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 1.2% AER. Savers can deposit between £100 and £1,000,000. 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 7) pays 1.16% 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.  
  • Investec Bank’s E-asy Access Account pays 1.1% AER, but only on larger balances. The minimum deposit is £25,000 and the maximum is £250,000. It’s only available online.  


To stay up to date with latest rates as well as other money saving and money making ideas, sign up to our newsletter.



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. 

  • 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. If you’re willing to put your money in an account with a 12 month notice period, you can get 1.7% AER, which matches the best one-year fixed rate savings account. 
  • Shawbrook Bank’s 120 Day Notice Personal Savings Account (Issue 35) pays 1.55% AER. Savers can deposit between £1,000 and £500,000. No early access is allowed without 120 days’ notice. The account is available by post or online.
  • The Raphael’s Bank Sapphire Account pays 1.5% AER but has a 12-month notice period. Savers can deposit between £5,000 and £250,000. The account is available in branch or by post. Savers can make one penalty free withdrawal a year, providing it’s no more than 10% of their balance.  



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.



  • United Trust Bank’s 1 Year Personal Deposit Bond pays 1.5% AER on balances between £500 and £500,000. The account is available in branch, by post or online. No early access is allowed.
  • Swedish bank Ikano pays 1.45% AER on its 12 month fixed rate bond. Savers can deposit between £1,000 and £1,000,000. As the bank is covered by the Swedish deposit protection scheme, savers’ money is protected up to €100,000. The account is online only. 
  • Shawbrook Bank’s One Year Fixed Rate Bond (Issue 40) pays 1.4% AER on balances between £1,000 and £2,000,000. You can sign up for an account by post or online. No early access is allowed.





  • Vanquis Bank’s 4 Year Fixed Term account pays 2% AER on balances between £1,000 and £250,000. It’s available online, and doesn’t allow early access.
  • Ikano Bank’s Fixed 4 Year Saver pays 1.9% AER on balances between £1,000 and £1,000,000. The bank is covered by the Swedish deposit protection scheme. The account is only and doesn’t allow early access.
  • Clydesdale Bank’s 40 Month Term Deposit pays 2% AER on balances over £2,000, but it’s only available to existing customers. The upper balance limit is £5,000,000. This account is available in branch or by post. 



  • Yorkshire Bank’s 5 Year Term Deposit pays 2.2% AER and savers can deposit between £2,000 and £5,000,000. The account is only available in branch or by post. Yorkshire’s sister brand Clydesdale Bank also offers the same terms.
  • Vanquis Bank’s 5 Year Savings Bond pays 2.2% AER on deposits between £1,000 and £250,000. It’s online only and no early access is allowed. 
  • Ikano Bank’s Fixed Five Year Saver pays 2.05% AER on balances between £1,000 and £1,000,000. The account is only available online, and no early access is allowed. Ikano is covered by the Swedish deposit protection scheme.



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.
  • Nationwide’s Flexclusive Regular Saver pays 5% AER. However, it’s only available to people with a Nationwide Flex current account. Savers can deposit up to £500 per month. It’s available in branch or online. 



  • 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.


We look across as much of the of the savings market as possible to find the best deals using industry data from Defaqto.

All our picks are nationally available. We try and pick products that are available to both new and existing customers, but we’ll highlight some offers for existing customers if they’re much better than what else is on offer.

Unless rates are significantly higher than on other accounts, we avoid products that pay an initial bonus (which is normally a euphemism for a rate cut after 12 months), or those with tiered rates (these may not pay the advertised interest rate if your balance rises above or falls below a set amount).

All these savings accounts are covered by the FSCS unless otherwise specified. If your bank is licenced by another European country, savings up to €100,000 will be protected, but by the government where the bank is headquartered, rather than the UK authorities.

We will never include a savings account that isn’t covered by a European deposit protection scheme.

To see all the savings accounts we consider, visit our savings and Isa comparison tools

More about