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Here are my top places to put your cash.

After years of falling rates, interest on savings is starting to move up. That’s largely due to the Bank of England base interest rate increase to 2.25% – 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.

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 September 2022) is a huge 10.1%. That’s back to the 40-year high we saw a few months back. This rate means it’s impossible to get accounts that beat it. The chart below shows recent changes.


source: tradingeconomics.com

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.)

Savings account special offers

Some savings account providers will give you a bonus for signing up which can boost your return well above the rate available elsewhere.

Raisin: £30 welcome bonus

If you sign up to the savings platform Raisin via this link and then put £10,000 or more in a savings account via them you’ll get a £30 bonus.

If you put in exactly £10,000, that £30 works out as the equivalent of an extra 0.3% on the interest rate for one year – though obviously if you have more money in there it reduces that impact.

If you open an easy access account then the bonus is only paid if the balance remains about £10,000 for at least six months.

You must be new to Raisin and you can only get the bonus once per customer. You’ll also need to claim the bonus – details of how to do this and full terms and conditions can be found here.

Top Raisin accounts

Make sure you compare these accounts with other interest rates available elsewhere as they won’t always be the best option. However, if you are using the welcome bonus and factor in the equivalent of 0.3%, then it could push these accounts higher.

Best Regular Savings accounts – up to 5.25%

These accounts are all “Regular” or monthly savers which work differently to normal saving accounts.

For a start, there’s a limit to how much you can save each month, and the interest is calculated on the balance each month. After 12 months the interest is paid and your saver (usually) closed. But you can then open up another and begin again.

These are ideal if you only have a certain amount of money to put aside each month, or to move money every month from a lower-paying easy access account. Here’s my full guide to how they work.

You can only open the top accounts if you have or open a current account with these banks – but that’s no reason to put you off.

Club Lloyds monthly saver (5.25% AER)

Account name Club Lloyds Monthly Saver
Interest rate 5.25% AER (fixed)
Max monthly deposit £400
Min monthly deposit £25
Carry over unused allowance? No, and money must reach account by 25 of the month
Account closes After 12 months
Withdrawals Yes, but money can’t be replaced beyond that month’s allowance
Requirements Must have a Club Lloyds current account

You need to have a Club Lloyds current account to get this regular saver. This comes with a freebie such as six cinema tickets. Here’s my review.

You’ll also be able to get the standard monthly saver on top (details below).

Natwest / RBS Digital Regular Saver (5.12%)

Account name Digital Regular Saver
Interest rate 5.12% AER (variable)
Max monthly deposit £150
Min monthly deposit £1
Max amount earn interest on £1,000
Account closes No
Withdrawals Easy access with no penalty
Requirements Must have a Natwest or RBS current account

This account offers a massive rate but with a few restrictions. The biggest is you can only save £150 (it increased from £50 in March 2022) every month. Not far behind is that this high-interest rate will only be paid on the first £1,000 saved.

It’s only open to Natwest or RBS customers – though you can have one at each bank. Here’s my review of the account and more information on how it works.

Yorkshire Building Society Loyalty Regular eSaver (5%)

This account is only for customers who’ve been with the building society for more than 12 months. Therefore most won’t get it, but it’s a high rate so worth sharing with you.

Account name Loyalty Regular eSaver
Interest rate 5% AER (fixed)
Max monthly deposit £500
Min monthly deposit £10
Carry over unused allowance? No
Account closes No
Withdrawals Once a year on the anniversary, outside this will close the account
Requirements Must have had a savings or mortgage with YBS for 12 or more months

Lloyds monthly saver (4.5% AER)

Account name Lloyds Monthly Saver
Interest rate 4.5% AER (fixed)
Max monthly deposit £250
Min monthly deposit £25
Carry over unused allowance? No, and money must reach the account by 25 of the month
Account closes After 12 months
Withdrawals Yes
Requirements Must have a Lloyds current account

Halifax monthly saver (4.5% AER)

Account name Halifax Monthly Saver
Interest rate 4.5% AER (fixed)
Max monthly deposit £250
Min monthly deposit £25
Carry over unused allowance? No, and money must reach account by 25 of the month
Account closes After 12 months
Withdrawals Only if you close the account early
Requirements None

Unlike the other best buys, this account doesn’t require current account with the bank (though it’s worth a look at the Halifax Reward account). The regular saver will automatically renew for another 12 months when it closes.

