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Richard Berry
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Savings accounts are a low-risk way of earning interest on your money. You cash is protected by the FSCS and you can generate income on a monthly, quarterly or annual basis. Use our guides to find the best savings accounts for your money.
Our picks of the best savings accounts and platforms:
❓Methodology: Our experts chose what we think are the best savings accounts based on:
- Over 20,000 votes in the coveted Good Money Guide annual awards
- Our own experiences testing the savings accounts and platforms with real money
- An in-depth comparison of the features that make them stand out compared to alternative savings platforms
- Our exclusive interviews with the savings account company CEOs and senior management
Hargreaves Lansdown Active Savings: A selection of the highest-paying savings accounts
🏆Award Winner🏆
- Highest interest rate: 5%
- Number of savings accounts: 17
- Minimum deposit: £1,000
Hargreaves Lansdown’s Active Savings product was launched by the investment broker in 2018 and lets customers pick and choose from a range of the best easy-access and fixed-term savings accounts. The Active Savings portal is now five years old and as of the end of December 2022, they have helped over 146,000 clients savings, over £6.3 billion.
Hargreaves Lansdown Review
Name: Hargreaves Lansdown
Description: Hargreaves Lansdown is one of the largest investment platforms in the UK. They offer investing, savings, ISAs and SIPP account to over 1.8 million clients with 142bn in assets under management. The company was founded by Peter Hargreaves and Stephen Lansdown in 1981 and is now listed on the London Stock Exchange.
Is Hargreaves Lansdown a good broker?
Yes, Hargreaves Lansdown is one of our best-rated stock brokers and investment platforms. HL offers access to a huge range of investment types, through a wide range of general and tax-efficient accounts and is suitable for almost all types of investors.
Pros
- Wide range of investments
- Most investment account types
- Excellent research and analysis
Cons
- There are cheaper options for fund investing
- Limited portfolio hedging tools
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Pricing
(4)
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Market Access
(5)
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Online Platform
(5)
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Customer Service
(5)
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Research & Analysis
(5)
Overall
4.8Raisin: Simple savings platform with lots of options
- Highest interest rate: 5.02%
- Number of savings accounts: 64
- Minimum deposit: £1
Raisin Review
Summary
- Highest interest rate: 5.22%
- Number of savings accounts: 64
- Minimum deposit: £1
- FCA regulated and FSCS protected:✔️
Pros
- Lots of savings accounts
- Easy to use
- FSCS protected
Cons
- Rates not as good as going direct
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Rates
(4.5)
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Market Access
(4)
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Online Platform
(4)
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Customer Service
(4)
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Research & Analysis
(3.5)
Overall
4⚠️ FCA Regulation
All savings accounts that operate in the UK must be regulated by the FCA. The FCA is the Financial Conduct Authority and is responsible for ensuring that UK savings platforms are properly capitalised, treat customers fairly and have sufficient compliance systems in place. We only feature savings accounts that are regulated by the FCA, where your funds are protected by the FSCS.
Savings Interest Returns Calculator
Different Types Of Savings Accounts
In our comparison of UK savings platforms, you can compare what platforms offer the highest interest rates, how many providers and accounts they offer, what the minimum deposit is and if they offer easy access to your savings.
Interest Paying Accounts
Compare savings accounts that pay a high rate of interest. Good for getting a better interest rate with most offering easy access for regular contributions.
Prize Savings Accounts
Prize savings accounts are a form of saving where you can potentially win cash prizes instead of earning interest on your savings.
Easy Access Accounts
Easy access savings accounts tend to offer fixed or variable interest rates. They offer high interest rates and allow you to access your money quickly.
Fixed Rate Bonds
Fixed rate bonds pay a fixed amount of interest over a set period, usually between 1 & 5 years. You know exactly what you'll receive and when you'll get your deposit back.
Variable Rate Cash ISAs
With a cash ISA you can save up to £20,000 per tax year and receive tax free interest. Variable rate cash ISAs pay a variable rate of interest.
Fixed Rate Cash ISAs
Fixed rate cash ISAs pay a tax free fixed rate of interest on saving of up to £20,000 per tax year.
Notice Savings Accounts
Notice savings accounts tend to pay higher rates of interset, there is the disadvantage that it can sometimes take from 30 to 180 days to withdraw your money.
Monthly Income Accounts
Monthly income accounts pay interest on a monthly basis and are good for savers that are looking to increase their monthly income.
Lifetime Cash ISA
The LISA replaced the help to buy ISA and lets you save up to £4,000 a year to earn a government bonus of 25% of your contributions.
Children's Savings Accounts
Start saving for your children's future as soon as possible with a tax free childrens saving account.
Junior Cash ISAs
Junior Cash ISAs can be topped up by friends and family and allow you to save up to £4,260 per year for your children's future.
Saving Account FAQs
Yes. Savings accounts in the UK are regulated by the FSCS which means your funds are protected up to £80,000 if the provider goes bust. Your money is also safer in a savings account versus an investing account as investments can go down as well as up. However, your returns are not as good with savings accounts because the risk is lower.
With a regular savings account you can make contributions on a regular basis to build up a lump sum. However, you must keep up payments to ensure you get the best rates.
Some of the better rates available on cash savings at the moment come with the regular savers linked to bank current accounts, although there are also regular savings accounts paying decent rates that don’t require you to switch banks. If you can afford to put away a regular amount each month for a year, up to the maximum allowed (typically £250-£500 a month), you could turbocharge the interest on your cash savings pot.
You save into the regular saver account each month for a year, typically, and then receive your interest at the end of the term. There may be conditions attached. If the regular saver is a sweetener to get you to switch banks, you’ll probably need to open a current account using the bank’s switching service.
There may be stipulations such as getting your salary paid into the account, and having a minimum number of direct debits going out each month. Then there may be rules attached to the regular saver, such as having to pay in a minimum or set amount each month. If you miss a payment or pay less than required, you could forfeit your interest. You can’t usually make withdrawals once you’ve started paying in, so in that sense a regular saver is similar to a fixed-rate bond.
- Top tip: in some circumstances, you can earn more than you would on interest for small balances by taking advantage of a bank account switching bonus.
When the fixed term is up, your regular saver will usually be automatically converted into a standard savings account on a much worse rate, so this could be a good time to look for a better deal.
Katie Brain, consumer banking expert at research and ratings provider Defaqto, says regular savings accounts look attractive compared to mainstream savings products even though rates have fallen.
“Regular savings accounts have historically offered better rates than standard accounts to attract regular deposits, but unfortunately the rates have dropped significantly in recent months leaving savers with fewer options.
“To make the most of your savings, it’s worth shopping around and seeing if you are eligible for a better rate at your local building society.” While a number of building societies offer deals which are available to savers nationwide, some decent ones are only accessible through local branches.
