{"id":502033,"date":"2023-08-18T15:25:01","date_gmt":"2023-08-18T14:25:01","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=502033"},"modified":"2026-02-10T07:21:12","modified_gmt":"2026-02-10T07:21:12","slug":"what-is-a-tracker-savings-account-and-how-does-it-work","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/savings-accounts\/what-is-a-tracker-savings-account-and-how-does-it-work","title":{"rendered":"What is a tracker savings account and how does it work?"},"content":{"rendered":"<p>The Bank of England base rate has seen significant movement in recent years, rising sharply after a long period of record lows. While higher rates have been challenging for borrowers, they\u2019ve given savers a chance to earn more on their money after years of poor returns.<\/p><p>However, with the base rate now stabilising \u2013 and expectations of future cuts on the horizon \u2013 we look at whether tracker savings accounts are still worth considering. <\/p><div class=\"keyTakeaways\">\n  <div class=\"keyTakeaways__header\">\n          <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"32\" height=\"21\" viewbox=\"0 0 314.16 201.03\" fill=\"none\">\n  <path d=\"M212.32,190.62c-19.66,0-38.8-6.44-54.42-18.24-15.63,11.79-34.77,18.24-54.42,18.24-49.84,0-90.39-40.55-90.39-90.39V9.83h199.24c49.84,0,90.39,40.55,90.39,90.39s-40.55,90.39-90.39,90.39Z\" fill=\"white\"><\/path>\n  <path d=\"M212.32,15.9c46.57,0,84.33,37.75,84.33,84.33h0c0,46.57-37.75,84.33-84.33,84.33h0c-20.75,0-39.74-7.51-54.42-19.94-14.69,12.43-33.68,19.94-54.42,19.94h0c-46.57,0-84.33-37.75-84.33-84.33V15.9h193.18M212.32,3.76H7.01v96.46c0,53.19,43.27,96.46,96.46,96.46,19.47,0,38.46-5.92,54.43-16.84,15.96,10.91,34.95,16.84,54.42,16.84,53.19,0,96.46-43.27,96.46-96.46S265.51,3.76,212.32,3.76h0Z\" fill=\"#232320\"><\/path>\n  <path d=\"M216.34,90.21c.19-1.69,1.76-2.87,3.43-2.6,11.91,1.94,22.41-7.31,20.93-20.1-.45-3.93-2.28-6.56-4.43-9.31-1.05-1.35-.74-3.34.71-4.26,15.6-9.82,31.64-1.91,40.78,13.29,11.21,18.64,11.54,47.15.53,65.94-15.41,26.3-42.91,23.48-56.04-3.04-6.09-12.29-7.47-26.4-5.92-39.93Z\" fill=\"#232320\"><\/path>\n  <path d=\"M105.92,90.21c.19-1.69,1.76-2.87,3.43-2.6,11.91,1.94,22.41-7.31,20.93-20.1-.45-3.93-2.28-6.56-4.43-9.31-1.05-1.35-.74-3.34.71-4.26,15.6-9.82,31.64-1.91,40.78,13.29,11.21,18.64,11.54,47.15.53,65.94-15.41,26.3-42.91,23.48-56.04-3.04-6.09-12.29-7.47-26.4-5.92-39.93Z\" fill=\"#232320\"><\/path>\n<\/svg>        <h3 data-toc=\"false\">Key takeaways<\/h3>\n  <\/div>\n\n    <ul>\n          <li>Tracker savings account track the Bank of England base rate.<\/li>\n          <li>Some tracker accounts don\u2019t allow withdrawals during the term.<\/li>\n          <li>Many <a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/easy-access-savings\">easy-access savings accounts<\/a> track the Bank of England base rate.<\/li>\n          <li>When cuts are made to the base rate, you might want to look at <a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/fixed-rate-bonds\">a fixed rate bond<\/a>.<\/li>\n      <\/ul>\n\n  \n  <\/div>\n<h3>What are tracker savings accounts?<\/h3><p>A tracker savings account is a type of savings account with an interest rate that tracks the Bank of England base rate. There aren\u2019t many of these accounts on the market, but if you can find one, the interest rate on your account goes up when the base rate rises and falls when the base rate drops. This means they can be a worthy investment at a time when rates are rising, but less so when they are falling. <\/p><h3>How do tracker savings accounts work?<\/h3><p>Tracker savings accounts often track at a fixed amount above or below the base rate, but in some cases, they might follow the base rate exactly. <\/p><p>As an example, if you had an account paying 0.5% below the base rate and the base rate was currently 5%, your account would pay 4.5%. If the base rate then rose to 5.5%, your savings rate would also rise to 5%. But if the base rate fell to 4.5%, your savings rate would drop to 4%.<\/p><p>Tracker savings accounts typically only last for a fixed term \u2013 say 2 years. Some accounts won\u2019t allow withdrawals during this time, while others will, so be sure to check.<\/p><div class=\"newsletter-wrapper\"><\/div>\n<div class=\"newsletter-signup sticky-mode theme-green\" data-accountcreateflow=\"newsletter\" data-displaydelay=\"0\" data-showformembers=\"1\">\n    <div class=\"signup-grid\">\n                                <div class=\"signup-image\">\n                <img decoding=\"async\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png\" alt=\"newsletter-image\" class=\"signup-image-img\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png?fit=900 900w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png?fit=1200 1200w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" loading=\"lazy\">\n            <\/div>\n                        <div class=\"signup-content\">\n                <div class=\"signup-content-left\">\n                    <h2 class=\"signup-header\">Be first to know about new deals<\/h2>\n                                        <p class=\"signup-text\">Sign up to receive the latest deals, tips and a chance to <strong>win \u00a3400!