Best savings rates this week

In this article, Moneywise reviews regular, children's savings, fixed-rate and instant-access accounts with the best savings rates currently on the market.

Remember, these rates are before tax, but from next year most people will be able to earn £1,000 interest from savings tax-free (depending on your income tax rate). In any case, if you haven't used your cash Isa allowance this tax year, getting an Isa should be your first port of call. See our round-up of the best cash Isa rates.

Unless otherwise specified, all these banks are individually licenced by the FCA, so your savings will be covered by the Financial Services Compensation Scheme (FSCS) up to £75,000. For more details on how the FSCS works, see our guide.


Find the best Cash Isa or savings account for you



If you're looking for an account where you can access your money quickly, then a no-notice deal is a good idea.

Just remember, the interest rate on these accounts is variable so it could decrease down the line.

Also, watch out for sneaky terms and conditions - not all instant access accounts offer unlimited withdrawals, so shop carefully. 

  • RCI Bank’s Freedom Saving Account pays 1.45% AER on balances over £100. The maximum balance is £1,000,000. You can open an account with £1, but sub-£100 balances won’t earn any interest. RCI Bank is covered by the French deposit protection scheme, so savings up to €100,000 are covered.
  • Virgin Money Defined Access E-Saver (Issue 6) pays 1.26% AER on balances over £1, providing you make no more than three withdrawals a year. Otherwise, the rate falls to 0.5%. The maximum balance is £250,000. The account is available online only. An identical account is also available via post, in branch and over the phone.  
  • Shawbrook Bank’s Easy Access Account (Issue 5) pays 1.25% AER on balances over £1,000. There’s a £75,000 maximum balance. This account is online only. 


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If you are happy to wait a little while before accessing your savings, rates on notice accounts tend to be higher than instant access savings. Some won't allow early access at all, though others may let you withdraw without notice, subject to losing some interest. 

  • Turkish Bank UK’s 90 Day Notice Account pays 1.71% AER on balances between £1,000 (minimum deposit) and £250,000. Accounts can be opened by post or in branch, and once set up transactions can be managed online too.   Turkish Bank UK also has a 60 day notice account paying 1.6% AER, which has the same account restrictions aside from the notice period. Turkish Bank UK has its own FCA licence.
  • Raphaels Bank’s 12 Month Sapphire Notice Account pays 1.7% AER on a minimum £5,000 deposit. The rate is less than you’ll get on a one-year fixed rate bond, but it allows one penalty-free withdrawal per year, which must be no more than 10% of the amount in the account. It’s available in branch or by post.
  • Bank and Clients’ 6 Month Notice Account pays 1.6% AER on balances between £1,000 and £1,000,000. The account can be opened in branch or over the phone. 



Fixed-rate savings accounts are normally aimed at people with a lump sum that they wish to lock away for a pre-agreed period of time.

Interest is fixed so your return is guaranteed, unlike instant access and notice accounts, which tend to be variable. However, do bear in mind that withdrawals and further deposits are rarely allowed.











The current economic backdrop has not only highlighted the importance of saving, but means more people would like to do it little and often.

  • First Direct Regular Saver pays 6% AER on deposits between £25 and £300 per month. The rate is fixed for 12 months and is only available to existing customers.
  • M&S Bank’s Monthly Saver offers 6% AER on deposits between £25 and £300 to its current account holders. The interest is paid annually, and the rate is fixed for 12 months. After this, the money will either be transferred to your current account or transferred to the everyday savings account, which pays 0.35% AER so you’ll need to make a note in your diary to switch in a year.
  • TSB Monthly Saver returns 5% AER on monthly deposits between £25 and £250. The rate is fixed for 12 months and withdrawals have to be paid into a TSB current account, so you’ll need to bank with it already. Unlike M&S Bank and First Direct, TSB offer instant access to your savings without penalty.  



  • Halifax Kids Regular Saver offers a market-leading 4% AER 12-month bond. You can deposit between £10 and £100 in the account each month.  
  • Saffron Building Society pays 4% AER on its instant-access children’s regular savings account. It’s available in branch or by post. It can be held for a year, by anyone up to 15. You can save £100 a month. When the account matues, savings are transferred to an account paying 0.5% AER, so remember to make a note to switch.
  • Dudley Building Society’s Junior Easy Saver pays 3.5% AER on balances over £10, up to the age of 15. At this point, you’ll be transferred to the instant-access Junior Saver, which pays 1.75% AER.

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