Here are my top places to put your cash. After years of falling rates, interest on savings has been moving up. That’s largely due to the Bank of England base interest rate increasing to 5.25% – though the increases haven’t been passed on completely or to all accounts. You want to make sure you’re getting the best rate on your savings, and this article will take you through the best options right now. Some articles on the blog contain affiliate links, which provide a small commission to help fund the blog. However, they won’t affect the price you pay or the blog’s independence. Read more here.

Top savings accounts

These are the highest paying interest rates right now on the most popular ways to save. Find more information, top rates from further providers and others types of accounts in dedicated sections further down the page.

Latest inflation rate

Though it’s not always possible at the moment, your aim should be to ensure you earn more on your savings account than the current rate of inflation. This really is key as anything below that rate is losing value in real terms, The latest inflation rate (for the year to August 2023) remains high at 6.7%, although it’s currently the lowest it’s been in more than a year. Although this means prices are still going up a lot year on year and there are now a few savings accounts that beat inflation. You can read more about inflation here, while the chart below shows recent inflation changes. source: tradingeconomics.com

Savings deals

Sometimes you can get an extra bonus when signing up for a new savings provider, or adding cash to an existing account. We’ll highlight some of the best ones below, but we’ve also rounded up even more in a separate savings deals page, so make sure you check that out.

My latest savings update

Every month on my YouTube channel I take you through the latest savings news and chat about some of the accounts featured on this page. Here’s my latest monthly video roundup, or you can read more here. (This article is updated regularly but check the published date to see when this last happened. New videos are usually at the start of the month.)

Best easy access savings accounts – up to 5.2%

These are the most flexible accounts, though as a result you’ll get lower rates. You can add and take your money out at any time.

• Ulster Bank (5.2% AER variable): min £1,000 / £85,000
• Shawbrook Bank (5.11% AER variable): min £1,000 / max £85,000
• Beehive Money (5.1% AER variable – includes a 2.45% bonus until 31 October 2024): min £1,000 / max £85,000
• RateSetter via Hargreaves Lansdown (5.06% AER variable): min £1 / max £0
• My Community Bank via My Community Finance (AER depends on balance):
  • 5.05% AER variable on balances between £20,000 and £85,000
  • 2.5% AER variable on balances between £1,000 and £19,999
• Family Building Society (5.04% AER variable): min £100 / max £250,000
• Skipton Building Society (5.04% AER variable – includes 1.24% bonus for 12 months): min £1 / max £85,000
• Monument Bank (5.03% AER variable): min £25,000 / max £400,000
• Secure Trust Bank (5.03% AER variable): min £1,000 / max £85,000
• Kent Reliance (5.01% AER variable): min £1,000 / max £1m
• Charter Savings Bank (5% AER variable): min £5,000 / max £1m
• Gatehouse (5% Expected profit rate variable): min £1 / max £250,000
• Scottish Building Society (5% AER variable): min £100/ max £1,000
• Tandem (5% AER variable, includes 0.35% bonus for 12 months): min £0 / max £250,000
• Cynergy Bank (4.95% AER variable includes bonus for one year): min £1 / max £1m
• Ford Money (4.95% AER variable): min £1 / max £2m
• Harpenden Building Society (4.95% AER variable): min £100 / max £250,000

Top Building Society

Top Sharia bank

Gatehouse (5% Expected profit rate variable): min £1 / max £250,000

For large deposits with full protection

Best limited access saving accounts – up to 5.2%

These accounts will let you get instant access, but there are often limits on how many withdrawals you can make in a year without a penalty (such as a reduced interest rate).

Best notice accounts – up to 5.75%

A notice account means you have to request to get your money and interest, which will be released after a set time. They often have a variable rate but if there’s a cut you’ll normally be given notice.

Six-month notice – up to 5.59%

Four-month notice – up to 5.75%

Three-month notice – up to 5.6%

• RCI (5.6% AER variable): 95-day notice: min £1,000 / max £1m
• Cynergy Bank (5.5% AER variable): 95-day notice: min £500 / max £1m
• Harpenden Building Society (5.5% AER variable): 90-day notice min £1,000 / max £250,000
• BLME (5.35% expected profit rate variable): 90-day notice: min £20,000 / max £1m

Sharia notice accounts

• BLME (5.35% expected profit rate variable): 90-day notice: min £20,000 / max £1m
• Gatehouse (4.65% Expected profit rate variable) 120-day notice: min £1 / max £250,000

Best current account linked easy access savings – up to 7%

Some of the best rates are in or linked to current accounts – or you might just want the convenience of having everything at the same bank (though that’s not always a good idea). All of these accounts can be opened by anyone, though you will be credit checked for opening the current account itself. They’ll often have additional requirements or fees to take in to account. You may already have seen some of these listed in the easy and limited access lists above.

Interest earned in separate savings account – up to 7%

• Santander Edge Saver (7% AER variable, includes 2.5% bonus for 12 months): min £0 / max £4,000

Requires Santander Edge current account

£3 monthly fee

Can open one Edge Saver with a personal account and two Edge Savers with a joint account

Full review and analysis here

There’s also up to £20 available from Quidco and TopCashback if you apply via these cashback sites.

• Barclays Blue Rewards Rainy Day Saver (5.12% AER variable): min £0 / max £5,000

Requires current account with added Blue Rewards

£2 monthly fee but can be avoided by meeting requirements – Full review here

• Halifax Reward Bonus Saver (4.2% AER variable): min £1 / max £9m

rate reduced to 1.05% if you make four or more withdrawals

requires a Reward or Ultimate Reward current account – review here

• Chase Bank (4.1% AER variable): min £1 / max £500,000

Must set up a separate savings account to get the interest – review here

• First Direct Bonus Saver (4% AER variable): min £1 / max £50,000