Banking > Savings Accounts
What kind of account do you need?
It is important to understand quite how many different types of accounts are on offer. Here we will break down what kind of accounts are out there and the best offer in that area.
Instant access
Does what it says on the tin, you can withdraw money at any time.
5.1% - Cynergy Bank (£1 - £1 million)
Other options…
If you get the current accounts to go with the accounts, Barclays are paying 5.12% on up to £5,000
Regular Savings Accounts
The majority of these require you to be an existing customer, but it’s worth noting that you can often bag some extra cash to become an existing customer anyway!
7% on up to £250/ month - Skipton BS
These accounts can sometimes require a minimum monthly payment but will always be limited to a maximum contribution. The interest rates are higher but that’s because the interest doesn’t compound fully.
7% on £25-£300/month - FirstDirect
Save up to £300 per month in the UK’s highest paying regular savings account. You must keep this account open for 12 months and must pay in at least £25 per month to avoid a penalty though.
This can only be opened online/ in-app
6.5% on up to £200/month - Nationwide
6.17% on £1-£150/month - Natwest and RBS
Plus up to £200 for new customers
This online-only account allows you to pay in between £1 and £150 per month if you hold a current account with either Natwest or RBS and they will pay you 6.17% interest monthly. You cannot pay in any more than £150 per month though.
You will only receive interest on up to £5,000 though.
6.25% on £25-£400/month - Lloyds
Plus up to £175 for new customers
Save up to £400 per month in this exceptionally well-paying regular savings account. The only catch is that you need a Club Lloyds Account, but they are paying you if you switch to them and open one of these!
Fixed Rate Savers
These accounts are for people who don’t need their savings anytime soon. You will receive a higher rate for locking your cash away as it offers the bank security. So let’s have a look at what offers are out there!
1 Year Fixed Rate - 5.16% with Shawbrook Bank
Save from £1,000 to £2 million with this savings account.
If you have more to lock away, you may get slightly better rates for shopping around but this is the best mass-market fixed rate savings accounts!
If you are saving for a house or retirement and know you won’t need the money until these events we would consider a Lifetime ISA as the government bonuses certainly make them more attractive. Read more.
Notice Accounts
These accounts are very similar to Fixed Rate accounts, where you lock your money away. The only difference is, this time, you must let the know bank X days in advance when you plan to withdraw your money.
The interest rates sit somewhere in between Instant Access and Fixed Rate, as you may expect.
As there are so many of these with different notice periods, we feel listing them would be pointless.
If you would be interested in knowing what accounts could be available to us, drop us an email, however our favourite is the 95 day notice account that Moneybox offer.