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Savings accounts

find a great new savings account

  • Compare our best savings account rates

Looking to open a savings account but not sure where to start?

We understand that savings accounts can seem confusing at first. There are plenty of options to choose from, and when it comes to your money it’s not a decision to take lightly. 

Here at MoneySuperMarket, we do the hard work for you by comparing savings accounts across a range of providers. With a click of a button you can find the right provider to suit your needs and start saving money today.

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What are the different types of savings accounts?

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Easy access

Easy access savings accounts are just that — easily accessible if you need to dip into your savings at short notice.

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Fixed term

Fixed term savings accounts (also known as fixed rate bonds or fixed rate) offer you a flat interest rate over a set period of time.

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Regular saver

With this type of account you will commit to saving a set amount each month. There are usually stricter rules about how much you can pay in and take out.

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Individual savings accounts (ISAs) let you save up to £20,000 without paying tax on the interest you earn. There’s a limit on how much you can pay in each year.

How to choose the right savings account for you

Here's some questions to ask yourself, so you can decide what type of savings account is right for you and your goals. For more information, you can take a look at our guide on how to choose the best savings account.

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    What are your savings goals?

    Deciding what you’re saving for 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 may be ideal as you’ll be able to withdraw your cash without a penalty. For long term savings, a fixed term savings account may be a better option. Looking to get into a savings habit? A regular savings account can help you commit to putting money aside every month, and usually come with higher interest rates.

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    Do you need access to the money immediately?

    Savings accounts have different rules as to when you can withdraw your money. Usually, the tighter these rules, the higher interest rate you’ll receive 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. Fixed accounts require you to lock your money away for a fixed period - ideal if you’re looking to meet a long-term savings goal.

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    How much are you looking to save?

    How much you’re looking to save will affect what type of savings account suits you best. Regular savings accounts require you to deposit a set amount of money every month. If you don’t make the minimum payment into your account, your account may be closed or you may be given a lower interest rate. ISAs have a cap on the amount you can save each year. For the year 2020/2021, the ISA cap is £20,000.

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    What features are most important to you?

    Savings accounts come with different features which may suit what you’re looking for. Online banking makes it easy to move money from your current account to a savings account. If you’re looking to get into the saving habit, a regular savings account requires you to deposit a set amount on a monthly basis. They also come with stricter rules than other savings accounts, like limited withdrawals across a period of time.

What can a savings account be used for?

We all have different goals and experiences we want to save for, and a savings account can be a great way to start. Some reasons for opening a savings account include:

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Saving for a family holiday

Instant access savings accounts are ideal if you’re looking to save for a shorter period of time, such as a family holiday. Easy access means penalty free access to your money. 

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Saving for a deposit

If you’re looking to save for a house deposit, a regular savings account could help you get into a saving habit. These accounts require you to deposit money into the account every month.

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Rewards or cashback

There are specialist savings accounts for children. If your child is under 16, a Junior ISA could be an ideal option to put money away for your child’s future.

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Saving for retirement

For long-term savings, like saving for your retirement, a fixed-term savings account can be a good option. They offer a fixed interest rate and you won’t be able to access your savings until the end of the term. 

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Saving tax-free

Individual savings accounts, known as ISAs, let you save up to £20,000 without paying tax on the interest you earn. When you open your account you’ll be given an allowance for each tax year. 

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Saving a lump sum

If you’re looking to put money aside for your future, make sure to protect your savings in case your bank collapses. Be sure to split amounts over £85,000 across different financial institutions to make sure you’re covered by the FSCS. 

Why compare savings accounts with us?

MoneySuperMarket takes the hard work out of finding the right savings account.

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Browse our providers

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

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Filter and sort

You can use our handy filters to narrow down your options by what’s most important to you, whether that be interest rate or deposit. 

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Click through to provider

When you find the deal you’re after, click straight to the provider to complete your application online today.

Reporting ISA scams

We’re aware that some fraudsters are trying to use the MoneySuperMarket brand to trick consumers into handing over money or financial details, by offering fake ISA 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

Savings accounts are worth having if you’re looking to put some money away, long-term. Unless you commit to putting a substantial amount away every month, it’s unlikely that you’ll earn much interest on your money. 

