This comparison simply includes all savings accounts.
New Current Accounts
Why we like it: Interest paid annually. Unlimited deposits and withdrawals. Open and manage online. FSCS Protected. Must be UK resident and be aged 18 or older
Why we like it: Instant access to your savings. Unlimited deposits and withdrawals. Interest paid monthly, either to a linked current account, or adding it to your Online Flexi Saver account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Must be aged 18 or older and have a UK address. Must have a linked UK current account. Your eligible deposits with Investec Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: Which? Recommended Savings Provider. No notice period. Deposit from £100. Interest paid monthly or annually. Apply in minutes. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services. Compensation Scheme (FSCS)
Why we like it: Unlimited payments and withdrawals. Interest paid annually. Open in a single or a joint name. Maximum deposit £250,000. FSCS Protected. Winner of Platinum Feefo Trusted Service Award in 2024. Must be UK resident and be aged 18 or older
Why we like it: Interest calculated monthly. Unlimited deposits and withdrawals. Open and manage online. FSCS Protected. Must retain a minimum balance of £20,000 in the account. Must be UK resident and be aged 18 or older
Why we like it: All funds deposited into the RCI Bank E-Volve Savings 14 Day Notice Account will be used to fund pure electric vehicles and charging facilities. Interest paid monthly or annually. Manage account online. UK-based support, seven days a week. Which? Recommended Savings Provider. Unlimited withdrawals subject to 14 days notice. Must be UK resident. Must be aged 18 or older. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: The interest rate tracks the Bank of England (BoE) Base Rate. Interest is calculated on the minimum daily balance and applied to the account on the first day of every subsequent month. Open and manage account online. Your eligible deposits are protected up to £85,000 by the Financial Services Compensation Scheme. The maximum deposit you may pay into any one OakNorth Account is £500,000. The maximum amount (excluding the interest) that you will be allowed to hold on deposit with OakNorth Bank across multiple accounts is also £500,000. Unlimited withdrawals, subject to 95 days notice. Available to individuals, aged 18 or over, who are UK residents
Why we like it: Unlimited deposits and withdrawals. Interest paid monthly: can be added to your Notice Saver or paid to your linked account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Withdrawals subject to 90 days notice. Must be aged 18 or older and have a UK address. Must have a linked UK current account
Why we like it: 3 penalty-free withdrawals in a 12 month period. 3.82% AER (variable tracker) + 0.68% AER 12 month boost. 3.75% gross variable tracker. Interest paid monthly. Deposit and withdraw almost instantly. No fees or charges for holding account. FSCS eligible on your deposits. After 3 withdrawals within a 12 month period the rate will revert to either 3.40% AER (variable tracker with boost applied) or 2.72% AER (variable tracker) for the remainder of the 12 month period since opening the account. Must be UK resident. Must be aged 18 or older
Why we like it: 9 month term, minimum deposit £1,000, no withdrawals permitted. FSCS Protected
Why we like it: Interest paid on maturity. Automatic repayment to your linked account. Maximum deposit £250,000. FSCS Protected. Must have a UK residential address and be aged 18 or older. No withdrawals permitted
Why we like it: 1 year term, minimum deposit £1,000, no withdrawals permitted. FSCS Protected
New Current Accounts
New accounts appear often as banks try and attract new customers.
One of the newest and most exciting new accounts is Clydesdale and Yorkshire Banks’ new ‘B’ account.
If you like the idea of an interactive current account which allows you to manage your finances while you’re on the move then it could be worth a look.
B Current and Savings Account
B include, as standard:
- A current account.
- An easy-to-use app for tablet and mobile.
Launched earlier this month, the app-based B account is available on both Apple and Android devices, so you can log on whenever you want and set up savings pots, tag and track spending or automatically sweep cash between current and savings accounts.
Why is this app different?
It’s packed full of super-smart features to give you a clearer view of how you spend and save. It’s an intuitive app that can learn and grow as you use it, to help you manage your money. You’ll need to use both your compatible tablet and smartphone to get all of the features.
The account “learns” about the way you spend and save money and can help predict where you are likely to end up overdrawn at the end of the month, or if you’ll have enough to cover all your outgoings.
It also allows you to set up lots of different savings pots within the same account, so that you can save towards different goals. For example, you might decide to save £50 a month, and allocate £20 of this to a savings pot to put towards a holiday, and the remaining £30 into a savings pot to help you buy a new car.
Useful Information to Know
- The B current account pays just 0.25% AER (0.25% gross p.a. variable) interest on balances up to £2,000, and nothing on any part of your balance that is higher than this.
- The B savings account pays 0.75% AER
- If you set up an agreed overdraft on your B account, you’ll be charged an equivalent annual rate (EAR) of 12.5%, plus a £6 monthly fee.
- There is a two day grace period for you to clear your overdraft when you go into the red, as well as a £25 buffer before any fees are charged. If you go overdrawn without arranging it first, you’ll be hit with a £6 daily charge with a £10 buffer and two day grace period.
- There is no monthly account fee.
The B current and savings account are suited to those who struggle with budgeting or would like a more streamlined and easy to use internet banking system. Being able to organise your savings in to various ‘pots’ is a great idea and takes the hassle out of saving. It’s an inexpensive option with no monthly account fee but you could find yourself spending more if you use your overdraft often. The lower interest rates also may not suit everyone.
