Top savings accounts: where to find the best rates for your cash

Top savings accounts: where to find the best rates for your cash

Savings rates keep rising, with some of the best rates on offer in many years. However, it's important to keep your money moving if you really want to benefit.

lovemoney staff

Savings and ISAs

lovemoney staff
Updated on 8 November 2023

The savings market has been booming of late, with interest rates of up to 8% available depending on the type of savings account you go for.

It’s the best savers have had it in years. 

With the Consumer Prices Index (CPI) measurement of inflation currently at 6.7%, it means that savers can in some circumstances actually beat inflation, and see the value of their pot grow in real terms.

As a result, it's well worth getting your money moving if it has been stuck in the same account for a while.

Old savings account = rubbish rate

Savings rates have continued climbing in recent months, thanks largely to hikes to the Base Rate of interest, which has jumped a staggering 3% in the last year alone to stand at its current level of 5.25%. 

However, not all savers will benefit.

As we highlighted here, banks will often respond to Base Rate hikes by introducing shiny new savings accounts.

Those with existing products will often see their rate rise only slightly – if at all.

Just take a look at this article from This is Money, which highlights the 100 worst savings accounts - some of which pay as little as 0.1%.

That's why it's important you look to regularly shift your funds to a best buy account in order to really benefit. 

So, let's look at the best rates currently available.

We'll start with regular savers, which tend to offer by far the best rate.

The catch is they're only really suitable for new savings, so if you're looking for a home for a larger pot then scroll straight to the section on 'best fixed-rate savings'. 

Manage all your savings accounts in one place with Raisin, the simple savings service

Regular savers: up to 8% (if you’re a member)

Regular savings accounts are generally best for new savers as they don't allow you to deposit a lump sum upfront: instead, you make regular monthly contributions, and the money is returned to you with interest after one year.

However, if the rates are generous enough, and you are eligible, then they can also work for savers with a pot already built up.

All you do is put your funds in the best-paying easy access account and filter some money into a regular saver (or savers) each month.

So, what rates can you get?

The top rate comes from Nationwide Building Society and pays 8%.

The catch is it's only available to those who hold a Nationwide current account.

Savers can stash away up to £200 a month with this one.

If you happen to bank with first direct already then you could get a rate of 7% on its linked regular saver.

It allows for slightly larger deposits of £300 a month into the account (apply for a first direct current account here).

If you fancy switching to first direct, you may be eligible for a £175 cash gift as well – find out more in this roundup of the best bank switching bonuses.

The best regular savings account we could find that truly is open to everyone comes from Saffron Building Society, with its regular saver paying 5.75% interest for a year.

Sadly you can only save a maximum of £50 a month into this account, so those able to set aside larger sums might want to consider Coventry Building Society's regular saver.

The rate is slightly lower at 5.5%, but it allows deposits of up to £500 a month.

Best fixed-rate savings - up to 6.05%

Before we get into the best fixed-rate savings, we wanted to point out an interesting shift we've seen in this part of the market.

In recent years, you were generally rewarded with a higher rate by agreeing to lock your money away for a longer period, with five-year fixes the best-paying accounts. 

But, with Base Rate expected to start falling at some point in 2024 as inflation comes under control, the best rates currently available are actually on shorter-term accounts, with one- and two-year fixes the pick of the bunch. 

Now that we've got that out of the way, let's look at the top fixed-rate deals.

The best rate at the moment is the 6.05% paid by Union Bank of India on a one-year fixed rate bond, on sums above £1,000.

That’s a higher rate than you can get on any bonds that fix the rate over a longer period. 


Cash ISAs: earn up to 5.85%

The Personal Savings Allowance (PSA) has meant that it’s easy to get a tax-free return from your savings even if you don’t use an ISA, though it’s still important to use your tax-free ISA allowance (which is £20,000 for 2023/24).

That’s because any money you put into an ISA will stay tax-free long-term, even if the interest you earn grows beyond the PSA limits.

With the PSA, any interest you earn beyond the £1,000/£500 limit is taxed at your marginal rate.


The best rate on an easy-access Cash ISA right now is 5.50% from Mansfield Building Society on its Double Access Cash ISA. As the name suggests, you can only make two withdrawals per tax year without a penalty, so if you’re looking for regular access to your cash then you can get 5.15% from Gatehouse Bank.

Savers are only allowed to open one Cash ISA account per tax year, which usually means having to choose between the flexibility of an easy access deal and a better rate by locking into a fixed-rate deal.

Virgin Money is the best option for a one-year fixed rate ISA, paying 5.85% on balances of at least £1, while over two years you can get 5.61% from Zopa on balances above £1.

Notice accounts: get up to 5.65%

Notice accounts are effectively a halfway house between fixed-rate and access accounts. 

You'll need to wait a few months before accessing your funds, but the rates are slightly more generous than those offering instant withdrawals.  

The top option here comes from Chorley BS, which pays 5.65% on its 200-day notice account, and you only need £1 to open the account.

You can get a comparable rate of 5.51% from Oxbury Bank, and only need to give 90 days notice. You’ll need £1,000 to get it though.

Best easy/instant access savings: up to 5.20%

The best rates on easy access savings have improved recently.

In February, the best rate was 2.86%, while just a couple of months ago it was 4.35%.

Now, you can bag a rate of 5.20% with Ulster Bank’s Loyalty Saver. However, you need to hold at least £5,000 in the account to get the headline rate as the bank will only pay 2.25% should you fall below that threshold.

Current accounts: earn up to 5.12%

If you have a Barclays current account and sign up for the Blue Rewards scheme, you can get access to the Rainy Day Saver account, which offers 5.12% AER on balances of up to £5,000 (0.65% on balances over this amount).

Unfortunately, the Barclays Blue Rewards scheme costs £5 a month, but you can get £5 back when you pay out at least two Direct Debits every month – find out more here, including how to qualify for the scheme.

Alternatively, you can get 5% for a year on up to £1,500 with Nationwide’s FlexDirect account, but the interest rate falls to 0.25% after 12 months.

To qualify for the 5% rate, you'll also need to pay in at least £1,000 a month.

Don't fancy banking with Barclays? Find the best alternatives in our roundup of current accounts that pay in-credit interest 

Where to earn the most interest on your cash

Here's a table with all the top deals for you to compare at a glance.

The account you go for will probably be determined by the amount you have to save and whether you want instant access to your money.

Please note that we've only included the highest-paying account from each category (i.e. five-year bond, instant access ISA).





Interest rate

Minimum/maximum deposit


Regular Saver*


Up to £200 per month

Union Bank of India

One-year fixed rate bond



Virgin Money

One-year fixed-rate ISA



Chorley BS

200-day notice account




Two-year fixed-rate ISA



Ulster Bank

Loyalty Saver




Saver account**

5.12% for balances up to £5,000

£800 into the linked account

* You need a Nationwide current account to qualify

**You need a Barclays current account and to sign up to Blue Rewards to access the Rainy Day Saver account.

Time to consider investing?

While it's good news that rates have been improving, the reality is you're likely to achieve a better return over the long term by investing (five years or more).

If you are comfortable taking on some risk for potentially better returns, you could consider investing in the stock market (capital at risk).

*This article contains affiliate links, which means we may receive a commission on any sales of products or services we write about. This article was written completely independently.




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