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. 


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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. 



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.



  • Atom Bank pays a chart-topping 1.4% AER on its one-year notice account, but you’ll need an Android or Apple smartphone to get one, as the bank is strictly app-only. You can save between £50 and £100,000, though if you want to save more you’re allowed to hold multiple accounts. Do bear in mind the £75,000 limit on the FSCS protection scheme though.
  • Charter Savings Bank’s 1 Year Fixed Rate Bond pays 1.38% AER on balances between £1,000 and £250,000. It’s online only, and no early access is allowed.
  • Ikano Bank’s 1 Year Fixed Term Savings Account pays 1.35% AER on balances between £1,000 and £1,000,000. No early access is allowed, and the account is online only. Savings with Ikano Bank are protected by the Swedish deposit protection scheme, up to €100,000.



  • Atom Bank also has the best two-year account, paying 1.65% AER, though again you’ll need a smartphone to get one. Deposits of upwards of £50 are accepted. You can hold multiple accounts if you want to save more than the £100,000 limit, though you won’t be fully covered by the Financial Services Compensation Scheme.
  • Ikano Bank’s Fixed Two Year Saver pays 1.5% AER on balances between £1,000 and £1,000,000. It’s only available online. This account is covered by the Swedish deposit protection scheme, covering balances worth up to €100,000. 
  • OakNorth Bank’s Two Year Deposit Account pays 1.5% AER, on balances between £1,000 and £100,000. You must open this account online. 



  • Vanquis Bank’s 4 Year Savings Bond pays 1.85% AER on balances between £1,000 and £250,000. It’s online only, and allows no early access.
  • Ikano Bank’s Fixed 4 Year Saver pays 1.8% AER on balances between £1,000 and £1,000,000. The bank is covered by the Swedish deposit protection scheme. The account is online only and doesn’t allow early access.
  • Ikano Bank’s Fixed 3 Year Saver pays 1.65% AER on balances between £1,000 and £1,000,000. As with the four year bond, it’s online only, allows no early access and is covered by the Swedish deposit protection scheme. 



  • Ikano Bank’s Fixed Five Year Saver pays 1.95% 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.
  • Close Brothers Savings pays 1.95% AER on savings between £10,000 and £2,000,000. It’s only available by post and no early access is allowed. 
  • Vanquis Bank’s 5 Year Savings Bond pays 1.95% AER on balances between £1,000 and £250,000. It’s online only, and allows no early access.



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 5% 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 5% 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

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