Best savings rates this week

Published by Adam Williams on 15 October 2010.
Last updated on 13 December 2017

Whether it's for a rainy day or for a one-off big purchase, it's crucial to make your savings work hard for you. 

Moneywise reviews regular, children's savings, fixed rate and easy access accounts with the best savings rates currently on the market. These accounts are our Best Buys.

Remember, these rates are before tax, but most people can 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 £85,000. All interest rates are AER - the annual equivalent rate.

Best easy access savings accounts

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 easy access accounts offer unlimited withdrawals, so shop carefully. 

RCI Bank Freedom Savings Account 1.3%
RCI Bank pays 1.3% on balances of £100 or more. Must be opened online. Be aware that your deposits here are protected by the French deposit scheme, rather than the UK's FSCS.

Nottingham Building Society eSaver Instant (Issue 8) 1.25%
This account rewards savers with 1.25% interest but must be opened and operated online.

Bank of Cyprus UK Online Easy Access Account 1.25%
Bank of Cyprus UK pays 1.25% to savers with this account. This account can be opened online, and includes a 0.5% bonus for the first year. Minimum balance is £1.

ICICI Bank UK HiSAVE SuperSavings Account Bonus Saver 1.25%
This online-only account pays 1.25% on balances over £1, although that includes a 0.6% bonus for the first year. This is a UK registered bank with full FSCS protection.

Top notice accounts

If you are happy to wait a little while before accessing your savings, rates on notice accounts tend to be higher than easy access savings. Some won't allow early access at all, though others may let you withdraw without notice, subject to losing some interest. However, there are very few notice accounts on the market today that will beat our easy access best buys.

Secure Trust Bank 180 Day Notice Account 1.66%
This account has a 180 day notice period and pays a rate of 1.66%. Account must be opened online.

Secure Trust Bank 120 Day Notice Account 1.56%
For a shorter notice period, this account has a 120 day notice period and pays 1.56%. Account must be opened online.

Best fixed rate savings accounts

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

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

Top one-year bonds

United Trust Bank One Year Bond 1.87%
Must be opened online with a minimum balance of £500. 

Charter Savings Bank One Year Fixed Rate Bond 1.81%
Savers can earn 1.81% from this online-only account, minimum balance is £1,000.

PCF Bank One Year Term Deposit (Issue 6) 1.78%
This account can be opened online or by post. A minimum balance of £1,000 is required. 

Best two-year bonds

Secure Trust Bank Two Year Fixed Rate Bond 2.06%
This account must be opened online and pays 2.06%, fixed for two years.

United Trust Bank Two Year Personal Deposit Bond 2.05%
This account pays a headline rate of 2.05% to savers, fixed for two years. Minimum balance is £500 and the account must be opened online.

Axis Bank UK Two Year Fixed Deposit 2.05%
This account pays 2.05%, fixed for two years. Minimum balance is £1,000.

Union Bank of India UK Two Year Fixed Term Deposit 2.05%
No early access is allowed, and the account must be opened online. Minimum balance is £1,000. Your savings are protected the UK's FSCS up to £85,000.

Top three-year bonds

United Trust Bank Three Year Personal Deposit Bond 2.2%
This account pays a top rate of 2.05%, fixed for three years. Minimum balance is £500 and the account must be opened online.

NS&I Three Year Investment Guaranteed Growth Bond 2.2%
This account from National Savings & Investments is fully backed by HM Treasury. However, you are only able to deposit £3,000 and are limited to one account per person. Must be opened online.

Axis Bank UK Three Year Fixed Deposit 2.16%
This account pays 2.05%, fixed for three years. Minimum balance is £1,000.

Union Bank of India UK Two Year Fixed Term Deposit 2.16%
No early access is allowed, and the account must be opened online. Minimum balance is £1,000. Your savings are protected the UK's FSCS up to £85,000.

Best five-year bonds

Secure Trust Bank Five Year Fixed Rate Bond 2.51%
This account must be opened online with a balance of £1,000 or more to get the headline rate. No withdrawals are permitted after the account has been opened. 

Paragon Five Year Fixed Rate 2.5%
This account offers a rate of 2.5% for 60 months. This can be opened online only. The minimum balance is £1,000.

PCF Bank Five Year Term Deposit (Issue 7) 2.42%
This account can be opened online or by post. A minimum balance of £1,000 is required. 

Top regular savers

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 5%
For deposits between £25 and £300 per month. The rate is fixed for 12 months and is only available to current account customers. Can be opened online or by phone.

Nationwide Flexclusive Regular Saver 5%
Only available to people with a Nationwide Flex current account. Savers can deposit up to £250 per month. Can be opened in branch or online. 

HSBC Regular Saver 5%
For deposits between £25 and £250 per month. The rate is fixed for 12 months and available to current account customers. Can be opened in branch or by phone.

M&S Bank Monthly Saver 5%
Rate available on deposits between £25 and £250 to its current account holders. The interest is paid annually, and the rate is fixed for 12 months. Can be opened online, by post, over the phone or in branch.

