The best savings account for £10,000 is likely to be the one that pays you the most interest while giving you the level of access that you need. You can usually get a better rate if you're willing to give a certain amount of notice before making withdrawals or to commit to not making withdrawals at all for an agreed period. Plus, since you can invest £20,000 each year into an ISA, your savings can earn you tax-free interest. We scour savings rates daily to help you find a good home for your hard-earned £10,000.
We scan the savings market daily and automatically update the best offers highlighted throughout this guide.
What is the best interest rate for £10,000 savings?
In terms of tax-free savings, Chip is currently offering 5.1% on an easy access ISA. If you're happy to give 30 days notice before making any withdrawals, then Vanquis Bank is currently offering 5.05%. If you're happy to consider a fixed-rate ISA (where you won't be able to access your savings during the fixed term), you could earn 4.96% over 12 months with Shawbrook Bank.
Outside of ISAs, you could earn 6.25% with easy access at Leeds Building Society, 5.37% on OakNorth Bank's 95-day notice account or 5.4% on Union Bank of India (UK) Ltd's 12-month fixed-rate bond (note that you typically can't access your money at all with a fixed-rate bond).
Summary of best rates on £10,000
Best easy access | Leeds Building Society – Shared Ownership Saver (6.25%) |
---|---|
Best cash ISA | West Brom Building Society – WeBuilding Societyave 60 Day Notice ISA (Issue 2) (5.1%) |
Best fixed-rate bond | Union Bank of India (UK) Ltd – Union Premier Bond (5.4%) |
Best notice account | OakNorth Bank – 95 Day Notice Base Rate Tracker Account - Issue 2 (5.37%) |
Best current account | Brown Shipley (4.59%) |
Even greater returns may be possible with investment products such as a stocks and shares ISA, if you're willing to risk getting back less than you originally invested. Only consider stocks if you won't need to spend the money for several years (5 years is a widely-used rule of thumb).
How much interest will I earn on £10,000?
With £10,000 in Chip's easy access cash ISA paying 5.1% you'd earn £510.00 over a year, or £42.50 per month. Tipton & Coseley Building Society's 4.65% 30-day notice account would pay £465.00 over a year (£38.75 monthly), while Shawbrook Bank's 4.96% 1-year fixed-rate ISA would pay £496.00 over a year (£41.33 monthly).
For those who have already used their 2024/2025 ISA allowance, or who are willing to consider forfeiting access to their savings altogether for the duration of a fixed-rate bond, OakNorth Bank's 5.37% 95-day notice account would pay £537.00 over a year (£44.75 monthly) on £10,000, while Union Bank of India (UK) Ltd's 12-month fixed rate bond would pay £540.00 over a year (£45.00 monthly).
More guides on Finder
-
Fixed-rate ISA calculator: Should you switch to a better rate?
Our fixed-rate ISA calculator estimates whether paying the get-out penalty on your ISA is worth it to open a new one at a better rate.
-
Changing Help to Buy ISA rules could help more than 2 million first-time buyers
A recent Freedom Of Information request made by the comparison site, Finder, has found that millions of people could be trapped in Help To Buy (H2B) ISAs, with nearly 2.2 million H2B ISAs currently open.
-
Compare the best ISA rates for over-60s UK 2024
Find the best ISA rates for over 60s.
-
Tax on savings interest calculator UK
Our personal savings allowance calculator will show you whether you need to pay tax on your savings – and how much.
-
What is the average savings interest rate in the UK?
High inflation could be making your savings accounts lose value in “real terms”. We look at historical savings versus inflation rates.
-
Savings statistics: Average savings by age in the UK
Our 2024 savings statistics show the average person in the UK has £11,185 in savings but 1 in 6 Brits (16%) have no savings at all.
-
NatWest Digital Regular Saver account review
Get into the savings habit with the NatWest Digital Regular Saver account.
-
Best instant access savings accounts for the over 50s UK 2024
Are you aged over 50 and looking for an easy access account for your savings? Our guide examines how you can choose the best option.
-
Cash ISA vs savings accounts: Which is better?
Choosing between ISAs or normal savings accounts is easier than it seems. Pick the one which pays out most! Read our guide for tips on how to get the most out of your savings pot.
-
How to cash in Premium Bonds
Want to cash in your NS&I premium bonds? Our simple guide explains how to do this online, by phone or through the post.