Best savings accounts October 2022

Saving accounts are paying the best rates we’ve seen in nearly a decade. Here are the best savings accounts to put your money in

A sapling growing out of a round jar of coins
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The best savings accounts are paying out some of the highest rates of interest in almost a decade. Now is a good time to review where you could be getting better returns for your money.  

While interest rates on these accounts are still well below the current rate of inflation, savings accounts are seeing their highest interest rates since December 2012 according to MoneyFacts (opens in new tab), which means you’re getting more of a return on savings. 

Just over a year ago in September 2021, an average easy access saver was offering 0.17%. Now, the average rate on an easy access saver stands at 0.84%.And it’s possible to find much better savings returns than that. 

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. 

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.

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.

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

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.

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RCI Bank Freedom Savings Account (opens in new tab) | 2% | Minimum deposit £100, maximum deposit £250,000

This account can only be opened and managed online only. The interest rate is variable, so the rate could change. There are no restrictions on withdrawals. You must have an account with another UK bank or building society to open this account. The 2% interest means you earn £20 on a £1,000 deposit after one year.

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Secure Trust Bank Access Account (opens in new tab) | 2% | Minimum deposit £1,000, maximum deposit £85,000

You can open this account online only and it can be managed online or over the phone . Note that the interest rate is variable, so the rate could change. There are no restrictions on withdrawals. The 2% interest means you earn £20 on a £1,000 deposit after one year.

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Ford Money Flexible Saver (opens in new tab) | 1.95% | Minimum deposit £1, maximum deposit £200,0000

This account can only be opened and managed online. The interest rate is variable, so the rate could change. There are no restrictions on withdrawals. The 1.95% interest means you earn £19.50 on a £1,000 deposit after one year.

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HoistSavings (opens in new tab) (via Raisin UK (opens in new tab))  | 1.95% | Minimum deposit £1,000, maximum deposit £75,000

This account can only be opened and managed online. The interest rate is variable, so the rate could change. There are no restrictions on withdrawals. The 1.95% interest means you earn £19.50 on a £1,000 deposit after one year.

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Atom Bank Instant Saver (opens in new tab) | 1.90% | Minimum deposit £1, maximum deposit £100,000

This account can only be opened and managed on the app. The interest rate is variable, so the rate could change. There are no restrictions on withdrawals. The 1.90% interest means you earn £19 on a £1,000 deposit after one year.

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UBL UK (via Raisin UK) Easy Access Account (opens in new tab) | 1.90% | Minimum deposit £1,000, maximum deposit £85,000

This account can only be opened and managed online. The interest rate is variable, so the rate could change. There are no restrictions on withdrawals. The 1.90% interest means you earn £19 on a £1,000 deposit after one year.

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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Penrith Building Society 90 Day Notice Account (opens in new tab) | 2.95% | Minimum deposit £500 maximum deposit £100,000

You can open and manage this account in branch or via post. This notice account requires 90 days’ notice before a withdrawal can be made. A £1,000 deposit will return £29.50 after one year.

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Penrith Building Society 60 Day Notice Account (opens in new tab) | 2.75% | Minimum deposit £500 maximum deposit £100,000

You can open and manage this account in branch or via post. This notice account requires 60 days’ notice before a withdrawal can be made. A £1,000 deposit will return £27.50 after one year.

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Oxbury 180 Day Notice Account (opens in new tab) | 2.75% | Minimum deposit £1,000 maximum deposit £100,000

You can only open and manage this account online. This notice account requires 180 days’ notice before a withdrawal can be made. A £1,000 deposit will return £27.50 after one year.

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Oxbury 95 Day Notice Account (opens in new tab) | 2.65% | Minimum deposit £1,000 maximum deposit £100,000

You can only open and manage this account online. This notice account requires 95 days’ notice before a withdrawal can be made. A £1,000 deposit will return £26.50 after one year.

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Secure Trust Bank 180 Day Notice Account (opens in new tab) | 2.60% | Minimum deposit £1,000 maximum deposit is unlimited

You can only open this account online and it can be managed online or over the phone. This notice account requires 180 days’ notice before a withdrawal can be made. A £1,000 deposit will return £26 after one year.

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Penrith Building Society 30 Day Notice Account (opens in new tab) | 2.55% | Minimum deposit £500 maximum deposit £100,000

You can open and manage this account in branch or via post. This notice account requires 30 days’ notice before a withdrawal can be made. A £1,000 deposit will return £25.50 after one year.

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OakNorth Bank 120 day notice account (opens in new tab)  | 2.50% | Minimum deposit £1 maximum deposit of £500,000

You’ll have to open and manage this savings account online or via the banking app and you will need to provide 90 days’ notice for withdrawals. The interest rate is variable so it can go up and down. The 2.50% interest means you earn £25 on a £1,000 deposit after one year.

THE BEST ONE YEAR FIXED ACCOUNTS

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My Community Bank 1 Year Fixed Term (opens in new tab) | 4.16% | Minimum deposit £1,000 maximum deposit £85,000

You can only open and manage this account online. No withdrawals are permitted through the term of the account. A £1,000 deposit will return £41.60 after one year.

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Atom Bank 1 Year Fixed Saver (opens in new tab) | 4.11% | Minimum deposit £50 maximum deposit is unlimited 

You can only open and manage this account online.. No withdrawals are permitted through the term of the account. A £1,000 deposit will return £41.10  after one year.

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Virgin Money 1 Year Fixed Bond (opens in new tab) | 4% | Minimum deposit £1 maximum deposit £100,0000

You can only open and manage this account online. No withdrawals are permitted through the term of the account. A £1,000 deposit will return £40 after one year.

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Shawbrook Bank 1 Year Fixed Rate Bond (opens in new tab) | 4% | Minimum deposit £1,000 maximum deposit is unlimited 

You can only open this account online and it can be managed online or over the phone. No withdrawals are permitted through the term of the account. A £1,000 deposit will return £40 after one year.

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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Secure Trust Bank 2 Year Fixed Rate Bond (opens in new tab) | 4.55% | Minimum deposit £1,000 maximum deposit £500,0000

You can only open this account online and it can be managed online or over the phone. No withdrawals are permitted through the term of the account. A £1,000 deposit will return £93.07 after two years.

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Nationwide Building Society 2 Year Fixed Rate Bond (opens in new tab) | 4.50% | Minimum deposit £1 maximum deposit is unlimited 

You can only open this account online and it can be managed online or over the phone. No withdrawals are permitted through the term of the account. A £1,000 deposit will return £92.02 after two years.

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Investec 2 Year Fixed Term saver (opens in new tab) (via Raisin UK (opens in new tab)) | 4.50% | Minimum deposit £1,000 maximum deposit £85,000

This account can be opened and managed online only. No withdrawals are permitted for the two year term of this account. A £1,000 deposit will earn you £92.02 by the end of the two year term.

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Shawbrook Bank 2 Year Fixed Rate Bond (opens in new tab) | 4.40% | Minimum deposit £1,000 maximum deposit is unlimited 

You can only open this account online and it can be managed online or over the phone. No withdrawals are permitted through the term of the account. A £1,000 deposit will return £89.94 after two years.

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Hampshire Trust 2 year bond (opens in new tab) | 4.32% | Minimum Deposit £1 maximum deposit £25,000

You can open and manage this account online or over the phone. No withdrawals are permitted through the term of the account. A £1,000 deposit will return £88.26 after two years.

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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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.