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.
Rising interest rates mean you can bag a better return on your savings, and 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 on top of our best savings list.
So, if you’re not on a fixed-term account, it may be good to move accounts more often to keep the best rates.
All the accounts we mention are covered by the Financial Services Compensation Scheme (FSCS), meaning if the bank goes bust, then up to £85,000 of your savings are protected.
Last checked 07.02.2023. Last updated 07.02.2023.
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.
(opens in new tab)| 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% | £1 / £85,000 | Yes | App (only available to existing customers) |
| Atom Bank Instant Saver | 2.95% | £1 / £100,000 | Yes | App |
| Shawbrook Bank Easy Access Account | 2.92% | £1,000 / £85,000 | 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 |
| 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) |
| Natwest Digital Regular Saver | 5.12% | £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) |
| 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 |
|---|---|---|---|
| Furness Building Society 120 Day Notice Account | 3.50% | £1,000 / £500,000 | In branch or by post |
| Allica Bank 180 Day Notice Account | 3.50% | £10,000 / £25,000 | Online |
| Stafford Railway Building Society 90 Day Notice Account | 3.40% | £5,000 / £150,000 | Online, in branch or by post |
| Allica Bank 95 Day Notice Account | 3.40% | £10,000 / £25,000 | Online |
| OakNorth Bank 120 Day Notice Account | 3.35% | £1 / £100,000 | Online |
Best one year fixed savings accounts
| Provider | Rate (AER) | Min/max deposit | How to open |
|---|---|---|---|
| My Community 1 Year Fixed Bond | 4.18% | £1,000 / £85,000 | Online |
| SmartSave 1 Year Fixed Saver | 4.17% | £10,000 / £85,000 | Online |
| Atom Bank 1 Year Fixed Saver | 4.15% | £50 / £100,000 | App |
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 |
|---|---|---|---|
| Secure Trust Bank 2 Year Fixed Bond | 4.30% | £1,000 / £1million | Online |
| Investec 2 Year Fixed Rate Saver (Via Raisin) | 4.26% | £1,000 / £85,000 | Online |
| Ford Money 2 Year Fixed Saver | 4.25% | £500 / £2million | Online |
How to choose the best savings account
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.
Note, that 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,” she adds.
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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