Santander Regular eSaver 5%
This is for deposits of up to £200 per month. The rate is fixed for 12 months and is only available to Santander 123 World customers. It must be opened in branch or online.

Best open-to-all regular savers

Leeds Building Society Regular Saver (Issue 9) 2.55%
The best option not linked to a current account pays 2.55% on deposits of up to £250 per month. This account can only be opened online, by post or in branch.

Virgin Money Regular eSaver (Issue 8) 2.25%
This online-only account pays 2.25% to savers. You can save up to £250 per month in this account.

Top savings accounts for children

Putting cash aside for your kids is always a good idea, and the interest rates tend to be much higher than offered in adult accounts. Here are our top picks for children's savers.

Halifax Kids' Regular Saver 4.5%
This is the top 12-month bond. You can deposit between £10 and £100 in the account each month. Must be opened in branch.

Saffron Building Society Children's Regular Saver 4%
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 matures, savings are transferred to an account paying 0.5%, so remember to make a note to switch.

How are Moneywise Best Buys selected?

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 - online, by post or by phone. 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).

Deals only available to particular age groups or for “additional subscriptions” are also not included.

All these savings accounts are covered by the FSCS unless otherwise specified. We will prioritise products from UK-based providers. 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 reserve the right to use our discretion at all times.

Leave a comment

Correction: The Santander

Correction: The Santander Regular e-Saver issue 5 can only be opened in branch or online. It cannot be opened over the phone.

This is confusing. In your

This is confusing. In your 'Moneywise Best Buys' then 'Regular Savers' then 'Compare More Products', this giving a breakdown of each of the banks/building societies etc. you are stating against some of these a X against current accounts, this leading to believe no current account is necessary, this is not correct. Could you please confirm this?

In our Best Buy tables the X

In our Best Buy tables the X represents a negative point, while the tick represents a positive point. Thank you for letting us know that you find this confusing. We will look at it again to see if we can make it easier to understand.

I attempted to register with

I attempted to register with ArchOver but was rejected because I do not use a mobile phone

Super, well done on updating

Super, well done on updating this list in such a timely fashion as usual, as soon as I heard the BOE increased the base rate I came straight here to see if RCI could be beaten and I am delighted to see you've dug out the NatWest option, with an ATM card available for the account it is heads and shoulders above its branchless competitors. Since your update was done yesterday I hope you will be able to update it again tomorrow rather than next week in order to give us the best post-rate "hike" list and ensure we are not missing out on subscribing to accounts which may reserve the right to stop issuing based on the number of applications received. Regarding your 'Open to All Regular Savers' list I was actually in branch yesterday renewing my 'Open to All RS' which has a current rate of 3% AER, it is of course Kent Reliance's Regular Saver which is open to all and has a better interest rate than both of the accounts you've mentioned, I understand from your article that it doesn't meet your selection criteria because it can only be opened in branch but I may as well mention it in that case since I have no selection criteria and maybe even one person might find it useful if they are reading the comments thread. I drive down to Kent each year to setup and manage the account, I think it's worth the extra 0.7% and I expect the rate to return to its pre-May 2017 level of 3.25% AER in light of today's announcement, very soon. I am unsure if URL's are permitted so I will refrain from posting but details of the Regular Saver are available on the Kent Reliance website.

Brought back down to earth

Brought back down to earth having looked into things. I think I posted my previous comment a bit prematurely, the NatWest 1.5% account is subject to too many criterion to be considered better than the RCI bank 1.3% account at this time. I'm surprised you've included NatWest since it is a savings builder account that requires a deposit of at least £100 per month otherwise the rate plummets to 0.10% and the higher your balance the less interest you receive irrespective of whether or not you make the £100 per month deposit. So RCI is still leading the way in terms of a no nonsense easy access saver for now especially if like me readers are just wanting an account they can open and dump some cash into and leave it until they may need it at short notice.

RUMOUR MILL: I'm here

RUMOUR MILL: I'm here checking the Easy Access Saver list again (as per usual), still pretty measly at 1.3% but I've had word that Tesco will be increasing rates from Friday on its Internet Saver Account (an Easy Access account currently offering 1.2%) to 1.35%. Can be opened today with just £1 and you'll be hiked up to the new rate on Friday (Dec 1st) so by the time this is posted that makes just 1 day at the lower rate if you open immediately. Head on over, the sooner the better as it may go fast. Nothing's beating 1.35% at the moment and I don't think Mr Williams updates this list outside his weekly schedule so next week when he does this may well be gone. The downside is it includes a 0.8% bonus for 12 months so you should be looking to review it at that time to see what your options are.

re your email of today 12/12/

re your email of today 12/12/ 2017 Best savings rates this week. Under the easy access rates you list BM Savings a top rate of 1.45%, i have looked and can find nothing like this rate can you advice is this an upcoming rate and when is it to start. The last one they had at 1.35% i think didn't last many days before being withdrawn. Thank you.

new

Hi Keith, this article is

Hi Keith, this article is updated weekly so sometimes products do disappear between our updates. At the top of the article we have a "last updated" date, all the details in the article are correct as of that date.