Best savings rates this week

In this article, Moneywise reviews regular, children's savings, fixed-rate and instant-access accounts with the best savings rates currently on the market.

Remember, these rates are before tax, but from next year most people will be able to earn £1,000 interest from savings tax-free (depending on your income tax rate). In any case, if you haven't used your cash Isa allowance this tax year, getting an Isa should be your first port of call. See our round-up of the best cash Isa rates.

Unless otherwise specified, all these banks are individually licenced by the FCA, so your savings will be covered by the Financial Services Compensation Scheme (FSCS) up to £85,000. For more details on how the FSCS works, see our guide.

Find the best cash Isa or savings account for you


If you're looking for an account where you can access your money quickly, then a no-notice deal is a good idea. Just remember, the interest rate on these accounts is variable so it could decrease down the line.

Also, watch out for sneaky terms and conditions - not all instant access accounts offer unlimited withdrawals, so shop carefully. 

RCI Bank Freedom Saver 1.10% AER
Available on balances between £1 and £1 million, although at least £100 needs to be deposited when opening. This is an online-only account and your cash is covered by the French deposit protection scheme, rather than the UK's FSCS.

West Bromwich Building Society We B Save 1.05% AER 
This rate includes a 0.35% bonus until 31 May 2018 and must be opened with at least £1,000. Online only.

Post Office Online Saver 1.01% AER 
Can be opened with balances from £1. Note that the rate includes a bonus element of 0.76% for the first 12 months only. Only available online.


If you are happy to wait a little while before accessing your savings, rates on notice accounts tend to be higher than instant access savings. Some won't allow early access at all, though others may let you withdraw without notice, subject to losing some interest. However, there are very few notice accounts on the market today that will beat our easy access best buys.

Secure Trust Bank 120 Day Notice Account (Issue 22) 1.2% AER
This offers 1.2% on deposits between £1,000 and £1 million. This account is online only.

Paragon Bank 120 Day Notice Account 1.15% AER
This offers a 1.15% interest rate on deposits between £500 and £100,000. This account is online only.


Fixed rate savings accounts are normally aimed at people with a lump sum that they wish to lock away for a pre-agreed period of time.

Interest is fixed so your return is guaranteed, unlike instant access and notice accounts, which tend to be variable. However, do bear in mind that withdrawals and further deposits are rarely allowed.


Charter Savings Bank One Year Fixed Rate Bond 1.6% AER
Available if you deposit between £1,000 and £250,000. No early access is allowed, and the account is online only.

Atom Bank One Year Fixed Saver 1.5% AER
You’ll need an Android or Apple smartphone to get one, as the bank is strictly app-only. You can save between £50 and £100,000, but if you want to save more you’re allowed multiple accounts.


Charter Savings Bank Two Year Fixed Rate Bond 1.75% AER 
This product is online-only and the headline rate is payable on balances of more than £1,000.

Atom Bank Two Year Fixed Saver 1.65% AER
This currently offers the highest rate of return for this term. You’ll need a smartphone to open an account, and the minimum deposit is £50. You can open several accounts, though if you save more than £85,000 your money won’t be fully assured by the FSCS. 

Union Bank of India 1.6% AER
The account is covered by the UK FSCS guarantee. Minimum balance is £1,000 and maximum £250,000. This account can be opened by post or by visiting the bank's London branch.


Charter Savings Bank Three Year Fixed Rate Bond 1.85% AER 
This is online-only and the account must be opened with at least £1,000. Maximum balance is £250,000

Masthaven Bank Three Year Fixed Term Bond 1.76% AER 
For three year accounts, this rate is available on balances between £500 and £250,000. This account is online only.

Atom Bank Three Year Fixed Saver 1.75% AER
This also offers the highest rate of return for this term. You’ll need a smartphone to open an account, and the minimum deposit is £50. You can open several accounts, though if you save more than £85,000 your money won’t be fully assured by the FSCS.


Secure Trust Bank Five Year Fixed Rate Bond 2.2% AER 
This online-only account is fixed at 22% until March 2022.There is a minimum deposit of £1,000 and you can save up to £1 million in this account.

Charter Savings Bank Five Year Fixed Rate Bond 2.16% AER 
This account offers a rate of 2.16% on balances over £1,000. Operated online only.

Masthaven Bank Five Year Bond 2.06% AER 
This account can be opened with deposits of between £500 and £250,000. This is an online-only bond.


The current economic backdrop has not only highlighted the importance of saving, but means more people would like to do it little and often.

First Direct Regular Saver 5% AER 
For deposits between £25 and £300 per month. The rate is fixed for 12 months and is only available to existing customers.

M&S Bank Monthly Saver 5% AER
Rate available on deposits between £25 and £300 to its current account holders. The interest is paid annually, and the rate is fixed for 12 months. After this, the money will either be transferred to your current account or transferred to the everyday savings account, which pays 0.35% AER so you’ll need to make a note in your diary to switch in a year.

Nationwide Flexclusive Regular Saver 5% AER
Only available to people with a Nationwide Flex current account. Savers can deposit up to £500 per month. It’s available in branch or online. 

Saffron Building Society Fixed Rate Regular Saver 3.5% AER
The best option not linked to a current account pays 3.5% AER on balances up to £200 per month. This account is available in branch and over the phone.


Halifax Kids Regular Saver 4% AER
This is the top 12-month bond. You can deposit between £10 and £100 in the account each month.  

Saffron Building Society 4% AER 
Available in branch or by post. It can be held for a year, by anyone up to 15. You can save £100 a month. When the account matures, savings are transferred to an account paying 0.5% AER, so remember to make a note to switch.

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We look across as much of the of the savings market as possible to find the best deals using industry data from Defaqto.

All our picks are nationally available. We try and pick products that are available to both new and existing customers, but we’ll highlight some offers for existing customers if they’re much better than what else is on offer.

Unless rates are significantly higher than on other accounts, we avoid products that pay an initial bonus (which is normally a euphemism for a rate cut after 12 months), or those with tiered rates (these may not pay the advertised interest rate if your balance rises above or falls below a set amount).

All these savings accounts are covered by the FSCS unless otherwise specified. If your bank is licenced by another European country, savings up to €100,000 will be protected, but by the government where the bank is headquartered, rather than the UK authorities.

We will never include a savings account that isn’t covered by a European deposit protection scheme.

To see all the savings accounts we consider, visit our savings and Isa comparison tool.

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