The Financial Services Compensation Scheme (FSCS) guarantees that it will step in to compensate the first £120,000 you have saved with a UK-authorised bank, building society or credit union in the event that the business goes bust.
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There are a lot of savings accounts available out there, so to make the comparison a bit easier, you first want to decide which type of account is best for you. This will largely depend on whether you want ready access to your money, or whether you’re comfortable tying up your cash for a length of time.
If you have never signed up to a savings account before and would like to know how, then we have a guide on opening a new savings account.
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. Using a top-paying savings account could leave you much better off than if you left your money in a lacklustre account.
There can be a big difference between top paying accounts and those at the bottom of the league table. The more you build up your savings, the more difference it’ll make. Say you have £2,500 set aside. With 1.5% annual interest, it’ll earn you £37.50 after a year. With 4% interest though, you’ll get £100. The difference between a pub lunch for two at the local Spoons and a nice 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. Someone who has built up a large pot of savings might be able to afford tying up some of their cash for a year or two, whereas someone with a smaller pot of savings might be better off with an account that gives them immediate access to their money if they need it.
But you don’t have to choose between one or the other because you could split your savings into multiple accounts, each with its own purpose.
So you should compare accounts, rates and features to find the best savings account for you. Learn more about the best places and type of accounts to save money.
Savings accounts aren’t the most complicated products in the personal finance world, so the list of their most relevant features is fairly short:
"It may seem a daunting task to switch savings accounts. But by not doing so, you could be losing out on hundreds – maybe even thousands – of pounds in interest each year.
When inflation is high, the value of your savings becomes less in real terms. Essentially, what you can buy with the money sitting in your savings account now, is less than what you could buy a year ago. That’s why it’s important to earn as much interest as you can to minimise the effect of inflation on your savings.
While there may not be a switching service like there is for current accounts, it’s still easy to switch savings accounts. The first step is to compare the best rates available for your chosen type of savings account.
The next step is to check if the provider is protected by the Financial Services Compensation Scheme (FSCS). This means that your deposits are protected up to £120,000. So if the provider were to go bust, you could get your savings back. One thing to be aware of though, if you have multiple accounts with one banking group, these all contribute towards the £120,000 limit. You can check whether a provider has FSCS protection by looking for the logo in our comparison tables.
If you’re worried about sending a large amount of money at once, you can start by sending a small amount – say £1 – to check it arrives safely. Then you can transfer across your remaining savings balance. However, make sure to check your new savings account allows multiple deposits – some fixed-rate accounts won’t allow you to make further additions.
Finally, if you’re worried about not being able to access your savings, then it’s probably best to go for an instant access or easy access account. You may get higher rates with a fixed-rate bond, but your money will be locked away for the duration of the term and you won’t be able to access it."
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| Savings account types include | Easy access, cash ISAs, fixed-rate bonds, notice accounts, regular savers |
|---|---|
| Number of accounts | 2240 |
| Opening options | Branch, website, mobile app, post, telephone |
| Best easy access rate | 6% |
| Best cash ISA rate | 6% |
| Fixed cash ISA terms | 3 months - 7 years |
| Best fixed-rate bond rate | 4.75% |
| Fixed bond terms | 1 month - 7 years |
| Best notice account rate | 4.26% |
| Notice account periods available | 7 days - 195 days |
| Best regular saver rate | 7.1% |
If you read personal finance news, you may have previously heard about savings accounts that “beat” inflation.
That’s because if you keep your savings in an account that pays less than the inflation rate, your money will be worth less and less every year. Inflation causes goods to become increasingly more expensive, which means that, with the same amount of money, you can buy less.
If you stash your savings under the mattress long enough, they’ll lose most of their value – just ask your grandmother how much it was for a loaf of bread 50 years ago.
An interest-paying savings account can partially prevent that, but unless the rate beats inflation, you’re still losing purchasing power and, by extension, money, even if it may not look like it.
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:
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.
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. Additional rate taxpayers don’t get an allowance at all.
The Personal Savings Allowance is in addition to money earned from an ISA account, which is all tax-free.
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 £120,000 is protected by the scheme if the bank goes bust. However, if you had more than £120,000 across two banks in the same group – such as HSBC and First Direct – then only £120,000 is protected. Find out more about banking brands that share the same FSCS protection.
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.
