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Compare the best savings account deals

A savings account can help to achieve your savings goals, from buying a house to paying for an unforgettable holiday. Take a look at the best savings accounts in the market so you can find the best place for your money
Savings-Person-1
Fact checker
Last updated
October 25th, 2023

What is a savings account?

A savings account is a place where you can put your money and earn interest on the money you save. The interest rates can vary but it is a convenient way to look after your money if you want to save for the future. There are different types of savings accounts available to suit long-term and short-term savings. 

Everyone has a personal savings allowance (PSA), which lets basic-rate taxpayers (20%) earn up to £1,000 in interest without paying any tax on it. If you are a taxpayer at a higher rate (40%), you can earn £500 in savings per year with no tax, but if you are an additional-rate taxpayer (45%), you will pay tax on all interest earned. 

Total amount in UK savings accounts [1]
£1,954bn
fscs-logo
Is my money safe?
The Financial Services Compensation Scheme (FSCS) guarantees that the first £85,000 you have saved with a UK-authorised bank or building society (or the first £170,000 for a joint account) will be safe even if the business goes bust.

Discover Raisin UK

Raisin UK* is a free and easy-to-use service that allows you to view and manage your savings in one place. It has a variety of partner banks offering fixed rate bonds, notice accounts and easy access savings accounts, with different term lengths and features. 

The whole process of finding the right savings account is simple with Raisin UK, so you can sit back, relax and watch your money grow.

*We have a paid partnership with Raisin so we may receive a small commission if you click on a deal and then purchase it.

Types of savings accounts

Easy access savings accounts

An easy access savings account pays interest and gives you the freedom to withdraw your savings when it suits you. It is more flexible than other savings accounts in the market, although there may still be some withdrawal limits or conditions.

Notice savings accounts

A notice savings account requires you to give notice to your bank or building society before you can withdraw money. The notice period varies from a week to more than a month, depending on the terms of the account.

Fixed-rate bonds

A fixed-rate bond is a type of savings account that allows you to put your money away for a set amount of time. You can’t take the money out or pay more in during this time, but in exchange you are normally rewarded with a higher interest rate in comparison to other savings accounts.

Children's savings accounts

A children’s savings account is very similar to a savings account for adults and is offered by banks and building societies. It can be a good way to educate children about money and encourage them to save in the future.

ISAs

ISA stands for Individual Savings Account, a tax-efficient savings vehicle introduced by the government as a way of encouraging people to save. With this type of savings account, you can avoid paying income tax on your interest, but there is a limit on how much you can save into one each year. There are different types of ISAs, including cash ISA, lifetime ISA and stocks and shares ISA.

Best savings account for an emergency fund: 'I want to save but I also need to access the money easily'

Easy access is a flexible savings account as it allows you to withdraw and deposit funds quickly and easily. This makes it a suitable account for a rainy day or emergency fund, especially as you usually only need a low deposit to open an account. Interest rates are normally variable so always compare savings rates to find the best deal.

Editor’s pick
One of the highest interest rate for an easy access account
Card
Virgin Money Private Savings Account Ex/C
Open with
£1
Interest rate
5.09% AER variable on £1,000,000+
Term
Easy access

Withdrawals in store permitted are subject to a maximum of £1,000 per day.

Show Details
Eligibility
Maximum Age
Unlimited
Minimum Initial Deposit
£1
Maximum Initial Deposit
Unlimited
Permanent UK Resident
YES
Rate Tiers
Gross rate
Including bonusExcluding bonus
4.5%4.5%
4.75%4.75%
5%5%
AER rate
Including bonusExcluding bonus
4.58%4.58%
4.84%4.84%
5.09%5.09%
Editor’s pick
One of the highest interest rates for an easy access account
Card
Sidekick High Yield Cash Reserve
Open with
£1,000
Interest rate
4.79% AER variable on £1,000 to £35,000 inc. 0.45% fixed bonus for 12 months
Term
Easy access

No notice, penalty, or charge applies.

