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
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Earn up to 5% with a fixed or easy access savings account
Whether you want an easy access savings account or a fixed rate account, we’ve got great deals from a wide range of providers. View our easy access accounts with the highest interest rates below,
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As of September 2024, the Bank of England base rate remains at 5% and as a result, savings rates are still relatively high. That's good news for savers because they 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
It’s worth noting that experts predict rates could start to drop towards the end of 2024. So now could be a good time lock into a fixed rate and maximise returns from your savings.
With interest rates predicted to fall again in the coming months, now could be a good time to lock in your savings. However, fixed-rate accounts (2, 3, 5 years etc) already price in expected rate cuts, which is why you will see longer fixed term periods offering lower interest rates.
It is important to consider your need for liquidity, as locking away funds limits access. A blend of short and long-term options may offer flexibility while protecting against falling rates.
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 savings allow you to dip into your savings at short notice with no penalty. Most children’s savings accounts offer easy access
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
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
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 as a saver - 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 instant 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
There are a range of things to consider when thinking about what type of savings account is right for you and your goals:
Maximising the return on your money is essential, so look out for the account with the highest interest rate
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
The more you save, the more interest you’ll earn. But don’t go so hard that everyday life becomes a struggle
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
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.
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.
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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?
If you think you’ve been contacted by a fraudster, please stop all communication with them and report it to 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.
MoneySuperMarket can help you compare leading savings accounts all in one place
Just click the button below to see a list of all our savings accounts, ordered by highest interest rate
Use our filters to focus on what’s most important to you, whether it’s interest rate or deposit amount
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. 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.
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 (October 2024) the base rate stands at 5%, 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.
AER stands for annual equivalent rate and represents the return you can expect on your savings. AER differs across savings accounst, so it's important to shop around for an attractive interest rate.
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.
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