Best savings rates this week

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 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 £85,000. All interest rates are AER - the annual equivalent rate.

Instant access

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. 

Ulster Bank eSavings 1.25%
This online-only account pays an interest rate of 1.25% on balances over £1.

Kent Reliance Easy Access Account (Issue 19) 1.15%
Interest rate is 1.15% and is paid on balances over £1,000. Account is available online or in Kent Reliance's branches in the South East of England.

Charter Savings Bank Easy Access (Issue 4) 1.11%
This easy access account pays 1.11% to savers. You'll need to open the account online.

Bank of Cyprus UK Online Easy Access Account 1.11%
This online-only account offers a top rate of 1.11%, although this includes a 0.6% bonus which expires after a year.

Notice accounts

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. However, there are very few notice accounts on the market today that will beat our easy access best buys.

Paragon Bank 120 Day Notice Account (Issue 7) 1.45%
This offers 1.45% on deposits between £500 and £100,000. This account is online only.

Charter Savings Bank 120 Day Notice (Issue 12) 1.26%
This pays 1.35% on balances of £1,000 or more. Must be opened online.

Shawbrook Bank 120 Day Notice Personal Savings Account (Issue 39) 1.25%
Beware, this headline rate is only for balances of £1,000 or more. Any balances below this amount will have no interest paid at all. Online only.

Fixed rate

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.

One year

Atom Bank One Year Fixed Saver 1.8%
Atom Bank pays 1.8%, fixed for a year. The minimum deposit is £50 but you must use Atom Bank's app to open and manage the account. Savings are protected up to £85,000 by the FSCS.

Kent Reliance One Year Fixed Rate Bond (Issue 47) 1.7%
This can be opened online, in branch and through the post. It pays 1.7% on balances of £1,000 or more.

Secure Trust Bank Fixed Rate One Year Bond (Series 14) 1.6%
Available if you deposit between £1,000 and £1 million. No early access is allowed, and the account must be opened online.

Two year

Atom Bank Two Year Fixed Saver 2%
To get this account you must open and manage the account using Atom Bank's app. This rate of 2% is fixed for two years. Savings are protected up to £85,000 by the FSCS.

Secure Trust Bank Fixed Rate Two Year Bond (Series 17) 1.85%
This can be opened online and pays 1.85% to savers, fixed for two years. Minimum balance is £1,000.

Paragon Bank Two Year Fixed Rate Isa 1.8%
No early access is allowed, and the account must be opened online. Minimum balance is £500.

Three year

Atom Bank Three Year Fixed Saver 2.2%
This account is fully protected by the UK's FSCS but you will need to use Atom Bank's app to open the account. Minimum deposit is £50.

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.

OakNorth Bank 36 Month Fixed Term Deposit 2.05%
Online only. This account is fully protected by the UK's FSCS. Minimum balance is £1,000.

Five year

Atom Bank Five Year Fixed Saver 2.4%
This account is fully protected by the UK's FSCS but you will need to use Atom Bank's app to open the account. Minimum deposit is £50.

Paragon Bank Five Year Fixed Rate Saver 2.25%
Online-only account paying 2.25% on balances over £1,000. No withdrawals are permitted before end of term.

Vanquis Bank Five Year Savings Bond 2.21%
This account offers a rate of 2.21% on balances over £1,000, for 60 months. This can be opened online only.

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.

Nationwide Flexclusive Regular Saver 5%
Only available to people with a Nationwide Flex current account. Savers can deposit up to £500 per month. Can be opened in branch or online. 

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 existing customers. Can be opened online or by phone.

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 123 World customers. It must be opened in branch or online.

Virgin Money Regular eSaver 2.25%
The best option not linked to a current account pays 2.25% on balances up to £250 per month. This account can only be opened online.

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%
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 these products picked?

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.

Published: 15 October 2010
Last updated: 21 June 2017

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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 '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 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.