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.
| Provider | Rate (AER variable) | Min/max deposit | Unlimited withdrawals | How to open |
|---|---|---|---|---|
| Barclays Rainy Day Saver | 5.12% on balances up to £5,000 then 0.15% | £1 / £10,000 | Yes | Online or in branch (only available to Barclays Blue Reward members) |
| Santander Edge Saver Exclusive | 4% | £1 / £4,000 | Yes | Online (Only available to Santander Edge current account customers) |
| Chip Instant Access Saver | 3.55% | £1 / £25,000 | Yes | On the app |
| Family Building Society Easy Access Saver | 3.40% | £100 / £250,000 | Yes | Online |
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.
| Provider | Rate (AER variable) | Min/max deposit | How to open |
|---|---|---|---|
| First Direct Regular Saver | 7% (fixed for 12 months) | £25 / £300 per month | Online |
| Natwest Digital Regular Saver | 6.17% | £1 / £150 per month | Online 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 month | Online 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 Saver | 5% (fixed for 12 months) | £25 / £250 per month | Online (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.
| Provider | Rate (AER) | Min/max deposit | How to open |
|---|---|---|---|
| Oxbury 180 Day Notice Account | 4.05% | £1,000 / £500,000 | Online |
| Marsden 180 Day Notice Account | 4% | £1,000 / £250,000 | In branch |
| Allica Bank 180 Day Notice Account | 4% | £10,000 / £25,000 | Online |
| Market Harborough Building Society 180 Day Notice Account | 4% | £10,000 / £50,000 | Online or in branch |
Best one year fixed savings accounts
| Provider | Rate (AER) | Min/max deposit | How to open |
|---|---|---|---|
| My Community 1 Year Fixed Saver | 4.67% | £1,000 / £85,000 | Online |
| Cynergy Bank 1 Year Fixed Bond | 4.65% | £10,000 / £1million | Online |
| OakNorth Bank 1 Year Fixed Saver | 4.60% | £1 / £500,000 | Online |
| Investec Bank 1 Year Fixed Bond | 4.60% | £5,000 / £250,000 | Online |
| Allica Bank 1 Year Fixed Saver | 4.56% | £10,000 / £250,000 | Online |
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.
| Provider | Rate (AER) | Min/max deposit | How to open |
|---|---|---|---|
| My Community 2 Year Fixed Saver | 4.77% | £1,000 / £85,000 | Online |
| Investec Bank 2 Year Fixed Bond (via Raisin) | 4.70% | £1,000 / £250,000 | Online |
| Cynergy Bank 2 Year Fixed Bond | 4.66% | £10,000 / £1million | Online |
| Atom Bank 2 Year Fixed Saver | 4.65% | £50 / £100,000 | On 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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