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Savings Accounts

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  • Earn over 5% interest with a fixed or easy access savings account

  • See our best savings accounts in one click

  • Get peace of mind with our FSCS-regulated providers

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Why compare savings accounts with MoneySuperMarket?

  • It’s quick and easy

    Take a few minutes to tell us about yourself and what sort of account you'd like. We'll search the market and show you our best accounts in seconds

  • Compare from a range of providers

    Savings accounts are on offer from a range of household-name providers. They’re covered by the FSCS, so your money is safe

  • Exclusive deals

    We clearly label the savings deals exclusive to MoneySuperMarket, so you know you’re snagging an unmissable offer you won’t find anywhere else

How to make the most out of high interest rates

As of February 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 March 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?

While an ISA promises tax-free returns, you can also earn tax-free interest on a regular savings account until you’ve reached your personal savings allowance (PSA). 

Your PSA allows you to earn up to £1,000 tax-free interest from savings every year if you are a basic rate taxpayer, and up to £500 a year if you’re a high rate taxpayer. 

This means that the return on savings for many of us will be tax-free whether we choose an ISA or not. 

If this is the case, the best savings account to open is likely to be the one that pays the higher interest and gives you the access to the money when you need it – whether it’s an ISA or regular savings account.

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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:

  • Match the account to your savings goal

    If you’re saving towards a holiday, then an easy access account lets you get your cash without penalty. Planning for something long-term? Consider a fixed-rate account.

  • Consider how much you want to save

    Regular savings accounts usually allow you to save up to £500 every month. If you want to save a larger amount, try an ISA which has a £20,000 annual savings cap.

  • What level of access do you need?

    Want to dip into your savings? An easy access account could be your best bet. Conversely, fixed-rate accounts come with better interest rates, but you have to lock your savings away for a while

  • Look for features and perks you’ll use

    Savings accounts come with different features. Online bank accounts make it easy to move money from your current account to a savings account. But would you prefer branch access?

How can I get the highest savings interest rate?

Savings rates fluctuate over time depending on several factors. This is how you can get the best deals: 

  • Look for special offer rates

    Banks often try to tempt new customers by offering higher interest rates on saving accounts for introductory periods. You can take advantage of these to earn a better return but make a note of when the rate drops and potentially look to move your money

  • Consider a fixed rate term

    A fixed rate bond or account offers the chance to lock your money away at a high interest for a longer period, often up to five years. This means that even if interest rates fall in the future, the return on your savings is protected until the fixed rate term ends

  • Shop around

    Interest rates on savings accounts change all the time so the best way to get the current best rates is to use a comparison site such as MoneySuperMarket. You can filter depending on what feature is most important to you before clicking through to apply

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 looking for a savings account that can give you maximum interest, a fixed-term savings account may be your best option. Fixed-term savings accounts generally will offer higher interest rates than easy-access savings accounts, as you’ll be committed to locking away your money for a fixed period, such as one year, two years or three years, for example. With a fixed-term savings account, you’ll be given a fixed interest rate so you know exactly what interest you’ll gain, unlike other savings accounts which offer variable rates.

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 most banks have been slow to pass on the recent increases in the base rate to their customers.

So while at the time of writing (February 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.

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.

There are rarely any fees associated with savings accounts. The only time you are likely to face a charge is if your money is in a fixed term savings account and you want to access it before the end of the agreed term. If so, you may face a penalty such as a loss of accrued interest.

Yes, it’s possible to have a joint savings account with someone else. The secondary account holder does not have to be a spouse or partner and both of you can pay into the account and make withdrawals.

While a joint account can help you reach a combined savings goal more quickly, you also need to trust one another because an account holder doesn’t usually need permission from the other to withdraw funds.

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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