Compare Savings Accounts

How UK savings accounts work

A savings account pays you interest for keeping money with a bank or building society. The headline figure to compare is the AER (Annual Equivalent Rate), which standardises rates so you can compare accounts fairly no matter how often interest is paid. Rates on variable accounts move broadly in line with the Bank of England base rate, so it pays to review your account whenever the base rate changes.

Most savers no longer pay tax on interest thanks to the Personal Savings Allowance — £1,000 of interest a year tax-free for basic-rate taxpayers and £500 for higher-rate taxpayers (HMRC). If you expect to exceed that, a Cash ISA shelters interest from tax entirely, up to the £20,000 annual ISA allowance.

FSCS protection: is my money safe?

Every account we list is covered by the Financial Services Compensation Scheme (FSCS), which protects up to £85,000 per person, per banking licence if an authorised UK bank or building society fails. Two points catch people out: the limit is per licence, not per brand — some brands share one licence — and joint accounts are covered up to £170,000. If you hold more than £85,000, spreading it across separate licensed institutions keeps all of it protected. You can confirm any provider is authorised on the FCA Register.

Easy access vs fixed vs Cash ISA: which should you choose?

The right account depends on when you'll need the money and whether you pay tax on interest:

• Easy access — for your emergency fund or money you may need at short notice. Rates are variable, so they can fall; check yours periodically.
• Fixed-rate bond — for a lump sum you can lock away for 1–2 years. You get a guaranteed rate, but you usually can't withdraw early.
• Cash ISA — for anyone whose interest would otherwise be taxed, or who wants to build a long-term tax-free pot. Comes in easy-access and fixed varieties.
• Regular saver — for building a habit from monthly pay. High headline rates, but only on small monthly deposits.

Not sure of the jargon? Our UK personal finance glossary explains every term in plain English.

Rate-change log

We re-check every rate on this page each week against the provider's own website. Notable movements are logged here so you can see how the market is shifting.

Rates and terms are for information only and can change at any time — always confirm the current rate on the provider's website before applying. This is not financial advice.