Capital at risk. Apply by 31 May. Includes a rate boost of 4.25% effective until 31 August. Place at least 1 trade to be eligible. Read our expert breakdown of this offer. T&Cs apply.
Open an account in less than 5 minutes, then track it from your phone. Plus explore a range of features like round-ups, auto-saving, pots, goals and more.
The Financial Services Compensation Scheme (FSCS) guarantees that it will step in to compensate the first £85,000 (£170,000 for a joint account) you have saved with a UK-authorised bank, building society or credit union in the event that the business goes bust.
Compare savings accounts
Table: sorted by interest rate, promoted deals first
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.
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. 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.
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 given 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. This is 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.
Our expert says: How to safely switch your savings
"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 £85,000 (£170,000 for joint accounts). 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 £85,000 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."
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.
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, and good rates are typically only available for short periods of time. 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. They also only tend to last a year, after which point you will need to move your cash elsewhere.
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. 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.
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. 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.
Best banks for savings customer satisfaction in 2025
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 January 2025. You can learn more about the research here.
Brand
Logo
Customers who’d recommend
Review
Yorkshire Building Society
97%
With Yorkshire Building Society, you can choose from a range of savings accounts including regular savers.
HSBC has lots of different savings accounts on its roster. Like other banks, there are accounts that have exclusive rates for its current account customers.
We asked people who’d used a savings account provider within the previous 12 months to rate their satisfaction with the service they received and whether they’d recommend the provider to a friend. Our independent survey of 455 savings customers was carried out in January 2025.
We have shown the percentage recommended score in the table above and used these ratings to decide the winners of our awards. Where there was a draw on the “would recommend percentage”, we used the overall rating out of 5 as a tie-breaker.
Which factors are most important in a savings account?
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.
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%
Frequently asked questions
As the name suggests, a savings account is a bank account that’s designed to hold your savings. Unlike with a current account, you don’t get a debit card and you won’t be able to receive your salary in it or set up direct debits or standing orders. Instead, you can only withdraw or deposit money in it. In exchange for keeping your savings there, you’ll earn an interest rate.
Usually, anyone who is 18 or older, lives in the UK and can meet the required minimum deposit (which can be as low as £1). Children’s savings accounts are also available, but a legal guardian will usually have to be the person opening it.
You can normally do it online, through your mobile app or in person at your bank’s branch. It’s usually a very quick process, but depending on whether you already have an account with the same bank, you may need an ID and a proof of address.
It depends. Some savings accounts can be closed online – this is more likely if the interest is paid monthly and the account is easy access. If you’re trying to close a regular saver or a fixed term account early instead, you may have to go to a branch or contact the bank’s customer service.
You most certainly can, but if you’re thinking about an automatic service like the one you get for current accounts (the so-called Current Account Switch Service, CASS), you’re out of luck. You’ll need to do it manually: open your new account, move your savings, close your old account.
If you find a better deal, go for it! That’s what the cool comparison table at the top of the page is for. However, you want to be very aware of your current savings account’s terms and conditions. With some savings accounts (particularly fixed rate bonds and regular savers), you won’t be able to get out of your current deal until it expires without paying a fee. Easy access accounts tend to have fewer strings attached.
Yes, you can usually turn your personal savings account into a joint savings account. You may have to pop into a branch or give your bank a call though.
It stands for annual equivalent rate. It tells you how much a particular savings account will pay you in interest if you deposit your money in it and leave it there for one year. The long version of the story is in this guide.
Compound interest is when you earn interest on your interest. For example, say you have £1,000 in a savings account that pays a 5% interest rate. If the interest is paid yearly, at the end of the year you’ll have £1,050. However, if the interest is paid monthly, at the end of the year you’ll have £1,051.16 because your balance would have grown a bit every month. The AER of the first account (paying annual interest) will be slightly lower than the AER of the second account (paying monthly interest), because the AER takes compound interest into account. Visit our guide on savings accounts and compound interest for more information.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife. See full bio
Matthew's expertise
Matthew has written 279 Finder guides across topics including:
Helping first-time buyers apply for a mortgage
Comparing bank accounts and highlighting useful features
Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
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