Savings

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The best savings accounts are the ones that make your money work as hard as possible for you. With the recent rise in interest rates, it’s more important than ever to make sure your money is growing in one of the best savings accounts.

Compare savings accounts

There are various types of savings account you can compare and choose from, including easy access accounts, ISAs, fixed rate bonds and more.

It’s important to make sure your money is working as hard as possible, so regularly check you’re on the best savings rate.

These are the accounts available to open through MoneySuperMarket. We can show you all the accounts on the market, but we can only help you to open some of them.

Not sure what type of account to go for? Our Savings Decision Tree can help you decide. 

Easy access accounts

If you think you’ll need to access your savings, an easy access savings account could be a good option. These are often the best savings accounts for savers who want to withdraw their cash with little or no notice, but this flexibility means interest rates are often less competitive.

You can open the accounts below through MoneySuperMarket. We can show you all the easy access savings accounts on the market, but we can only help you to open some of them.

Ordered by interest rate
 

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{1 | currency : '' : 0}} to {{productCurrency}}{{2000000 | currency : '' : 0}}

Notice period

none

Account type

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Great for
  • Opening an account online with a low minimum opening balance of just £1
  • Managing your savings online 24/7 & making unlimited withdrawals with no charges, penalties or notice periods
  • A choice of annual or monthly interest – Annually paid in March or monthly on the first business day of each month
But be aware that
  • After 12 months the rate will revert to the underlying rate, currently 0.25% gross/AER
  • Online Saver is provided by Bank of Ireland UK
Show key information
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Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{100 | currency : '' : 0}} to {{productCurrency}}{{1000000 | currency : '' : 0}}

Notice period

none

Account type

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Great for
  • Unlimited payments and withdrawals with no penalties
  • 7 day service and choice of monthly or annual interest
  • Part of Renault’s global banking group
But be aware that
  • RCI Bank is part of a French banking group and the first €100,000 equivalent is protected by the French deposit guarantee scheme, rather than by the UK FSCS scheme which protects the first £85,000
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Fixed Rate Bonds

Fixed rate bonds are savings accounts that usually pay a set rate of interest, agreed at the beginning, for a certain period of time. They generally offer higher interest rates than easy access accounts, especially if you opt for a fixed rate bond that lasts for two years or more. But, you’ll pay a penalty if you need to make a withdrawal within the fixed term.

Ordered by interest rate
 

Masthaven Masthaven

1 Year Fixed Term Bond

Go to site

Sorry, we can't help you to open this account

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{500 | currency : '' : 0}} to {{productCurrency}}{{250000 | currency : '' : 0}}

Term

1 year bond

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Go to site

Sorry, we can't help you to open this account

Great for
  • UK based bank with FSCS protection
  • A guaranteed rate of interest for the full term of the product
  • Supported by a dedicated UK based customer service team
But be aware that
  • Applications and deposits only taken online
  • Additional deposits and withdrawals are not permitted within the fixed term
Show key information
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Paragon Bank Paragon Bank

2 Year Fixed Rate Savings Account

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{1000 | currency : '' : 0}} to {{productCurrency}}{{100000 | currency : '' : 0}}

Term

2 year bond

Account type

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Great for
  • UK based bank with FSCS protection up to £85,000
  • Opening and managing your account online
  • A guaranteed rate of interest for the full term of the product
But be aware that
  • Additional deposits and withdrawals are not permitted within the fixed term
  • You must be over 18 and a UK resident to open this account
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Cash ISAs

Cash ISAs will help you to take advantage of your annual tax-free ISA allowance: you can invest up to £20,000 and pay no tax on the returns. Some cash ISA accounts also allow you to transfer in money invested in the previous tax year so you can maximise returns on your tax-free savings. 