We asked the account holders of savings providers featured in this table whether they’d recommend it to a friend and we’ve ordered the table by the percentage score. Our independent survey was carried out in February 2026. You can learn more about the research here.
| Brand | Customers who’d recommend | Details |
|---|---|---|
| Lloyds Bank | 97% | Lloyds Bank is described as a reliable and secure provider for savings. Reviewers highlight the ease of setup and the convenience of its internet banking. |
| Nationwide | 97% | Highly regarded for its ethical approach, Nationwide offers a wide range of reliable products. Customers value the secure app and the brand’s professional service. |
| Plum | 97% | Plum is praised for its automatic saving features and user-friendly app. Customers find the platform an effective and straightforward way to manage their money. |
| RCI Bank | 97% | RCI Bank is recommended for its competitive interest rates and clear notifications. Reviewers find the platform simple to use and the service very responsive. |
| Aldermore | 93% | Aldermore is praised for its high, competitive interest rates. Customers also value the straightforward account management and helpful customer service. |
| Yorkshire Building Society | 93% | Yorkshire Building Society is highly regarded for its market-leading interest rates and secure service. Customers value the professional staff and clear communication. |
| Moneybox | 93% | Reviewers highly recommend the Moneybox app for its ease of use and helpful trackers. The platform is noted for providing competitive rates across different products. |
| Ford Money | 93% | Known for competitive rates and secure online banking, Ford Money is highly trusted. Customers often mention its reliable service and efficient account management. |
| Atom Bank | 93% | Customers love Atom Bank for its competitive rates and stress-free, easy-to-use app. The setup process is consistently described as quick and simple. |
| Marcus | 90% | Marcus by Goldman Sachs is frequently commended for its competitive interest rates and reliable app. Users appreciate the simplicity of the account setup and transfers. |
| HSBC | 90% | Customers value HSBC for being a safe and stable place for their savings. Reviews consistently mention the helpful staff and the bank’s reliable service. |
| Starling Bank | 90% | Starling Bank is noted for its organised approach and ease of use. Customers value how simple it is to link savings to their current accounts. |
| Shawbrook | 90% | Consistently praised for competitive interest rates, Shawbrook provides an easy-to-navigate website. Reviewers also appreciate the clear updates and the simple account maturity process. |
| Leeds Building Society | 87% | Leeds Building Society is commended for its competitive interest rates and helpful customer service. Users also find the website straightforward and easy to navigate. |
| Chip | 87% | The Chip app is frequently described as a great tool for saving with competitive interest rates. Users also appreciate the simple setup and secure experience. |
| Zopa | 87% | Zopa earns praise for its competitive interest rates and user-friendly mobile app. Customers appreciate the flexibility to access their funds easily when required. |
| Monument | 87% | Monument is valued for its impressive app and competitive interest rates. Reviewers frequently describe the brand as reliable and its customer service as efficient. |
| Barclays | 83% | Barclays offers a wide variety of easily accessible savings accounts. Savers highlight the brand’s excellent reputation and the quality of its mobile app. |
| NatWest | 83% | NatWest provides a reliable experience with an app that makes managing savings simple. Reviewers appreciate the helpful updates and the brand’s trustworthy reputation. |
| Virgin Money | 83% | Virgin Money is frequently cited as a safe and secure bank with competitive rates. Savers appreciate the instant access and the brand’s straightforward approach. |
| Santander | 80% | Santander is described as a reliable brand with a straightforward, easy-to-use app. Many customers value the helpful service and the variety of savings options. |
| Halifax | 80% | Halifax is valued for its easy-to-use platform and specific savings products for children. Many long-term customers appreciate the brand’s reliability and straightforward transfers. |
| Post Office | 80% | Straightforward and helpful, the Post Office offers easily accessible savings products. Long-term customers appreciate the reliable service and the ability to manage accounts. |
| Chase | 77% | Users find Chase provides excellent instant access rates and helpful customer service. The app makes managing different savings pots simple and efficient. |
| TSB | 77% | TSB is valued for its helpful customer service and easy-to-navigate mobile app. Customers find the brand a reliable and trustworthy choice for their savings. |
As part of our customer satisfaction survey, we received feedback from customers on the elements they value most in a savings provider. Below, you can see the results of this analysis, highlighting the most important factors when you’re looking for the best savings account. Learn more about our methodology for rating savings accounts
| Ranking | Savings accounts factor | % of customers it’s a priority for |
|---|---|---|
| 1 | Interest rates | 47.1% |
| 2 | Ease of use and accessibility | 16.4% |
| 3 | Customer service and support | 12.4% |
| 4 | App quality and digital technology | 6.9% |
| 5 | Trust and transparency | 4.6% |
| 6 | Access to branches and in-person services | 3.5% |
| 7 | Access and withdrawal flexibility | 3.1% |
| 8 | Bonus rates and offers | 3.1% |
| 9 | Speed and efficiency | 1.7% |
| 10 | Fees and charges | 1.5% |
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