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Here Are the Best Savings Accounts in the UK in 2024

Byron Mühlberg, writer at Monito.com
Feb 28, 2023
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If you're looking for a savings account in the UK, you'll probably know that many options exist to choose from. To filter through the noise and find a savings account that suits you, it's essential to consider factors such as interest rates, account fees, and accessibility when comparing accounts. Some of the best savings accounts in the UK (which we explore in this guide) offer decent interest rates, low fees, and easy access through online banking and mobile apps.

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Though it doesn't offer the highest interest rates, Starling Bank's savings-friendly current account combines the ease of online finances with the trust of institutional banking like none other. If you're looking for a savvy interest-bearing current account, look no further than Starling Bank! Open a free account in minutes:

In this guide, we go over the best interest-bearing current accounts and savings accounts to suit your needs.

Key Facts About the UK Savings Accounts

🏛 Base rate set by

Bank of England

🔎 No. reviewed on Monito

10+

💸 Average monthly fee

£0.00

🏆 Best overall

Choosing a Savings Account

UK banks generally offer different types of savings accounts, and the first thing you'll want to consider is which type makes the most sense for you. These account types are as follows:

  • Savings accounts: These standard interest-bearing accounts generally have requirements on how much you can deposit per month and restrict withdrawals.
  • ISAs (Individual Savings Accounts): These accounts generally offer tax-free savings, a flexible range of options, and no limit on deposits and withdrawals.
  • Current accounts: These are standard accounts geared toward everyday use, such as salary deposits, withdrawals, and transfers. Some current accounts offer a low interest rate.

Next, you'll want to have a grip on the kinds of things that make a 'good savings account'. Consider whether or not each of the following is something that's important to you, and, if so, to what extent:

  • AER (Annual Equivalent Rate): What interest rate would you like to have compounded annually? The higher the AER, the higher the returns for you.
  • Deposit requirements: What's the minimum and the maximum you'd be willing to deposit into your savings account each month? Some banks and account types impose limits on either maximum or minimum monthly deposit limits or both.
  • Balance requirements: Do you only plan on depositing a small sum? Or perhaps a substantial sum? Then keep in mind that some banks and accounts have minimum and maximum balance requirements.
  • Fees: Would you be willing to pay a fee on your account?
  • Accessibility: How would you like to manage your account? Would you like to call your bank, do everything online, or have total flexibility?
  • Terms: Would you like a variable interest rate (where the interest rate can change at any time) or a fixed rate (where it stays the same)? How long would you like to wait until your savings mature?
  • Bonuses and promotions: Are you looking for a special deal, such as bonus interest for meeting certain conditions?
  • Eligibility requirements: Are you under 18 years or not a UK resident? Then different options are available to you.
  • Other financial products and services: Are you just looking for a savings account, or do you want to combine your savings with your current account or investments?
  • Flexibility to withdraw or deposit money: Do you need to withdraw your savings before the term is up? Some banks and accounts restrict this or even don't allow it at all.

In our ranking below, we take a look at a mix of options from different providers in the UK, providing our recommendations and highlighting a few of the key factors mentioned above:

Starling Bank's Current Account

Starling Bank is the UK's best online bank according to our ranking, excelling for its low fees and excellent banking service. However, it shouldn't be overlooked for its savings capabilities either. Although Starling doesn't offer a savings account, its current account is interest-bearing, offering a low interest rate on all deposits. This makes it a solid option if you're looking for a current account with savings as an add-on.

  • AER: 4.48%
  • Term: None (current account)
  • Fee: £0 /month
  • Deposit limits: None
  • Balance limits: None
  • Accessibility: Mobile app, internet banking
  • Eligibility requirements: UK resident, 16 years or older
  • Flexibility to withdraw: Yes

Monzo's 'Savings Pot'

Monzo offers one of the most advanced and comprehensive savings systems of any challenger bank (allowing lots of flexibility over your time horizon and savings goals with its 'Savings Pots' feature). For this reason, we think Monzo is especially well-suited for managing and growing wealth, regardless of your individual goals.

