When searching for a savings account you’ll want to find the highest interest rates. That way every penny is working hard to give you the best returns possible. But with so many different options available to UK savers it’s not always an easy decision to make.
Here at MoneySuperMarket, we do the hard work for you by comparing savings accounts across a range of leading providers. With a click of a button, you can find the right account to suit your needs and start saving today.
Fixed rate savings accounts, also known as fixed term bonds, offer you a fixed rate of interest rate over a set period of time, such as one year.
With a regular saver account you save a set amount of money each month. There are usually stricter rules about how much you can pay in and take out.
Setting a savings goal can help you decide which savings account would suit you best. If you’re saving for a new kitchen or a holiday, an easy access account will mean you can get your cash without penalty. For long-term savings, a fixed rate account will usually pay more interest, for example.
How much you’re looking to save will affect which savings account suits you best. Regular savings accounts require you to put away a set amount of money every month. If you don’t make the minimum payment into your account, your account may be closed or your rate falls. ISAs have a £20,000 annual cap on the amount you can save each year.
Different savings accounts will have varying rules on withdrawals. Usually, the tighter these rules, the higher the interest rate you’ll earn on your savings. Easy access accounts allow you to withdraw your money whenever you like without incurring a penalty – but they do come with lower interest rates than fixed-rate savings accounts.
Savings accounts come with different features. Online banking should make it easy to move money from your current account to a savings account. But are you happy with a web or app account or do you want branch access? Some accounts offer incentives, such as free insurance, rail cards or higher introductory interest rates when you sign up.
Savings rates fluctuate over time depending on several factors. The savings rate you can achieve on your cash will depend on a variety of things, including:
The Bank of England base rate. The base rate is the interest rate the Bank of England charges when it lends money to other UK banks - so it acts as a benchmark for interest rates across the country. Savings providers use this rate as a reference point for what they’ll offer you through a savings account
The savings account term. As a general rule, the longer you can tie up your money in a fixed rate savings account, the higher the interest rate you’ll earn. Although with interest rates at historic lows this is not always the case – so check the terms and conditions of different accounts. Some easy access account pay higher initial interest rates than some fixed rates, for example
The policy of your savings provider. Some banks and building societies will offer savings rates above the Bank of England base rate to attract new savers. You may be able to take advantage of ‘special offer’ rates, but make a note of when any rates end so you can move to a better paying account
Savings accounts might offer incentives such as introductory rates and bonuses or free insurance when you sign-up. While it may not be the first reason to choose a savings account it can be a beneficial added extra
Just click the button below to see a list of all our savings accounts, ordered by highest interest rate.
Use our filters to narrow down your options by 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.
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.
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Check out our tips on how to keep you and your family safe from scams.
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 year, 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.
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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