t get your money until the chosen term expires, while an ISA often only allows a set number of withdrawals over a year

Should I save or invest my money?

Whether you save or invest your money comes down to personal choice and your view of risk versus potential rewards. 

  • A saving account is usually the safe option. You can calculate the return you’ll receive and decide how long to lock your money away to further increase its worth. As the Bank of England base rate rises, interest rates on savings accounts tend to rise too. 

  • Investments are generally more risky. Although they can promise greater returns, the value of your assets can go down as well as up. You may have to pay charges to manage your investment too.

Stack of coins
Kate Hughes

Our expert says

"

Even a pound or two set aside can start a positive savings habit that is not just good for your finances, it could be good for your stress levels and overall wellbeing. There is a savings option for every need, from small amounts regularly squirreled away to lump sums set aside for years on end. And with better interest rates than leaving your hard-earned cash to be eroded by inflation in a current account offering little or no return, savings accounts still have low levels of associated risk.

"
- Kate Hughes, Money & Savings Expert

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 an ISA scam?

Check out our tips on how to keep you and your family safe from scams.

Phone Action Fraud on 0300 123 2040 to report fraud

Compare savings accounts with MoneySuperMarket

MoneySuperMarket can help you compare leading savings accounts all in one place

  • Browse our providers

    Just click the button below to see a list of all our savings accounts, ordered by highest interest rate

  • Filter and sort

    Use our filters to focus on what’s most important to you, whether it’s interest rate or deposit amount

  • Click through to provider

    When you find the account you want, click straight to the provider to complete your application online today

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. 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.

While there is no limit to how much you can save, be aware if you have savings worth more than £85,000 you should not hold them all with the same savings provider. The Financial Services Compensation Scheme (FSCS) will cover you up to £85,000 (for FCA regulated firms) should your savings provider run into difficulties. But this is the maximum amount covered per person per banking group. 

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. 

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 £85,000 per person, per financial institution. 

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. 

The short answer is no. Although it's worth noting that to take advantage of incentivised savings account offers that some banks offer, you'll typically need to undergo a credit check. And that in the event that you apply for multiple bank accounts in a short period, this can have a negative impact on your credit score.

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 the sizeable increases in the base rate to their customers.

So while at the time of writing (May 2024) the base rate stands at 5.25%, some high-street banks are still paying as little as 2%-3% on some instant-access savings accounts.

For that reason, to get the best return on your savings it's vital you take the time to compare what's on offer and consider challenger banks and savings-account providers, such as Paragon and Aldermore, who often pay much more than high-street brands.

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.

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.

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.

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