Bank of Scotland monthly saver (4.5% AER)

Account name Monthly Saver
Interest rate 4.5% AER (fixed)
Max monthly deposit £250
Min monthly deposit £25
Carry over unused allowance? No, and money must reach account by 25 of the month
Account closes After 12 months
Withdrawals Yes
Requirements Must have a Bank of Scotland current account

First Direct Regular Saver (3.5%)

Account name Regular Saver
Interest rate 3.5% AER (variable)
Max monthly deposit £300
Min monthly deposit £25
Carry over unused allowance? Yes
Account closes After 12 months
Withdrawals Any withdrawal closes the account and reduces interest paid
Requirements Must have a First Direct current account

From 28 April First Direct customers will be able to get 3.5% fixed for a year via the regular saver.

Other monthly savers (up to 3.25%)

These are the next best regular savers. It’s also worth checking your local building society to see if they offer a better regular saver for those who live nearby and can go into a branch to open an account.

There are also these accounts that require a current account.

Best high-interest current account linked savings – up to 5.12%

Some of the next best rates are in or linked to current accounts. All of these accounts can be opened by anyone, though you will be credit checked. You can access your money at any time, however, the amount of money you can earn interest on is limited.

Barclays Blue Rewards Rainy Day Saver (5.12%)

Account name Rainy Day Saver
Required current account Barclays with added Blue Rewards
Interest rate 5.12% AER
Max savings interest paid on £5,000
Withdrawals Easy access
Multiple accounts No
Requirements Must have Barclays current account with added Blue Rewards.
This requires 2 direct debits, £5 monthly fee (cancelled out by direct debits) and an £800 monthly deposit

You’ll earn 5.12% on up to £5,000 if you have a Barclays current account with Blue Rewards. This has a monthly fee of £5, but that’s wiped out if you pay out two direct debits each month and pay in £800 (which doesn’t need to stay there). Here’s my full analysis and review.

Nationwide FlexDirect (5%)

Account name FlexDirect Current Account
Interest rate 5% AER (fixed for one year)
0.25% AER (variable after year one)
Max savings interest paid on £1,500
Withdrawals Easy access
Multiple accounts Yes (one personal and one joint)
Requirements Can not get rate if you’ve had a Flex Direct account in the past

You can get 5% for one year on a balance of up to £1,500 with the FlexDirect account. You do need to pay in £1,000 a month to account in order to get this rate.

After the first year it will drop to 0.25%, but you can always switch away when that happens (and hopefully get a nice cash bonus for doing so).

It’s worth noting that you only get this interest rate when you first open the account. Here’s more in my full review of the FlexDirect account.

You’re able to get the 5% on both a solo account and a joint account, so it’s worth opening a joint account too if you’re in a relationship (though watch this video first).

HSBC Online Bonus Saver (3%)

Account name Online Bonus Saver
Current Account required Any
Interest rate 3% AER (variable), reduces to 0.5% in any month a withdrawal is made
Max savings interest paid on £10,000
Withdrawals Yes, but interest rate cut for that month
Requirements Online only

This account will pay 3% on up to £10,000, but reduces to 0.5% in any month you withdraw money.

Virgin Money M Plus (2.02%)

Account name M Plus Current Account
Interest rate 2.02% AER (variable)
Max savings interest paid on £1,000, plus another £25,000 in linked saver
Withdrawals Easy access
Multiple accounts Personal and joint.
Requirements Online only

This account from Virgin Money will pay 2.02% on up to £1,000. You can also have more than one account and earn interest on the money there too. You can now only get one of these accounts in your name.

