Best savings accounts May 2022

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published 6 May 22

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With interest rates now at 1%, the highest level since 2009, you may be looking to switch your savings account to bag a better deal. It may take a few weeks for higher rates to appear on savings accounts after the Bank of England increased the base rate on 5 May 2022, but if you are looking to switch sooner, then we have listed the best options available right now.

While rates are still well below the current rate of inflation, savings accounts can still offer tangible benefits. With some providers offering as little as 0.01%, it’s worth comparing products to help you find the best deal for your cash savings.

“For some, flexibility and quick access may mean that an easy access account would be their preferred type of account,” says Eleanor Williams from data analyst Moneyfacts. “However, locking your money away for a set period of time in order to secure a higher rate of return may be preferable, while others may prefer to spread their funds across different types of accounts.”

Savers searching for top rates may wish to consider some less familiar brands such as challenger banks, as these are currently paying many of the top returns on short-term savings deals.

It’s also wise to keep a close eye on our top picks which we will regularly update, as some attractive rates don’t have very long shelf lives, so you may need to move swiftly to secure your preferred choice.

Remember, choose a type of account that will suit your needs best. Here are our top picks on where's best to put your cash.

All the banks we have mentioned below are covered by the Financial Services Compensation Scheme, meaning if your bank goes bust, then up to £85,000 of your savings are protected.

The best easy access savings accounts

If you need to be able to withdraw your savings whenever you want then an easy-access account is suitable for you. You pay money into them, you receive (usually low) interest while money is in the account and can take it out whenever you need it. Interest rates are lowest on this type of account as you are essentially paying for the privelege of easy access. Rates are variable, however, so you can check to see if you are getting the best return possible.

Chase Bank | 1.5% | Minimum deposit £1, maximum deposit of £250,000

The easy access account is linked to a current account so you’ll have to open a current account to get this rate. There is no minimum income requirement so it’s theoretically straightforward to open the current account in order to then open the savings account. You’ll have to open and manage this savings account via the banking app. There’s no restrictions on withdrawals so you can access your savings instantly if you have an emergency, or as many times as you like if you are using savings to pay for different things. The 1.5% interest means you earn £15 on a £1,000 deposit.

Notice Accounts

If you're happy to give the bank some notice before you take your savings out, then a notice account could bag you a slightly higher interest rate than the easy access accounts. These accounts are suitable if you have at least £1,000 - £5,000 to deposit.

Fixed 1-year accounts

2-year fixed savings accounts

Some of the better rates on offer are available if you have a slightly longer term savings goal and are willing to go into a two-year fixed rate period. But just remember, you won't benefit from any interest rate increases, if there are any, during this period.

This list is accurate at time of writing, with guidance from data analyst Moneyfacts.

Katie Binns

Katie is staff writer at The Money Edit. She was the former staff writer at The Times and The Sunday Times. Her experience includes writing about personal finance, culture, travel and interviews celebrities. Her investigative work on financial abuse resulted in a number of mortgage prisoners being set free - and a nomination for the Best Personal Finance Story of the Year in the Headlinemoney awards 2021.

With contributions from

Tom Higgins