Show Details
Eligibility
Maximum Age
Unlimited
Minimum Initial Deposit
£1,000
Maximum Initial Deposit
£250,000
Permanent UK Resident
YES
Rate Tiers
Gross rate
Including bonusExcluding bonus
4.68%4.25%
4.25%4.25%
AER rate
Including bonusExcluding bonus
4.34%4.79%
4.34%4.34%
Editor’s pick
One of the highest interest rates for an easy access account
Card
Sidekick High Yield Cash Reserve
Open with
£1,000
Interest rate
4.79% AER variable on £1,000 to £35,000 inc. 0.45% fixed bonus for 12 months
Term
Easy access

No notice, penalty, or charge applies.

Show Details
Eligibility
Maximum Age
Unlimited
Minimum Initial Deposit
£1,000
Maximum Initial Deposit
£250,000
Permanent UK Resident
YES
Rate Tiers
Gross rate
Including bonusExcluding bonus
4.68%4.25%
4.25%4.25%
AER rate
Including bonusExcluding bonus
4.34%4.79%
4.34%4.34%
The editorial team regularly checks the rates and top picks on this page, updating them daily.

Best savings account for a large purchase: 'I want to save for our dream holiday'

Saving for a holiday is a popular reason for setting up a savings account. For this type of savings goal, you’ll probably want to access the money soon, but not immediately. So, a notice savings account allows withdrawals but makes you wait a certain period of time before accessing the money. This means you generally get higher interest rates on notice accounts than on easy-access accounts.

Editor’s pick
One of the highest interest rate for 60 notice account
Card
FirstSave 60 Day Notice Account Monthly
Open with
£100
Interest rate
4.8% AER variable
Term
60 days notice

60 days notice or a 60 day interest penalty is required for all withdrawals and closure.

Show Details
Eligibility
Maximum Age
Unlimited
Minimum Initial Deposit
£100
Maximum Initial Deposit
£2,000,000
Permanent UK Resident
YES
Rate Tiers
Gross rate
Including bonusExcluding bonus
4.7%4.7%
AER rate
Including bonusExcluding bonus
4.8%4.8%
Editor’s pick
One of the highest interest rate for 90 days notice account
Card
DF Capital 90 Day Notice Account (Issue 4)
Open with
£1,000
Interest rate
5.11% AER variable
Term
90 days notice

Withdrawals and closure permitted subject to 90 days' notice. Minimum withdrawal £1,000.

Show Details
Eligibility
Maximum Age
Unlimited
Minimum Initial Deposit
£1,000
Maximum Initial Deposit
£250,000
Permanent UK Resident
YES
Rate Tiers
Gross rate
Including bonusExcluding bonus
4.99%4.99%
AER rate
Including bonusExcluding bonus
5.11%5.11%
Editor’s pick
One of the highest interest rate for 120 days notice account
Card
DF Capital 120 Day Notice Account (Issue 2) Ex/C
Open with
£1,000
Interest rate
5% AER variable
Term
120 days notice

Withdrawals and closure permitted subject to 120 days' notice. Minimum withdrawal £1,000.

Show Details
Eligibility
Maximum Age
Unlimited
Minimum Initial Deposit
£1,000
Maximum Initial Deposit
£250,000
Permanent UK Resident
YES
Rate Tiers
Gross rate
Including bonusExcluding bonus
4.89%4.89%
AER rate
Including bonusExcluding bonus
5%5%
The editorial team regularly checks the rates and top picks on this page, updating them daily.

Best savings account for high interest rates: 'I have long-term saving goals'

If you don’t want to access your money regularly and you’re thinking about a long-term savings goal, then a fixed-rate bond may be the answer. These normally pay some of the best interest rates available, but a fixed-rate bond does come with a commitment, as you won’t be able to access the money for a long period of time.

Editor’s pick
One of the highest interest rate for 1 year fixed-rate bond
Card
Allied Irish Bank (GB) Savings Direct 1 Year Fixed Rate Bond Ex/C
Open with
£5,000
Interest rate
5.05% AER fixed
Term
1 year

No withdrawals or closure permitted during the term of the account, unless there are exceptional circumstances and at the discretion of the Bank following written request.

