This comparison simply includes all savings accounts.
Best Savings Accounts Without Instant Access
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
Why Have A Savings Account Without Instant Access?
The issue with instant access accounts is that often their interest rate drops after the first year or they have a maximum balance over which you cannot earn interest. For more significant savings, fixed rate bonds may be more appropriate. Fixed rate bonds allow you to access higher rates of interest in exchange for restricted access. Typically, fixed rate bonds run for 1 year, 2 years, 3 years or 5 years. Normally, longer fixed rate bonds offer the highest interest.
Although the majority of banks require you to leave your savings in the bond for the duration of the term, there are some banks that are prepared to provide access to your savings.
Fixed Rate Bond Options:
-1 Year Fixed Rate Bond:
1 year fixed rate bonds ensure your money is only locked away for a relatively short period of time. You can earn a return and maintain the value of your funds relative to inflation while still giving you access to your money when you need it.
If you are not planning on using your money in the near future, you may want to consider 2 year, 3 year or 5 year fixed rate bonds as these provide a better rate of interest. However, these longer term bonds will increase the length of time during which you cannot access your savings.
-2 Year Fixed Rate Bond:
2 year fixed rate bonds are great if you don’t immediately need access to your savings, but want to keep your options open for the not too distant future. They allow you to earn a good rate of interest on your savings and help maintain the value of your money relative to inflation.
-3 Year Fixed Rate Bond:
A 3 year fixed rate bond is a good idea if you are certain you will not need access to your funds any time soon. They usually offer attractive rates of interest and help your savings to retain their value relative to inflation.
-5 Year Fixed Rate Bond:
5 year fixed rate bonds are aimed at customers who have no immediate need for their savings and generally offer much better rates of interest than shorter term bonds. They are also a great way to maintain the value of your savings relative to inflation.
Written notice
Depending on the bank, you may be able to withdraw your money from a fixed rate bond with written notice. You often have to wait a certain number of days to receive it, typically 30 to 40 days. It should be noted that a withdrawal from a fixed rate bond will usually result in a charge, which will vary from bank to bank.