If you struggle with saving, they can be a good way to develop a savings habit – especially if you opt for a fixed-term savings account or one with a withdrawal limit. While you can receive higher interest on your savings, you’ll have to commit to not touching that money once it’s locked away for the term you’ve agreed to. 

An easy-access savings account lets you withdraw cash when you need to, so can offer flexibility. But they may not be any more worthwhile than keeping your savings in your current account, unless you hold yourself accountable to not touch that money so you can earn interest on it.

There is no right answer as to how much money you should have saved up. Instead, look at your savings as a safety net in case the unexpected happens and you need money to fall back on. 

It’s best to approach saving money as a way to build up good habits, so you can meet your goals and have enough saved as a back-up if you need it.

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 offer higher interest than easy-access savings accounts, as you’ll be committed to locking away your money for a fixed period of time. 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 account offering a variable rate.

Where you keep your money is ultimately your decision and depends what you’re looking for, in terms of security and interest.

If you’re not after a savings account, you could keep your savings in your regular current account. But with this may come temptation to spend rather than keeping your savings separate. 

If you want to put money away so it can grow, you might also consider investing in stocks and shares rather than keeping it in a savings account. But do bear in mind that investing carries a certain risk, as there is a chance you could lose money on your investment. So, investing in stocks and shares is generally a better option for those who are less risk-adverse.

A savings account is a safe place when it comes to putting your money away. This is because all UK-regulated savings accounts and cash ISAs in 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 receive up to £85,000 per person, per financial institution. This protection scheme also covers mortgages, insurance and investments. 

A savings bank account is a type of deposit account held by a bank, building society or other institution. You can deposit money into your savings account regularly (some will ask that you put money into the account monthly) and over time you’ll gain interest on your balance.

There may be a limit on how many withdrawals you can make or a minimum amount you’ll need to put into your savings account monthly. With that in mind, savings accounts are ideal for developing a savings habit and for their safety and reliability when it comes to saving money.

Having multiple savings account isn’t a bad thing. It can help you meet your savings goals by splitting out your money into different places.

Some reasons for having multiple savings accounts include:

  • Having multiple savings goals: If you’re saving for different things, having separate savings accounts is a logical approach to saving money. Putting money away for your wedding, or your child’s university fund? Having separate accounts for each saving goal is a great way to manage your savings and gain interest on them separately
  • If your bank fails: You’ll only be covered up to £85,000 per person, per bank account, by the Financial Services Compensation Scheme (FSCS). If you have more than £85,000 saved, it may be worthwhile to spread out your savings into multiple accounts, so you’ll be covered
  • Receiving multiple perks: Different account providers may offer you perks for banking with them, from insurance to railcards. So, it may be worth having various accounts with different providers, to receive the best freebies!
  • Making unexpected withdrawals: Having one bank account may come with its risks. If the unexpected happens and you need access to your savings, you could find yourself paying a fee or needing to wait to access your savings. By splitting out your savings into more than one account, you can have access to some cash if you need it

Different types of saving accounts will come with different deposit limits. For cash ISAs, the maximum amount of money you can deposit into your account tax-free is £20,000 for the year 2020/2021, but this may change annually. For other types of savings account, your maximum deposit may vary.

It’s worth noting that the maximum amount you’ll be covered for by the Finances Services Compensation Scheme is £85,000 per person, per account. So, if your savings exceed this limit, it may be worth splitting your savings out into multiple accounts to make sure you’re protected if your bank, building society or credit union goes into administration.

It’s difficult to say what would happen if interest rates turned negative, as it’s an unlikely scenario for UK institutions. But there are UK euro bank accounts that have stopped paying out interest and started to charge a fee for saving with them. This is effectively a negative interest rate and can leave savers questioning the need for a savings account all together. 

Remember the Financial Services Compensation Scheme in this instance, that cover you for £85,000 per person, per account. You wouldn’t get that level of protection if you kept your savings under your mattress! If you’re concerned about negative interest rates, you may consider locking your money away in a fixed-interest savings account to avoid fluctuating rates - as long as you’re happy to leave that money inaccessible for a set period of time.

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.

MoneySuperMarket gives you lots of clever ways to save a lot, by doing very little.

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