Show Details
Eligibility
Maximum Age
Unlimited
Minimum Initial Deposit
£5,000
Maximum Initial Deposit
£2,000,000
Permanent UK Resident
YES
Rate Tiers
Gross rate
Including bonusExcluding bonus
5.05%5.05%
AER rate
Including bonusExcluding bonus
5.05%5.05%
Editor’s pick
One of the highest interest rate for 2 year fixed-rate bond
Card
Allied Irish Bank (GB) Savings Direct 2 Year Fixed Rate Bond Ex/C
Open with
£5,000
Interest rate
5.1% AER fixed
Term
2 years

No withdrawals or closure permitted during the term of the account, unless there are exceptional circumstances and at the discretion of the Bank following written request.

Show Details
Eligibility
Maximum Age
Unlimited
Minimum Initial Deposit
£5,000
Maximum Initial Deposit
£2,000,000
Permanent UK Resident
YES
Rate Tiers
Gross rate
Including bonusExcluding bonus
5.1%5.1%
AER rate
Including bonusExcluding bonus
5.1%5.1%
Editor’s pick
One of the highest interest rate for 3 year fixed-rate bond
Card
Raisin UK Gatehouse Bank 3 Years Fixed Term Deposit
Open with
£1,000
Interest rate
5% EPR (gross p.a.)
Term
3 years

No withdrawals or closure permitted during the term of the account.

Show Details
Eligibility
Minimum Initial Deposit
£1,000
Permanent UK Resident
YES
Rate Tiers
Gross rate
Including bonusExcluding bonus
5%5%
AER rate
Including bonusExcluding bonus
5%5%
The editorial team regularly checks the rates and top picks on this page, updating them daily.

Best children's savings accounts: 'I would like to start saving for my children’s future'

If you would like your child to have some money when they turn 18, it’s always best to start saving as early as possible. That said, it’s never too late to start saving, so compare savings accounts today and decide which account is most suitable for your needs. From an easy-access children’s savings account - where you can pay in and take money out whenever you wish - to a regular savings account, with which you make regular monthly payments in return for a higher interest rate.

Editor’s pick
One of the highest interest rate for Childrens Instant access
Card
HSBC Premier MySavings Ex/C
Open with
£10
Interest rate
5% AER variable on £10 to £3,000
Term
Instant access

No notice, penalty, or charge applies.

Show Details
Eligibility
Maximum Age
17 years
Minimum Initial Deposit
£10
Maximum Initial Deposit
Unlimited
Permanent UK Resident
YES
Rate Tiers
Gross rate
Including bonusExcluding bonus
4.89%4.89%
1.98%1.98%
AER rate
Including bonusExcluding bonus
5%5%
2%2%
Editor’s pick
One of the highest interest rate for Childrens Regular saver
Card
Halifax Kid's Monthly Saver
Open with
£10 to £100
Interest rate
5.5% AER fixed
Term
1 year

No withdrawals permitted during term of account. Early closure of the account is permitted without notice, penalty or charge.

Show Details
Eligibility
Maximum Age
15 years
Minimum Initial Deposit
£10
Maximum Initial Deposit
£1,200
Permanent UK Resident
YES
Rate Tiers
Gross rate
Including bonusExcluding bonus
5.5%5.5%
AER rate
Including bonusExcluding bonus
5.5%5.5%
The editorial team regularly checks the rates and top picks on this page, updating them daily.

Best tax-free savings accounts: 'I've started paying tax on my savings'

If you are paying tax on your savings interest, then it makes sense to open a cash ISA. A cash ISA allows you to save money tax-free, however you can only add £20,000 into the account each tax year. There are also different types of cash ISAs, so it's worth exploring the options to find the correct account for your savings.

Editor’s pick
One of the highest interest rate for 1 year cash ISA
Card
Virgin Money 1 Year Fixed Rate Cash E-ISA Issue 654
Open with
£1
Interest rate
4.52% AER fixed
Term
24 Dec 2025

Withdrawals or closure are subject to 60 days loss of interest on the amount withdrawn.