You can also get a linked account also offering 2.02% on the first £25,000. More details here.

More details on the whole account in my full review of this Virgin Money current account.

Best fixed savings accounts – up to 4.6%

The above accounts all have caps on how much you can save, though a mix of some or all of them would cover a large chunk of the money you’d need in cash savings. You could also look at Premium Bonds.

But what should you do with any additional money? You can still beat most standard savings or current accounts where you’re likely to get poor rates.

You can also fix your savings for a year or longer and get a slightly better rate in return. However, you need to be sure you won’t need access to that cash over that time. The longer you fix, the greater the risk you’ll lose out if rates were to rise. But at the same time, they’re protected if rates were to fall.

Six-month fixes – up to 3.55%

12-month fixes – up to 4.6%

  • RCI (4.6% AER fixed): min £1,000
  • Vanquis (4.6% AER fixed): min £10,000 / max £250,000
  • Gatehouse via Raisin (4.5% expected return) + £30 bonus for some: min £1,000 / max £85,000
  • Tandem (4.5% AER fixed): min £0 / max £2.5m
  • Shawbrook (4.5% AER fixed): min £1,000 / max £2,
  • Oxbury Bank (4.5% AER fixed): min £1,000 / max £500,000
  • United Trust Bank (4.45% AER fixed): min £5,000 / max £1m
  • Dudley Building Society (4.4% AER fixed): min £5,000 / max £1m
  • My Community Bank (4.37% AER fixed): min £1,000 / max £85,000
  • Investec via Raisin (4.36% AER fixed) + £30 bonus for some: min £1,000 / max £85,000
  • Aldermore (4.35% AER fixed): min £1,000 / max £1m
  • Atom (4.35% AER fixed): min £50 / max £100,000

Best notice account – up to 3.1%

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 have notice.

Four-month notice – up to 3.1%

  • Oak North Bank (3.1% AER variable) 120 days notice: min £1 / max £500,000
  • Oxbury (3.05% AER variable): 120 days notice: min £1,000 / max 500,000

Three-month notice – up to 3.07%

  • Oak North Bank (3.07% AER variable) 90 days notice: min £1 / max £500,000
  • Oxbury (3.02% AER variable): 95 days notice: min £1,000 / max 500,000
  • Family Building Society (3% AER) 90 days notice (no deposits allowed after 25 November 2022): min £20,000
  • Zopa (2.8% AER variable) 95-days notice: min £1 / max £85,000
  • DF Capital (2.8% AER) 90 days notice: min £1,000 / max £250,000
  • UBK via Raisin (2.71% AER) + £30 bonus for some: 95 days notice: min £1,000, max £85,000

One-month notice – up to 2.6%

7-day notice – up to 2.45%

  • Zopa (2.45% AER variable) 7-days notice: min £1 / max £85,000

Best limited access saving accounts – up to 3%

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).

  • HSBC online bonus (3% AER variable) rate reduces to 0.5% in months you make a withdrawal: min £1 / max £10,000 (requires a current or other savings account with HSBC)
  • Yorkshire Building Society double access (2.5% AER variable up to £5,000, then 2% AER) Max two withdrawals a year: min £1 / max £500,000
  • Harpenden Building Society Triple access (2.4% AER variable) max three withdrawals a year: min £100 / max £250,000
  • Coventry Building Society limited access (2.25% AER variable) max six withdrawals a year: min £1 / max £250,000
  • Aldermore double access (2.15% AER fixed) max of two withdrawals a year: min £1,000 / max £1m
  • Nationwide triple access (2.1% AER variable) max of three withdrawals a year

