Compare savings accounts up to 5.10% AER

To help compare savings accounts, here’s an overview of which account types best match some of the most common savings goals:

1. Easy Access Savings Accounts
   1. Pros: Quick access to your money.
   2. Cons: Variable interest rates may rise or fall depending on wider economic factors.
   3. Savings goals: Emergency funds, short-term savings goals.
2. Notice Accounts
   1. Pros: May offer a slightly higher interest rate than easy access.
   2. Cons: Access requires advance notice.
   3. Savings goals: Saving for travel, wedding, Christmas.
3. Fixed Term Bonds
   1. Pros: Often offers higher interest than other savings account types; protects against drops in interest rates.
   2. Cons: No access to your funds until the end of the term (unless stated otherwise in the product terms).
   3. Savings goals: Saving for a house, university, or retirement.

Your opening deposit can influence which type of account you choose.

Many financial experts suggest building an emergency fund first. This is typically held in an account with instant access, so funds are available if needed.

Your short-to-mid-term savings goals may be best served by an account that balances access and interest, while money you can comfortably live without (even in an emergency scenario) could be placed into a high interest fixed rate bond. 

FSCS deposit protection covers up to £120,000 per person, per bank. If you plan to deposit more than that, you may wish to spread your money across multiple banks. 

If you have an overall savings goal of over £120,000, saving across multiple accounts with different banks can help you stay within FSCS deposit protection limits.

You may want to consider tax on saving accounts too. As of 2026/27, the UK personal savings allowance for basic-rate taxpayers is £1,000 (£500 for higher-rate taxpayers). While ISAs allow you to save tax-free, this tax-free status only applies to a yearly allowance of £20,000.

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.

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.

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.

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.