Compare savings accounts

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Compare savings accounts

Table: sorted by interest rate, promoted deals first
1 - 14 of 1380
Name Product Account type Withdrawals Min. opening balance Incentive Deposit protection Interest rate Apply link
first direct – Regular Saver Account
Regular Savings
per year
£25
FSCS logo
protected
7% AER fixed for 1 year
Go to site
View details
Additional account needed
OFFER
Royal Bank of Scotland – Digital Regular Saver
Regular Savings
Withdrawals permitted
£0
(pay in up to £150 per month)
Get access to this savings account's interest rate when you open an RBS current account or use an existing one.
FSCS logo
protected
5.12% AER variable
Go to site
View details
Additional account needed
OFFER
NatWest – Digital Regular Saver
Regular Savings
Withdrawals permitted
£0
(pay in up to £150 per month)
Get access to this savings account's interest rate when you open a NatWest current account or use an existing one.
FSCS logo
protected
5.12% AER variable
Go to site
View details
Zenith Bank (UK) Ltd – Raisin UK - 3 Year Fixed Term Deposit
Zenith Bank (UK) Ltd – Raisin UK - 3 Year Fixed Term Deposit
Fixed
Withdrawals not permitted
£1,000
FSCS logo
protected
4.75% AER fixed for 3 years
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View details
Zenith Bank (UK) Ltd – Raisin UK - 2 Year Fixed Term Deposit
Zenith Bank (UK) Ltd – Raisin UK - 2 Year Fixed Term Deposit
Fixed
Withdrawals not permitted
£1,000
FSCS logo
protected
4.68% AER fixed for 2 years
Go to site
View details
Investec Bank plc – Raisin UK - 2 Year Fixed Term Deposit
Investec Bank plc – Raisin UK - 2 Year Fixed Term Deposit
Fixed
Withdrawals not permitted
£1,000
FSCS logo
protected
4.65% AER fixed for 2 years
Go to site
View details
QIB (UK) – Raisin UK - 2 Year Fixed Term Deposit
QIB (UK) – Raisin UK - 2 Year Fixed Term Deposit
Fixed
Withdrawals not permitted
£1,000
FSCS logo
protected
4.65% AER fixed for 2 years
Go to site
View details
Tandem Bank – Raisin UK - 2 Year Fixed Term Deposit
Tandem Bank – Raisin UK - 2 Year Fixed Term Deposit
Fixed
Withdrawals not permitted
£1,000
FSCS logo
protected
4.5% AER fixed for 2 years
Go to site
View details
QIB (UK) – Raisin UK - 18 Month Fixed Term Deposit
QIB (UK) – Raisin UK - 18 Month Fixed Term Deposit
Fixed
Withdrawals not permitted
£1,000
FSCS logo
protected
4.45% AER fixed for 1.5 years
Go to site
View details
Paragon Bank – Raisin UK - 2 Year Fixed Term Deposit
Fixed
Withdrawals not permitted
£1,000
FSCS logo
protected
4.4% AER fixed for 2 years
Go to site
View details
Paragon Bank – Raisin UK - 18 Month Fixed Term Deposit
Fixed
Withdrawals not permitted
£1,000
FSCS logo
protected
4.3% AER fixed for 1.5 years
Go to site
View details
FCMB Bank (UK) – Raisin UK - 1 Year Fixed Term Deposit
FCMB Bank (UK) – Raisin UK - 1 Year Fixed Term Deposit
Fixed
Withdrawals not permitted
£1,000
FSCS logo
protected
4.27% AER fixed for 1 year
Go to site
View details
National Bank of Egypt (UK) Limited – Raisin UK - 1 Year Fixed Term Deposit
National Bank of Egypt (UK) Limited – Raisin UK - 1 Year Fixed Term Deposit
Fixed
Withdrawals not permitted
£10,000
FSCS logo
protected
4.25% AER fixed for 1 year
Go to site
View details
Brown Shipley – Raisin UK - 18 Month Fixed Term Deposit
Brown Shipley – Raisin UK - 18 Month Fixed Term Deposit
Fixed
Withdrawals not permitted
£1,000
FSCS logo
protected
4.19% AER fixed for 1.5 years
Go to site
View details
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Why should I compare savings accounts?

Chances are that if you’re on this page you know this already, but choosing the right savings account can make a significant difference for your finances. Interest rates aren’t stellar these days, but there are still gains to be made.

1-2% more or less may not seem like much, but the more you build up your savings, the more difference it’ll make. Say you have £2,500 aside. With a 0.5% annual interest, it’ll earn you £12.50. With a 2.5% interest, you’ll get £62.50. The difference between a pub lunch at the local Spoons and a great dinner in a fancy restaurant. Just saying.

