This comparison simply includes all savings accounts.
Building Society Savings 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
Compare building society savings accounts
Although building societies are owned by their members or a mutual organisation, the services they offer to savers are broadly the same as for a bank. You can usually choose from a similar range of financial products whether you open a savings account with a building society or a bank.
If you are looking to save in the short term, or want to build up a nest egg over a longer period, you need to make sure you understand the various options available to you before making a decision.
Current Accounts
Current accounts often give the best rates of interest for small amounts.
Getting the best rate may mean shopping around and being willing to switch your account to a different provider. If your savings go over the interest-paying limit, then you are likely to earn nothing on the extra balance.
Instant Access Savings Accounts
If you want to be able to access your savings whenever you need them, an instant access account will let you do just that. You can usually draw money out at a cash point and/or in a branch as well as making online and phone transfers. There may, however, be a limit to the number of withdrawals you can make per year.
Easy Access Savings Accounts
These accounts work the same as instant access savings accounts, but instead of being able to take your money out straightaway, you may need to wait a few days for withdrawal and transfer requests to be processed.
Please note: some banks refer to instant access accounts as easy access accounts, blurring the distinction between the two.
Notice Savings Accounts
If you can wait a while when you need to access your savings, a notice account can offer better interest rates. When you want to take money out, you will need to let your building society know in advance. How much notice you have to give will be part of your account agreement.
Notice periods tend to range from 40 to 95 days. However, some may go as high as 120 in some cases. Generally speaking, the longer the notice period, the better the interest rate you will receive.
Regular Savings Accounts
One of the most common ways to save is to put away a little bit each month, slowly building up to a substantial savings pot. Regular savings accounts are designed for this kind of financial planning and offer good rates of interest if you can commit to depositing a minimum amount each month.
The main disadvantage is that it can take a long time to build up a decent amount of capital, meaning the high interest rate may not earn you much of a return initially. However, if you are aiming for more long term savings, a regular savings account can be a great way to go.
Fixed Rate Bonds
If you like the idea of getting a guaranteed rate of interest for a pre-agreed term, a fixed rate bond offers just that. You agree not to touch the money you place in the bond for a set period (usually between 1 and 5 years) and in exchange you will be offered a favourable interest rate for the life of the bond.
The downside is, if you later decide you need to use your savings, you may not be able to get access to them, or might have to pay a significant penalty for doing so. This means fixed rate bonds are usually a good choice only if you are very sure you won’t need your savings until the bond matures.
Cash ISAs
ISAs allow UK taxpayers to deposit a set amount each year into a savings account without paying tax on the interest. For the 2017/18 tax year the limit is £20,000.
There are two main types of cash ISAs to choose from – fixed term and instant access. They work in much the same way as fixed term and instant access savings accounts, with fixed term cash ISAs usually offering the better interest rates.
It’s worth noting that cash ISAs do not necessarily give the highest interest rates, so you will need to carefully compare your options to see if the tax savings you stand to make will likely be more than the extra interest you could earn on a different account.
Find the best building society savings account for you
Choosing the best building society savings account for you can be difficult when there are so many different options to choose from. Our comparison tool at the top of the page allows you to contrast the different types of accounts from various providers to find the best fit for your finances. We regularly update our results to reflect the best offers currently on the market, so make sure to keep checking back to see the latest deals.