Ordered by interest rate
 

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{50 | currency : '' : 0}} to {{productCurrency}} no limit

Notice period

instant

Account type

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Expected Profit Rate

This account is Sharia compliant as such the account pays an expected profit rate rather than an interest rate

Great for
  • Instant access to your money online or through telephone banking service
  • Highly competitive returns generated through ethical activities
  • Transfer existing ISA balances into Al Rayan Bank Instant Access Cash ISA
But be aware that
  • Islamic banks offer 'expected profit rates' not interest rates. Al Rayan Bank has always paid at least the expected profit rate quoted to customers
  • 2018/2019 tax limits apply
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Post Office Money Post Office Money

Online ISA - Easy Access Issue 13

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{100 | currency : '' : 0}} to {{productCurrency}} no limit

Notice period

none

Account type

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Great for
  • Online application and access
  • The ability to split your cash ISA savings across variable and fixed rate products in one place
But be aware that
  • Interest is calculated daily and paid annually in March. After 12 months the rate will revert to the underlying rate, currently 0.25% tax free/AER variable
  • If you opt to fix your savings withdrawal restrictions will apply
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Fixed Rate Cash ISAs

A fixed rate cash ISA will pay a guaranteed amount of interest for a set length of time. This could be one of the best savings accounts if you want to take advantage of your tax-free cash ISA allowance and can afford to lock your savings away for a few years.

Ordered by interest rate
 

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{500 | currency : '' : 0}} to {{productCurrency}} no limit

Term

5 year bond

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Great for
  • Transferring existing ISA balances
  • Fixed term ISA savers
But be aware that
  • Withdrawals are not permitted within the fixed term
Show key information
Close

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{1000 | currency : '' : 0}} to {{productCurrency}} no limit

Term

12 month bond

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Expected Profit Rate

This account is Sharia compliant. As such, the account pays an 'expected profit rate' rather than an interest rate

Great for
  • Competitive tax-free returns
  • Access online, in branch, by phone
  • UK regulated bank. Savers fully covered by Financial Services Compensation Scheme
But be aware that
  • Islamic banks provide an 'expected profit rate' rather than an interest rate
  • Customers are unable to access funds until maturity date
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Notice Accounts

If you want to be able to dip into your savings but don’t necessarily need immediate access, you might find that one of the best savings accounts could be a notice account. These pay a higher rate of interest than easy access accounts, but it takes longer to get your cash. 

Ordered by interest rate
 

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{500 | currency : '' : 0}} to {{productCurrency}}{{100000 | currency : '' : 0}}

Notice period

120 days

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Great for
  • UK based bank with FSCS protection up to £85,000
  • A choice between monthly or annual interest
  • Opening and managing your account online
But be aware that
  • Online access only
  • You must be over 18 and a UK resident to open this account
  • 120 days' notice is required for withdrawals
Show key information
Close

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{250 | currency : '' : 0}} to {{productCurrency}} no limit

Notice period

90 days

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Expected Profit Rate

This account is Sharia compliant. As such, the account pays an 'expected profit rate' rather than an interest rate

Great for
  • Higher return rate than traditional instant access accounts
  • Access online, in branch, by phone
  • UK-regulated bank. Savers fully covered by Financial Services Compensation Scheme
But be aware that
  • Islamic banks quote an 'expected profit rate' rather than an interest rate
  • Savers must provide at least 90 days' notice before they can access their deposit
Show key information
Close


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Not sure what account is right for you?

Choosing a savings account can be a bit baffling, but that's where our handy decision tree comes in. Simply answer a few quick questions about your savings habits, and we'll guide you towards the right type of account for you.

Get help to choose an account

 

Savings. Trust us to explain them simply

Savings Guides

  

Can't find what you're looking for? Try looking at our news, views and in-depth savings guides

Your guide to finding the best savings accounts

Some banks and building societies passed on part of last year’s increase in interest rates, announced by the Bank of England in November to their savers. But some institutions have been more open-handed than others.

The changes could have affected the competitiveness of your account. If you haven’t checked to make sure you’re on a good deal for your savings, you could be missing out.

Choosing a savings account can be a bit baffling, but that's where our handy decision tree comes in. Simply answer a few quick questions about your savings habits, and we'll guide you towards the right type of account for you.

Average savings in the UK

People are saving more than they used to. According to data from National Savings & Investments, the average amount saved per person each month has leapt from £68.85 in 2015 to £104.56 in 2015. The same statistics show that men, on average, saved £25.56 more than women in 2015.

