After years of low interest rates, savings accounts are finally offering competitive returns. While rates have dipped slightly from recent highs, top accounts still outpace inflation—meaning your money can grow in real terms. Below, we’ve rounded up the best easy-access, notice, and fixed-rate savings options.
Originally written by Martin Lewis, now updated by the MSE Money Team.
Best Savings Accounts at a Glance
Easy-Access Savings (Unlimited Withdrawals)
- Chase – 5% (Top standard savings)
- Trading 212 – 4.98% (Top Cash ISA)
Notice Savings (Require Advance Warning to Withdraw)
- RCI Bank – 4.6% (95-day notice)
Fixed-Term Savings (Lock Away Cash for Higher Rates)
- Oxbury Bank – 4.62% (6 months)
- GB Bank – 4.58% (1 year)
- GB Bank – 4.43% (2 years)
Try Our New Savings Picker Tool
We’re testing a brand-new Savings Picker to help you find the best account for your needs—and we’d love your feedback!
- Answer 7 quick questions – We’ll assess your savings habits.
- Get real-time insights – Learn what your answers mean for your strategy.
- Discover your best match – See which accounts suit you (and which don’t).
This tool is in early development—give it a try and share your thoughts on the MSE Forum!
What Is a Savings Account?
A savings account lets you earn interest on your money, with most accounts offering tax-free interest thanks to the Personal Savings Allowance (PSA):
- Basic-rate taxpayers – £1,000/year tax-free
- Higher-rate taxpayers – £500/year tax-free
- Additional-rate taxpayers – No PSA
If you’re nearing these limits, consider a Cash ISA, where interest is always tax-free.
Your savings are protected – Up to £85,000 per bank (or £170,000 for joint accounts) under the FSCS.
How to Choose the Right Savings Account
- Need instant access? → Easy-access accounts (e.g., Chase at 5%).
- Can lock cash away? → Fixed-term accounts (higher rates).
- Saving for a home? → Lifetime ISA (25% government bonus).
- On a low income? → Help to Save (50% bonus).
- Paying tax on interest? → Cash ISA (tax-free growth).
Top Easy-Access Savings Accounts
| Provider | Rate (AER) | Key Details |
|---|---|---|
| Chase | 5% | Requires current account, app-only |
| Trading 212 (ISA) | 4.98% | Includes 0.88% 12-month bonus |
| Atom Bank | 4.75% | Rate drops if you withdraw |
💡 Rates are variable—check regularly for updates.
Best Notice & Fixed-Term Savings
Notice Accounts
- RCI Bank – 4.6% (95-day notice)
- Oxbury Bank – 4.65% (120-day notice)
Fixed-Term Accounts
| Term | Best Rate | Provider |
|---|---|---|
| 6 months | 4.62% | Oxbury Bank |
| 1 year | 4.58% | GB Bank |
| 2 years | 4.43% | GB Bank |
Watch out for tax implications—lump-sum interest could push you over your PSA.
Are Your Savings Safe?
- All listed providers are FSCS-protected (£85,000 per person).
- Avoid exceeding limits by spreading savings across different banks.
Need More Help?
- Compare rates with our Savings Calculator.
- Complaints? Use Resolver to escalate issues.
Explore alternatives like Lifetime ISAs, Help to Save, or Regular Savers.
FAQs
What’s the difference between easy-access, notice, and fixed-term savings?
- Easy-access: Withdraw anytime (e.g., Chase at 5%).
- Notice accounts: Require advance warning (e.g., RCI Bank, 95-day notice).
- Fixed-term: Lock cash away for higher rates (e.g., GB Bank at 4.58% for 1 year).
Are savings accounts tax-free?
Most savers benefit from the Personal Savings Allowance (PSA):
- Basic-rate taxpayers: £1,000/year tax-free.
- Higher-rate taxpayers: £500/year tax-free.
- Additional-rate taxpayers: No PSA—use a Cash ISA instead.
How safe are my savings?
All accounts listed are FSCS-protected, covering up to £85,000 per person, per bank (£170,000 for joint accounts).
Should I choose a fixed-rate or variable-rate account?
- Fixed-rate: Guaranteed returns, but no withdrawals.
- Variable-rate: Rates can change, but offers flexibility.
What happens when my fixed-term account matures?
The bank may move your money to a low-interest account—always check and switch to avoid losing out.
Can I open a joint savings account?
Most accounts allow joint applications (we note exceptions like Chase and Atom Bank).
Are there savings options for children or businesses?
- Kids: Children’s accounts (up to 5% interest).
- Businesses: Limited companies need business savings accounts (sole traders can use personal accounts).
Conclusion
With interest rates still beating inflation, now’s the time to maximize your savings. Whether you need instant access, a short-term fix, or a tax-free ISA, there’s an account to match your goals.
Quick tips
- Chase’s 5% easy-access is ideal for flexibility.
- GB Bank’s 4.58% 1-year fix works for locked-away cash.
- Cash ISAs (like Trading 212’s 4.98%) protect against tax.
Remember:
- Check rates regularly—they change often.
- Spread savings across banks to stay under FSCS limits.
- Use tools like our Savings Picker to find your best match.
Start earning more on your money today—every penny counts!