The other important thing to keep in mind is that there are different types of savings accounts with different features that fit different saving profiles. A 50-year-old that has been saving all their life will not need the same savings account of a young graduate at their first job. So you should compare accounts, rates and features to find the best savings account for you.

How do I compare savings accounts?

Savings accounts aren’t the most complicated products in the personal finance world, so the list of their most relevant features is fairly short:

  • Access. This is probably the first decision you need to make. Are you okay with your savings being locked away for a certain period of time? What if there’s an emergency? There are instant access savings accounts where you can withdraw the money with no notice needed to be made to your bank or building society. In contrast there are fixed-rate savings accounts where you can earn a higher interest rate but need to keep the money in the account for a fixed period of time.
  • Interest rate. Interest rate is obviously one of the most important factors to consider. Just be aware that, depending on how much you can deposit into the account and when, higher interest rates don’t always come with higher overall returns. You can browse savings accounts sorted by interest rate here.
  • Minimum and maximum deposit. Some top-paying savings accounts either have a high minimum deposit (so most small savers can’t get them) or a fairly low maximum deposit (great for small savers but you’ll still need a different solution for the rest of your savings if you have more).
  • Time limit/introductory rate. Many savings accounts (particularly fixed rate bonds and regular savings accounts) expire after a certain period of time. Make sure you’re aware of what happens to your savings next. Also, if you find a really great rate somewhere, chances are it will only last for one year or so. More on this below.
  • Overall earnings. Okay, this isn’t exactly a feature, but it’s an easy way to compare deals when things get complicated. Think of how much money you want to put into your new account, figure out how much it’ll earn you and compare different deals to find out which the most lucrative is.

Setting up a savings strategy

Avoiding spending is certainly the hardest part of saving, but deciding where to keep the money you’ve industriously put aside isn’t all fun and games either. Here’s some advice on how to approach the problem:

  • Pick your current account first. High-interest current accounts aren’t common, good rates are only available for short periods of time and are often offered by high-street banks whose mobile apps and online banking facilities were only good in the 1990s. Still, if you can bag a decent one, you should. Introductory rates are sometimes really great and you’ll always get access to your money.
  • Emergency-proof your strategy. Whether you keep it in a current account or in an easy access savings account, make sure that if something happens, you’ve got a decent sum immediately available to take care of emergencies. Learn more about budgeting and saving in an emergency.
  • Set up a regular saver for your monthly savings. Regular savings accounts tend to offer great rates, so if you save part of your income every month, you should open one. You can set up a standing order and forget about it, which will also eliminate the temptation of spending the money. However, be careful, because many regular savings accounts don’t allow you to withdraw your money once you’ve deposited it.
  • Plan for the long term too. After the first year or two of saving regularly, you’ll have enough to start thinking about your medium to long term strategy. You have many different options that mostly depend on what you’re planning to do with the money. For example, if you know for sure you either want to buy a house or save for retirement, a lifetime ISA offers good returns thanks to government contributions. Alternatively, if you’d like to keep your options more open, you may want to consider a fixed rate bond.
  • Investing is an option. Investing your savings is way riskier than depositing them in a savings account and it isn’t for everyone. However, it’s also become much easier than it used to be, even for complete beginners. If it’s something you may want to consider at some point, you can read our guides on share trading and on stocks and shares ISAs.

What are introductory bonus rates?

Something to look out for when browsing savings accounts is high interest rates for new customers, often referred to as “introductory bonus rates”. While this is definitely an alluring feature, remember that when the introductory period is up you’re likely to be left with a significantly lower interest rate. Because of this, it may be a good idea to keep your account open while you qualify for the introductory rate, before switching to an account with a better rate once the introductory period is finished.

If you decide to go with an account offering an introductory bonus rate, make sure you’re clear on the terms so you don’t end up losing the rate. For example, if you withdraw money before the end of the introductory period the introductory rate may be withdrawn.

Are savings taxed?

A taxpayer who pays the basic rate of income tax can earn up to a maximum of £1,000 from interest payments on a savings account without paying tax, while a higher rate taxpayer can earn up to £500 before paying tax. This is what’s known as the Personal Savings Allowance.

The Personal Savings Allowance is in addition to money earned from an ISA account, which is all tax-free.

What is the FSCS?

Short for Financial Services Compensation Scheme, the FSCS protects customers when financial services fail. Look out for its logo on the financial products you’re comparing. If your money is in a bank – an institution that holds a banking licence – then up to £85,000 is protected by the scheme if the bank goes bust. However, if you had more than £85,000 across two banks in the same group – such as HSBC and First Direct – then only £85,000 is protected.

Since 2001, the FSCS has helped millions of UK customers, paying out billions of pounds. If a firm has stopped trading or does not have enough assets to pay up, the FSCS will step in.

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Frequently asked questions

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