It’s probably no surprise that people living in London saved the most in 2015, with an average of £146.33 per person. Those who lived in Wales saved the least, at £76.22 per head. 

Average monthly savings per person

How much should I save?

Our savings calculator is a great tool if you’re thinking about saving. If you tell us your savings goal, how much you can put away each month and what the interest rate of your savings account is, we’ll tell you how long you’ll need to save to reach your target.

And if you don’t have a set goal but you want to set aside some money every month, we’ll show you how your savings will grow over time.

It’s also an easy way to see how interest rates affect your savings. By changing the interest rate in the calculator, you can see how putting your money in a savings account with higher interest will help your deposit to swell.

Just remember that you need to regularly monitor your rate, and maybe even switch your account, to make sure your cash is always working hard. 

Which savings accounts are most popular?

How do I choose a savings account?

There’s such a wide range of accounts on the market, all with different rates and different rules, that it can be hard to work out which is the best savings account for you.

Some people simply select the account that pays the highest rate of interest. But it’s important to look beyond the headline rate at the terms and conditions of the account.

Here we briefly outline the different types of savings accounts:

  • Regular savings accounts (linked to a current account from the same institution): you could earn up to 5% interest and you have to deposit cash every month up to a limit of, say, £300 a month.
  • Instant/easy access accounts: the most straightforward and flexible of savings accounts, these allow you to deposit and withdraw your cash as and when you like.
  • Easy access accounts: sometimes these have higher interest rates but you need to give notice of withdrawals and could wait up to 120 days for your cash.
  • Fixed rate/bond savings accounts: these pay a fixed rate of interest for a set term, usually between one and five years, but if you withdraw money before the term expires, you usually forfeit interest.
  • Children’s savings accounts: under-18s often get high interest rates.
  • Offshore savings accounts: if you have income (or bills) paid in a foreign currency, this can be a good option.
  • Business savings accounts: a great way to enjoy a higher rate of interest so that your cash is working harder for you and your business.

Are my savings taxed?

Since April 2016, the introduction of a new Personal Savings Allowance (PSA) has meant that basic-rate taxpayers can earn £1,000 of savings interest without the taxman taking a slice, and higher rate taxpayers can earn £500. Additional rate taxpayers are not eligible for a PSA.

Can I save tax-free?

A cash ISA is just like an ordinary savings account, with one important exception – the interest is tax-free. You can save up to £20,000 in a cash ISA in the current tax year and you can choose from a range of different accounts, including easy access ISAs and fixed-rate ISAs.

In November 2011, the Junior ISA was born. Parents, relatives and friends can invest up to £4,260 each year into a Junior ISA and the money grows tax-free until the child reaches 18. 

Average monthly savings by UK region

Are there any catches with savings accounts?

Short term bonuses

Many of the top rate accounts include an introductory or short-term bonus. For example, an account might advertise a headline interest rate of 1.5%, which includes a bonus of one percentage point for one year only. In other words, after 12 months, the rate on the account will drop to 0.5%.

The bonuses help to propel the accounts into the best buy tables and they can work to the savers’ advantage – as long as you are prepared to search for a better deal when the bonus expires.

Deposit and withdrawal restrictions

Some accounts restrict the amount you can save, or the amount and frequency of any withdrawals. You have to make sure you don’t breach the limits otherwise you could lose interest.

Online access

It’s usually cheaper for a bank to offer internet accounts than branch based deals, so you can often earn a higher rate of interest if you manage your account online.

When is interest paid?

Interest on savings accounts is usually paid either monthly or annually. It’s probably best to opt for annual interest, unless you expect frequently to dip into your funds.

Are my savings safe?

The tough economic conditions have made savers wary. But if your bank or building society goes bust, as long as it is regulated by the Financial Services Authority, the first £85,000 (as of 30 January, 2017) of your money is guaranteed under the Financial Services Compensation Scheme.

In the case of a joint account, £170,000 is protected.

If you have a lot of savings and are you are particularly nervous, you should therefore make sure you don’t deposit more than £85,000 with one institution.