<\/strong> (T&amp;Cs)\n                                            <\/p>\n                                    <\/div>\n                <div class=\"signup-content-right\">\n                    <div class=\"form\">\n                        <div class=\"email-group \">\n                            <label for=\"email-default\" class=\"sr-only\">Email address:<\/label>\n                            <input class=\"email-input\" id=\"email-default\" type=\"email\" placeholder=\"Enter your email\" name=\"email\" data-prefill=\"me.notes.createAccountEmail\">\n                            <button class=\"email-btn\">\n                                <span class=\"btn-text\">Sign up<\/span>\n                                <span class=\"loading-spinner\"><\/span>\n                            <\/button>\n                        <\/div>\n                        <p class=\"error-msg\"><span class=\"error-msg-text\">Error placeholder<\/span> <span class=\"error-msg-sign-in\"> Click <a class=\"error-msg-sign-in-link\" href=\"https:\/\/www.finder.com\/uk\/user-profile\/sign-in?returnTo=https%3A%2F%2Fwww.finder.com%2Fuk%2Fuk%2Fwp-json%2Fwp%2Fv2%2Fposts%2F502033\">here<\/a> to sign in<\/span><\/p>\n                    <\/div>\n                    <div class=\"links\">\n                                                    <a href=\"https:\/\/finder.com\/uk\/about-us\/competition-winners\">Winners<\/a> |                                                    <a href=\"https:\/\/www.finder.com\/uk\/about-us\/example-email#savings\">Emails<\/a> |                                                    <a href=\"https:\/\/www.finder.com\/uk\/communication-preferences\">Unsubscribe<\/a> |                                                    <a href=\"https:\/\/www.finder.com\/uk\/privacy-policy\">Privacy<\/a>                                             <\/div>\n                <\/div>\n            <\/div>\n                <div class=\"hide-btn\">\n            Hide\n            <svg class=\"luna-icon luna-icon--xsmall has-margin-top-xxsmall\">\n                <use xlink:href=\"#chevron-down\"><\/use>\n            <\/svg>\n        <\/div>\n    <\/div>\n<\/div>\n\n<h3>Is my money safe?<\/h3><p>If your savings account is with a bank or building society authorised by the Financial Conduct Authority (FCA) or Prudential Regulation Authority (PRA), your savings will be covered by the Financial Services Compensation Scheme (FSCS) up to a limit of \u00a3120,000. FSCS protection means that if the bank or building society goes bust, you still get your money back. <\/p><h3>Pros and cons of tracker savings accounts<\/h3><div class=\"fin-pros-cons\">\n            <div class=\"fin-pros-cons__section\">\n            <h4 class=\"fin-pros-cons__heading\">Pros<\/h4>\n            <ul class=\"icon-list icon-list--check-circle\">\n                                    <li>Your savings rate increases when the Bank of England base rate goes up<\/li>\n                                    <li>Tracker savings accounts can often be opened with a small deposit<\/li>\n                                    <li>Some accounts permit withdrawals, so you can move your money elsewhere if needed<\/li>\n                            <\/ul>\n        <\/div>\n    \n            <div class=\"fin-pros-cons__section\">\n            <h4 class=\"fin-pros-cons__heading\">Cons<\/h4>\n            <ul class=\"icon-list icon-list--x-circle\">\n                                    <li>If the base rate falls, so will your savings rate<\/li>\n                                    <li>Some accounts won\u2019t permit withdrawals during the account's term<\/li>\n                                    <li>There are not many tracker accounts on the market<\/li>\n                            <\/ul>\n        <\/div>\n    <\/div>\n<h3>Bottom line<\/h3><p>Choosing a tracker savings account can enable you to make the most of rising interest rates. However, it\u2019s important to check the account\u2019s terms carefully to find out whether the account tracks at a percentage above or below the base rate and whether you can make withdrawals. <\/p><p>What\u2019s more, if you are thinking about applying for a tracker account, you should keep a close eye on what the base rate is expected to do. If the base rate is likely to fall in the coming months, you might be better off looking for a different type of savings account instead, such as an <a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/easy-access-savings\">easy access account<\/a> or a <a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/fixed-rate-bonds\">fixed rate bond<\/a>.<\/p><article class=\"luna-card luna-card--alt\"><div class=\"luna-card__block has-padding-small\">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 <a href=\"https:\/\/www.finder.com\/uk\/terms-of-use\" class=\"fin-text-navy\">terms of use<\/a>. 