Best savings accounts December 2023

The best savings accounts are paying the highest rates we’ve seen in nearly a decade. We tell you the best savings rates available right now.

A jar full of saved one pound coins
(Image credit: Getty images)

The best savings accounts are paying the highest interest rates in years and continue to creep up with banks and building societies regularly upping rates to come out on top.  

As the Bank of England repeatedly hikes interest rates (the base rate is now at a 14-year high of 4.25%), savings rates have likewise risen and savers can now bag a better return on their cash. 

With the UK inflation rate running high, every extra penny you can squeeze out of your savings counts. 

You might notice the top rates are offered by less familiar brands, so if you want to bag the best rate it’s good to keep your options open.

Note that even if you’re happy with where your money is and the rate you’re receiving, rates are changing quickly so keep an eye on our best buy savings list.  

So, if you’re not on a fixed-term account, it may be a good idea to move accounts more often to ensure you stay on the best rate.

All the accounts we mention are covered by the Financial Services Compensation Scheme (FSCS), meaning if the bank or building society goes bust, then up to £85,000 of your savings are protected.

Best savings accounts

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The best easy access savings accounts

Easy access accounts do what they say on the tin - they allow you easy access. It means you can withdraw your savings at any point without the need to give notice or miss out on interest. Easy access accounts do however have lower rates of interest. 

If you think you will need easy access to your savings, then here are the top accounts available right now.

Chip Instant Access Saver | 3.55% variable| Minimum deposit £1, maximum deposit £25,000
Top for anyone

Chip Instant Access Saver | 3.55% variable| Minimum deposit £1, maximum deposit £25,000

The best paying easy access account open to anyone. This account can be opened via the Chip app and you have unlimited withdrawals. A £1,000 deposit at 3.55% interest will earn you £35.50 over the course of a year. 

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ProviderRate (AER variable)Min/max depositUnlimited withdrawalsHow to open
Barclays Rainy Day Saver5.12% on balances up to £5,000 then 0.15%£1 / £10,000YesOnline or in branch (only available to Barclays Blue Reward members)
Santander Edge Saver Exclusive4%£1 / £4,000YesOnline (Only available to Santander Edge current account customers)
Chip Instant Access Saver3.55%£1 / £25,000YesOn the app
Family Building Society Easy Access Saver3.40%£100 / £250,000YesOnline

The best regular savings accounts

Regular saving accounts are great if you have a stash of money you want to put away each month. The account you go for will depend on how much you want to save and how much you can afford to put away each month, as regular saver accounts come with restrictions.

Here are the top accounts on the market.

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ProviderRate (AER variable)Min/max depositHow to open
First Direct Regular Saver7% (fixed for 12 months)£25 / £300 per monthOnline
Natwest Digital Regular Saver6.17%£1 / £150 per monthOnline or in branch (you must have a Natwest current account which you use to transfer money into your regular saver)
Lloyds Bank Club Monthly Saver 5.25%£10 / £400 per monthOnline or in branch (you must be Lloyds current account, be a Club Lloyds customer and you must not have opened a Club Lloyds Monthly Saver in the last year)
HSBC Regular Saver5% (fixed for 12 months)£25 / £250 per monthOnline (You must hold a HSBC current account

The best 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. 

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ProviderRate (AER)Min/max depositHow to open
Oxbury 180 Day Notice Account4.05%£1,000 / £500,000Online
Marsden 180 Day Notice Account4%£1,000 / £250,000In branch
Allica Bank 180 Day Notice Account4%£10,000 / £25,000Online
Market Harborough Building Society 180 Day Notice Account4%£10,000 / £50,000Online or in branch

Best one year fixed savings accounts

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ProviderRate (AER)Min/max deposit How to open
My Community 1 Year Fixed Saver4.67%£1,000 / £85,000Online
Cynergy Bank 1 Year Fixed Bond4.65%£10,000 / £1millionOnline
OakNorth Bank 1 Year Fixed Saver4.60%£1 / £500,000Online
Investec Bank 1 Year Fixed Bond4.60%£5,000 / £250,000Online
Allica Bank 1 Year Fixed Saver4.56%£10,000 / £250,000Online

The best two 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.

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ProviderRate (AER) Min/max depositHow to open
My Community 2 Year Fixed Saver4.77%£1,000 / £85,000Online
Investec Bank 2 Year Fixed Bond (via Raisin)4.70%£1,000 / £250,000Online
Cynergy Bank 2 Year Fixed Bond4.66%£10,000 / £1millionOnline
Atom Bank 2 Year Fixed Saver4.65%£50 / £100,000On the app

How to choose the best savings account

Savers searching for top rates might 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.

Note, even if you’re happy with where your money is and the rate you’re receiving, always keep an eye out on our top picks which are regularly updated as some of the best rates don’t hang around for long. 

So, if you’re not on a fixed-term account, it may be good to move accounts more often to keep the best rates. 

Rachel Springall, finance expert at Moneyfacts said: "The back-to-back base rate rises have had a positive influence on variable savings rates, and this, along with notable competition, has seen the average easy access rate rise to its highest level since 2012.

“Product choice across the savings spectrum also improved, getting closer to levels not seen since March 2020." 

Moneyfacts saw the highest level of saving accounts being offered to customers since March 2020, with 1,754 saving deals to choose from.

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Vaishali Varu
Staff Writer

Vaishali graduated in journalism from Leeds University. She has gained experience writing local stories around Leeds and Leicester, which includes writing for a university publication and Leicester Mercury. 

She has also done some marketing and copywriting for businesses.

When she is not writing about personal finance, Vaishali likes to travel and she's a foodie.