Disclaimer
All the banks we mention are protected by the Financial Services Compensation Scheme, meaning up to £85,000 of your savings are protected should a bank go bust. This article may contain affiliate links – when you purchase through links on our site, we may earn a commission*
If you're looking for the best savings accounts, you can up to 5.2% on an easy-access account which gives you freedom with withdrawals, or earn up to 5.17% if you're prepared to fix for a year.
- The best easy-access savings account is 5.2% AER with Cahoot Bank.
- The best one-year fixed deal is 5.17% with SmartSave.
- The best regular saver is 7% AER with First Direct.
But you will need to act fast as the Bank of England has frozen the base rate for the fifth time, which means savings rates could drop again. We list all the top savings accounts below with details on how to get these rates.
The best easy-access savings accounts
| ACCOUNT | AER | MINIMUM DEPOSIT | WHAT YOU NEED TO KNOW |
| Ulster Bank Loyalty Saver | 5.2% | £5,000 | Open online. |
| Virgin Money Defined Access E-Saver | 5.01% | £1 | Save up to £250,000. Open online. |
| Cynergy Bank Easy Access Account | 5.01% | £1 | Save up to £1million. Open online. |
Best notice savings accounts
| ACCOUNT | AER | MINIMUM DEPOSIT | NOTES |
| Market Harborough BS 195 Day Notice Account | 5.45% | £10,000 | Open online or in branch |
| Investec Bank 90-Day Notice Saver | 5.25% | £5,000 | Open online |
| Hinckley & Rugby BS 180 Day Notice | 5.25% | £2,500 | Open online |
Best savings for existing customers
| Account | AER | Minimum monthly payment | Notes |
|---|---|---|---|
| Co-operative Bank Regular Saver | 7% | £1 | Open online. Maximum deposit is £250 per month. |
| Skipton Building Society Regular Saver | 7% | £1 | Open online. Maximum deposit is £250 per month. |
| Nationwide Flex Regular Saver | 6.5% | £1 | Open online. Maximum deposit is £200 per month. |
The best one-year fixed accounts
If you’re happy to lock a chunk of your savings away for a year, it might be worth considering a one-year fixed rate account.
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Just note that if you take money out before the 12-month period ends, you will lose the interest deal. Here are the best deals available for 12-month fixed accounts.
| ACCOUNT | AER | MINIMUM DEPOSIT | NOTES |
| Allica Bank 12-Month Fixed Term Savings Account | 5.16% | £10,000 | Save up to £250,000. Open online. |
| Close Brothers 1 Year Fixed Rate Bond | 5.16% | £10,000 | Save up to £2million. Open online. |
| Hodge Bank 1 Year Fixed Rate Bond | 5.16% | £1,000 | Save up to £85,000. Open online. |
The best two-year fixed accounts
Currently, the rates for two-year fixed-rate accounts are lower than for one-year fixed accounts, but with savings rates on a likely downhill trajectory, if you're happy to lock away your money until the fixed period ends you're guaranteed this rate for two years.
But, remember, this also means if better rates do appear within that time frame, you will be locked in at a lower rate.
| ACCOUNT | AER | MINIMUM DEPOSIT | NOTES |
| Beehive Money Two Year Bond | 5.07% | £500 | Save up to £250,000. Open online |
| DF Capital 2 Year Fixed Rate Deposit | 5.07% | £1,000 | Save up to £250,000. Open online |
| Close Brothers 2 Year Fixed Rate Bond | 5.05% | £10,000 | Save up to £2million. Open online |
What are the different types of savings accounts?
When putting your cash away you will usually have the option of different types of saving accounts – ranging from easy access accounts to one, two or three-year fixes.
- Easy access accounts allow you to take your money out as and when you please.
- Fixed-rate accounts, sometimes described as fixed-rate bonds, come with restrictions and also mean you cannot access your cash until the account reaches maturity.
You usually earn more interest if you are willing to lock your cash away for a fixed period but keep in mind that this also takes away the flexibility should you need the cash suddenly.
Although two or three-year fixed accounts can earn you more interest in the short term, your cash could potentially earn more on the stock market in the longer term.
Looking to switch your current account? Take a look at our guide in the best current account switching offer, where right now you can earn as much as £200 for moving bank accounts.
This article is updated regularly to bring you the latest on the best savings accounts rates. Sign up to our newsletter to stay up-to-date-on the latest deals for cash savings.
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