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 is provided by Defaqto. In other cases, Finder has sourced data directly from providers.<\/div><\/article>","protected":false},"excerpt":{"rendered":"<p>Find out how tracker savings accounts work and how you could benefit.<\/p>\n","protected":false},"author":1047,"featured_media":502055,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[1181],"tags":[],"asset_tag":[],"class_list":["post-502033","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-savings-accounts"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is a tracker savings account and how does it work? - Finder UK<\/title>\n<meta name=\"description\" content=\"Tracker savings accounts follow the Bank of England base rate, which means when the base rate goes up, so does your savings rate. 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Could they work for you?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.finder.com\/uk\/savings-accounts\/what-is-a-tracker-savings-account-and-how-does-it-work\" \/>\n<meta property=\"og:site_name\" content=\"Finder UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/findercomuk\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-18T14:25:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cdn.finder.com.au\/finder-us\/wp-uploads\/sites\/3\/2023\/08\/tracker-savings_250x250.png\" \/>\n\t<meta property=\"og:image:width\" content=\"250\" \/>\n\t<meta property=\"og:image:height\" content=\"250\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Rachel Wait\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/rachelwait?lang=en\" \/>\n<meta name=\"twitter:site\" content=\"@findercomUK\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rachel Wait\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.finder.com\/uk\/savings-accounts\/what-is-a-tracker-savings-account-and-how-does-it-work#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.finder.com\/uk\/savings-accounts\/what-is-a-tracker-savings-account-and-how-does-it-work\"},\"author\":{\"name\":\"Rachel Wait\",\"@id\":\"https:\/\/www.finder.com\/uk\/#\/schema\/person\/531b4649d053a94fb7388e896df73218\"},\"headline\":\"What is a tracker savings account and how does it work?\",\"datePublished\":\"2023-08-18T14:25:01+00:00\",\"dateModified\":\"2025-10-10T16:13:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.finder.com\/uk\/savings-accounts\/what-is-a-tracker-savings-account-and-how-does-it-work\"},\"wordCount\":662,\"publisher\":{\"@id\":\"https:\/\/www.finder.com\/uk\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.finder.com\/uk\/savings-accounts\/what-is-a-tracker-savings-account-and-how-does-it-work#primaryimage\"},\"thumbnailUrl\":\"https:\/\/cdn.finder.com.au\/finder-us\/wp-uploads\/sites\/3\/2023\/08\/tracker-savings_250x250.png\",\"articleSection\":[\"Savings accounts\"],\"inLanguage\":{\"@type\":\"Language\",\"name\":\"English\",\"alternateName\":\"en\"},\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.finder.com\/#organization\"},\"commentCount\":0},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.finder.com\/uk\/savings-accounts\/what-is-a-tracker-savings-account-and-how-does-it-work\",\"url\":\"https:\/\/www.finder.com\/uk\/savings-accounts\/what-is-a-tracker-savings-account-and-how-does-it-work\",\"name\":\"What is a tracker savings account and how does it work? - Finder UK\",\"isPartOf\":{\"@id\":\"https:\/\/www.finder.com\/uk\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.finder.com\/uk\/savings-accounts\/what-is-a-tracker-savings-account-and-how-does-it-work#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.finder.com\/uk\/savings-accounts\/what-is-a-tracker-savings-account-and-how-does-it-work#primaryimage\"},\"thumbnailUrl\":\"https:\/\/cdn.finder.com.au\/finder-us\/wp-uploads\/sites\/3\/2023\/08\/tracker-savings_250x250.png\",\"datePublished\":\"2023-08-18T14:25:01+00:00\",\"dateModified\":\"2025-10-10T16:13:49+00:00\",\"description\":\"Tracker savings accounts follow the Bank of England base rate, which means when the base rate goes up, so does your savings rate. 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We compare everything from bank accounts, personal loans, investing platforms and much more.\",\"email\":\"heythere@finder.com\",\"legalName\":\"Finder\",\"foundingDate\":\"2006-01-01\",\"numberOfEmployees\":{\"@type\":\"QuantitativeValue\",\"minValue\":\"51\",\"maxValue\":\"200\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.finder.com\/uk\/#\/schema\/person\/531b4649d053a94fb7388e896df73218\",\"name\":\"Rachel Wait\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.finder.com\/uk\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/cdn.finder.com.au\/finder-us\/wp-uploads\/2025\/12\/RachelWaitF1_Supplied_600x600.png\",\"contentUrl\":\"https:\/\/cdn.finder.com.au\/finder-us\/wp-uploads\/2025\/12\/RachelWaitF1_Supplied_600x600.png\",\"caption\":\"Rachel Wait\"},\"description\":\"Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. 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