More than 1 million savers worldwide
Online Savings Accounts: rates up to 4.50% AER
✓ Access FSCS-protected savings accounts
✓ Manage all your savings with a single log-in
✓ Discover the ideal product for you from over 40 banks and building societies
What is an online savings account?
An online savings account is just like any other savings account, but it’s predominantly managed online. While some online savings accounts can also be managed in-branch, even if you’re in a physical bank you’ll probably still have to access your account on a personal device such as your smartphone or laptop.
How do online savings accounts work?
Online savings accounts work in the same way as traditional savings accounts, in that you earn interest on the money you deposit. Most online savings accounts allow you to make deposits from an account linked to your savings account. If you choose online savings accounts from a high street bank with brick-and-mortar premises, you may still be able to make deposits and withdrawals in person.
How do online savings accounts differ from traditional savings accounts?
The main difference between online savings accounts and traditional savings accounts is, of course, that you can manage your account online. You can access your account any time you wish, providing convenience if you are unable to visit a branch.
Online savings accounts in the UK often feature more competitive interest rates than traditional accounts. It’s always best to shop around and compare different savings accounts.
Choose the right savings product for your money
Fixed Rate Bonds | Savers who don’t need access to their money in the short term and want higher returns. | Fixed and competitive return. You know it in advance. | Not accessible until maturity. | Low. You cannot make regular contributions or withdraw funds before the end of the term. | Low. Deposits up to £120,000 per person, per authorised bank or building society are protected by the Financial Services Compensation Scheme (FSCS) in the UK. |
Easy Access | Savers who want liquidity and to earn interest without complications. | Variable return. Competitive interest rates in some cases. | Immediate, if the account offers instant access. | High. You can deposit and withdraw money whenever you like. | Low. Deposits up to £120,000 per person, per authorised bank or building society are protected by the Financial Services Compensation Scheme (FSCS) in the UK. |
Notice Accounts | Savers who want better interest rates than a savings account and can plan withdrawals in advance. | Usually better than standard savings accounts, but lower than fixed-term deposits. May vary with notice period. | Requires advance notice (e.g., 30, 60, or 90 days) before making a withdrawal. | Moderate. Deposits are allowed, but access is subject to the notice period. | Low. Deposits up to £120,000 per person, per authorised bank or building society are protected by the Financial Services Compensation Scheme (FSCS) in the UK. |
View and compare zero-fee savings accounts
Why should you save with Raisin UK?
Easy money management
Our simple online platform and app allow you to manage your money easily at any time. With all your accounts under one roof, there’s no need to juggle multiple logins, either.
Access to more banks
Why limit yourself to the high street? With more banks at your fingertips from across the UK and Europe, we give you more choice to find the right savings account for you.
Extra savings boosts
From our refer a friend bonus to exclusive savings accounts offers, it’s easy to make your money work harder. We’ll always make sure you’re the first to hear about new top rates, too.
Your savings accounts questions answered
What is a savings account?
A savings account is an account where you deposit money and earn interest on it. The amount of interest you earn depends on the type of account you choose and the interest rate offered.
Different savings accounts work in different ways, so it’s important to understand your options before applying.
How do savings accounts work?
When you open a savings account, you deposit your money with your chosen bank. In return, they’ll pay interest based on your balance and the account’s annual equivalent rate (AER) and the way the bank calculates interest.
You can find out more about how to open a savings account on our savings guides hub.
Who can open a savings account?
Every savings account has its own terms and conditions regarding who can open an account and with what amount, but savings accounts in the UK are generally available to those aged 18 or over. Unless you already have an account with the provider, you may need to provide some form of ID and proof of address too.
Parents and guardians can open a children’s savings account or a Junior ISA on their child’s behalf, but any money deposited into the account belongs to the child.
What is a good interest rate on savings?
The most obvious metric to determine a ‘good’ interest rate is how high it is in comparison with others, but other factors such as access, notice periods and term lengths are as important when determining the suitability of a savings account.
For example, getting the highest rate may require you to lock your money away for a long time. Comparing savings account features alongside interest rates can help you find an option that works for you.
All interest rates displayed are Annual Equivalent Rates (AER), unless otherwise explicitly indicated. The AER illustrates what the interest rate would be if interest was paid and compounded once a year. This allows individuals to compare more easily what return they can expect from their savings over time.
Raisin UK is a trading name of Raisin Platforms Limited which is authorised and regulated by the Financial Conduct Authority (FRNs 813894 and 978619). Raisin Platforms Limited is registered in England and Wales, No 11075085. Registered office: Cobden House, 12-16 Mosley Street, Manchester M2 3AQ, United Kingdom. The information on this website does not constitute financial advice, always do your own research to ensure it's right for your specific circumstances. Tax treatment depends on the individual circumstances of each customer and may be subject to change in the future.