Show Details
Eligibility
Maximum Age
Unlimited
Minimum Initial Deposit
£1
Permanent UK Resident
YES
Rate Tiers
Gross rate
Including bonusExcluding bonus
4.52%4.52%
AER rate
Including bonusExcluding bonus
4.52%4.52%
Editor’s pick
One of the highest interest rate for 2 year cash ISA
Card
Hodge Bank 2 Year Fixed Rate Cash ISA Monthly
Open with
£1,000
Interest rate
4.4% AER fixed
Term
2 years

Withdrawals are not permitted. Closure is permitted subject to 180 days loss of interest.

Show Details
Eligibility
Maximum Age
Unlimited
Minimum Initial Deposit
£1,000
Permanent UK Resident
YES
Rate Tiers
Gross rate
Including bonusExcluding bonus
4.31%4.31%
AER rate
Including bonusExcluding bonus
4.4%4.4%
Editor’s pick
One of the highest interest rate for 3 year cash ISA
Card
Hodge Bank 3 Year Fixed Rate Cash ISA Monthly
Open with
£1,000
Interest rate
4.37% AER fixed
Term
3 years

Withdrawals are not permitted. Closure is permitted subject to 270 days loss of interest.

Show Details
Eligibility
Maximum Age
Unlimited
Minimum Initial Deposit
£1,000
Permanent UK Resident
YES
Rate Tiers
Gross rate
Including bonusExcluding bonus
4.28%4.28%
AER rate
Including bonusExcluding bonus
4.37%4.37%
The editorial team regularly checks the rates and top picks on this page, updating them daily.

Pros and cons of a savings account

Pros

You can earn interest on your savings
It’s a safe place for your money as it is protected by the FSCS (up to £85,000)
They are easy to open; most accounts can be opened online or by visiting a branch

Cons

Some savings accounts have restrictions, so you might not be able to access your money straight away
Interest rates can go up and down, usually in line with the Bank of England’s base rate
Even the interest paid by the best savings accounts often fall short of inflation
Current account interest vs savings accounts interest
Interest earned on £2,000 over 3 years in a standard current account vs savings accounts

Source: Defaqto and Uswitch. Updated: December 9, 2022.

Savings accounts FAQs

How does Uswitch choose its editor’s picks?

We know that the best savings accounts are always changing, so the editorial team at Uswitch regularly checks the rates on this page and updates them at least fortnightly. To find the best deals we compare products by taking various factors into consideration, including the interest rate (AER), the balance needed to get the highest interest rate, minimum initial deposit, withdrawal conditions, and the term of the account. These factors change subject to the category of account. 

We use this system for the whole of the market covering nearly all account providers, so you can get an overview of what is available and compare savings accounts in the UK. All the banks featured are FSCS protected, so you can be reassured that your money is safe, provided it’s within the defined limits and regulations. To find out more about how FSCS looks after your money, visit fscs.org.uk.

How can I find the best bank for a savings account?

It's always a good idea to do your research before signing up for a new savings account. We can help you compare the savings rates on offer from the best deals in the market so that you find the right home for your money.

What do I need to do to open a savings account?

If you would like to open a savings account, you can normally do this by visiting your chosen bank's branch, visiting their website, or calling them. Some banks only allow you to open an account in a specific way, so always check the terms and conditions before proceeding. You'll then need to provide a proof of ID and proof of address so the bank can complete the necessary checks.

Can I get a joint savings account?

Yes, it is possible to set up a joint savings account and this will mean that the account belongs to yourself and the other account holder. You'll then both be able to deposit money into the account and build your savings pot together.

Is there a limit to how much I can save?

It depends on what account you open, as there can be some restrictions. For example, you can only save up to £20,000 in a cash ISA each tax year.

Our latest guides

Browse our guides on savings accounts and find out how you can achieve your savings goals
A guide to top savings accounts and ISAs
Retirement planning
Best cash ISA transfer
Best cash ISA transfer
The Financial Services Compensation Scheme (FSCS)
The Financial Services Compensation Scheme (FSCS)

About the author

Lucinda O'Brien
Lucinda O'Brien has spent the past 10 years writing and editing content for regional and national titles. She applies her industry knowledge to ensure readers can make confident financial decisions.

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References

1. BSA annual savings statistics: Amount of money in savings accounts in the UK