  • AER: Up to 4.10%
  • Term: 12-month fixed
  • Fee: £0 /month
  • Deposit limits: Minimum £500
  • Balance limits: Up to £85,000
  • Accessibility: Mobile app only
  • Eligibility requirements: UK resident, 16 years or older
  • Flexibility to withdraw: Yes

HSBC's Regular Saver

HSBC's Regular Saver is a great savings account to consider if you're already an HSBC customer looking for a no-hassle fixed-term savings account with a good interest rate and decent balance limits. However, you have to manage the account over the telephone or in-branch, meaning it's not the savviest option of all.

  • AER: 5.00%
  • Term: 12-month fixed
  • Fee: £0 /month
  • Deposit limits: Minimum £25, maximum £250
  • Balance limits: Up to £3,000
  • Accessibility: Telephone, in-branch
  • Eligibility requirements: UK resident, 18 years or older, HSBC current account holder
  • Flexibility to withdraw: No

NatWest's Digital Regular Saver

A great savings option for NatWest customers, we particularly like the Digital Regular Saver account for its good AER, flexible accessibility, and lack of a maximum balance limit. However, the account's maximum deposit limit of £150 can be a bit restricting for more serious savers, and its variable rate will mean you'll lose out if the interest rate goes down.

  • AER: 6.17%
  • Term: Variable
  • Fee: £0 /month
  • Deposit limits: Up to £150
  • Balance limits: None
  • Accessibility: Internet, mobile app, in-branch, telephone
  • Eligibility requirements: UK resident; 16 years or older; NatWest current account holder
  • Flexibility to withdraw: Yes

Santander's Regular eSaver

The Regular eSaver is a good savings account for Santander customers, though its interest rate isn't as high as other accounts compared on this list, and its maximum balance can be limiting for some. However, this account is a solid choice if you're just looking for simple savings next to your current account.

  • AER: 5.00%
  • Term: 12-month fixed
  • Fee: £0 /month
  • Deposit limits: Up to £200 /standing order
  • Balance limits: Up to £2,400
  • Accessibility: Internet, mobile app
  • Eligibility requirements: UK resident, 16 years or older, Santander current account holder
  • Flexibility to withdraw: Yes

Nationwide's Flex Regular Saver

Offering a good AER and a longer-term deposit, Nationwide Building Society's 'Flex Regular Saver' is one of many great savings options by Nationwide.

  • AER: 8.00%
  • Term: 24-month fixed
  • Fee: £0 /month
  • Deposit limits: Up to £50 /standing order
  • Balance limits: None
  • Accessibility: Internet, mobile app
  • Eligibility requirements: UK resident, 16 years or older, Nationwide current account holder
  • Flexibility to withdraw: Yes

Halifax's Everyday Saver

Halifax's Everyday Saver is a good option for those wanting to put away lots of money in savings, as it doesn't impose any deposit or balance limits. However, the potential gains of this account are lessened by the lower interest rate, meaning it's only truly worthwhile for big savers.

  • AER: 1.80%
  • Term: 12-month variable
  • Fee: £0 /month
  • Deposit limits: Minimum £1
  • Balance limits: None
  • Accessibility: Internet, mobile app
  • Eligibility requirements: UK resident, 16 years or older, Halifax current account holder
  • Flexibility to withdraw: Yes

first direct's Regular Saver Account

With its excellent AER, first direct's Regular Saver Account is anything but regular! It offers one of the best interest rates on the UK market and rather generous deposit and balance conditions.

  • AER: 7.00%
  • Term: 12-month fixed
  • Fee: £0 /month
  • Deposit limits: Minimum £25, maximum £300
  • Balance limits: Up to £85,000
  • Accessibility: Internet, mobile app
  • Eligibility requirements: UK resident, 16 years or older, first direct 1st Account customer
  • Flexibility to withdraw: Yes

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