Best easy access savings accounts – up to 2.81%

  • Al Rayan Bank (2.81% Expected Return): min £5,000 / max £1m
  • Cynergy Bank (2.75% AER variable includes £1 / max £1m (existing customers only, but you should be able to open another savings account to qualify)
  • Atom (2.55% AER variable): min £0 / max £100,000
  • Tandem (2.55% AER variable): min £0 / max £250,000
  • Chip (2.55% AER variable): min £1 / max £85,000 (pays a bonus rather than interest which isn’t FSCS protected. You also don’t earn interest on the bonus and have to withdraw the entire balance to access the bonus)
  • Marcus (2.5% AER variable includes 0.25 one-year bonus): min £1 / max £250,000
  • Investec (2.45% AER variable): min £5,000 / max £250,000
  • Zopa (2.4% AER variable, slight increases in notice pots): min £1 / max £85,000
  • Shawbrook (2.3% AER variable): min £1,000 / max £85,000
  • Yorkshire Building Society (2.25% AER variable / 2.3% AER if more than £50,000): min £10,000 / max £500,000
  • Secure Trust Bank (2.25% AER variable): min £1,000 / max £85,000
  • Tesco Bank (2.21% AER variable): min £1 / max £1m

Best Cash ISA – up to 3%

Though most of us don’t need the tax-free “wrapper” offered by an ISA, if you are wanting to use one then the same goes in terms of finding the best rate.

You can’t pay in more than £20,000 each financial year into any combination if ISAs, and you can only pay money into one Cash ISA.

Flexible ISAs allow you to withdraw money and pay it back in without impacting your annual allowance. Look for ones that allow transfers in if you have money from previous tax years you want to move.

  • Virgin Money (3% AER variable): min £1 (transfers in / flexible / requires a current account)
  • Marcus (2.5% AER variable): min £1 (no transfers)
  • Paragon (2.3% AER variable) triple access
  • Coventry Building Society (2.25% AER variable) limited access
  • Cynergy (2.15 AER variable): min £1 (transfers in / not flexible)
  • Tesco Bank (2.15% AER variable): min £1 (Transfers in allowed / flexible)

Best auto-savings rates – up to 5%

Apps like Chip and Plum and features like Monzo’s IFTTT are great tools to boost how much is in your savings. But the rates aren’t always the best. I’d personally look to transfer these savings over to a higher paying account, but in the short term it pays to use those with the best rates.

  • Chase (5% AER variable) – rate on roundups only – read more about Chase
  • Chip via Allica (1.1% AER variable) – read more about Chip
  • Monzo via Paragon (1% AER variable) – read more about IFTTT

Best Lifetime ISAs – up to 3%

Lifetime ISAs are available as cash savings or as investment products. You can open on up to the age of 40 and save up to £4,000 a year into one and get a 25% bonus. Here are the leading Cash Lifetime ISAs:

Premium Bonds – 2.2% prize rate

From the October 2022 draw, the prize rate for Premium Bonds will be 2.2%. This doesn’t mean you’ll get 2.2% back on your savings. I’ll update here soon with predictions on returns based on your average rate of luck by size of deposit so you can compare it to the other accounts listed on this page.

Best children’s savings account

I’ve written in more detail about the different savings accounts for kids, so do check that article out to understand the conditions such as access.

Best ethical savings account

The money you hold in your savings is used by the banks to invest and lend money. This could mean it’s used for things you might disagree with, such as fracking, tobacco or arms manufacturing.

There are banks with ethical policies such as Triodos, while building societies must lend 75% of their funds to home buyers, meaning they don’t have the cash to invest elsewhere.

Sharia accounts can’t be used for things against Islamic law, like tobacco or gambling and I’ve listed the top ones further down the article.

Top Ethical Easy Access & Notice

Top Ethical Fixed rate

Top Ethical Regular savers

Top Sharia savings accounts – up to 4.5%

Paying interest isn’t allowed in Islam, so a Sharia-compliant savings account instead promises a return on the money saved – an expected profit rate. Though technically this means the rate isn’t guaranteed, it’s not happened yet. They’re open to everyone, not just Muslims. Money in these accounts won’t be invested in arms, tobacco, gambling or tobacco.

Finding the latest savings rates

I’ll update this page regularly (check the published date to see when it last happened), but if you find a rate has been cut or isn’t available, you can check the MoneyFacts website.



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