This comparison simply includes all savings accounts.
Long Term Savings Account
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 long term savings accounts
If you want to build up savings over a long time, choosing the right account to place your money in is critical. Which account is right for you will generally depend on how much you intend to save, how long you want to save over and what kind of return you are hoping to see.
Whatever your saving goals, there are many different types of accounts which each have their own benefits and restrictions you need to consider before making a decision.
Current Accounts
A current account may not seem the obvious choice for long term saving, but they often have the best rates of interest for smaller sums of money.
However, if you go over the limit on which your current account pays interest, you will usually earn nothing, so any balance should be placed elsewhere to receive a return. It’s also worth bearing in mind that some accounts offer a better rate of interest for an introductory period which then drops to a lower rate. This can mean your current account may not be the best option for long term saving.
Regular Savings Accounts
If you are planning to make monthly deposits to build up savings over time, a regular savings account can be a good choice. They usually offer appealing interest rates if you are willing to wait a while for your capital to build up before you start seeing significant returns.
Please note that with a regular savings account you will usually have to make a minimum deposit each month, and there will usually be a maximum monthly limit on how much you can put in as well. You may also only be able to make a limited number of withdrawals each year.
Fixed Rate Bonds
If you have a lump sum that you won’t need in the near future, a fixed rate bond can allow you to earn a good return. They usually have very competitive interest rates which are guaranteed for the life of the bond.
The downside is that you cannot usually take money back out if you need it before the bond matures. Fixed rate bonds usually last for 1 to 5 years and can generally be started with deposits of around £500-£2,000, depending on the provider.
Cash ISAs
For most UK taxpayers, it will normally make sense to put at least part of your long term savings into a cash ISA. This allows you to earn interest without paying tax on deposits up to a certain yearly threshold set by the government. For 2017/18 that amount is £20,000.
For long term savings a fixed rate cash ISA may be the best option, as they tend to offer higher interest rates in exchange for not being able to access your money until the deposit term expires. If you want the ability to take money out at your convenience, an instant access cash ISA will allow you to do that, but the trade-off is likely to be a lower rate of return.
It’s worth bearing in mind that cash ISAs do not necessarily offer the best interest rates. This means you will need to calculate whether your likely tax savings will outweigh the extra return you would see on an account with a higher rate.
Notice Savings Accounts
If you are looking to hedge your bets and get a decent return while still being able to access your money relatively easily, a notice savings account may make sense. They work by requiring you to give notice to your account provider when you wish to withdraw funds. In exchange, you will usually be offered a higher interest rate than other accounts which give you instant access to your money.
The notice periods on these types of accounts tend to range from 40-95 days. It is important to note that the longer the notice period often corresponds with the higher the interest rates.
Find the best long term savings account for you
With such a range of competing brands and products to choose from, finding the best one for your financial needs can be tricky. Our long term savings accounts comparison tool at the top of this page lets you easily contrast the best offer we can find from across the market. That way, you can be confident of finding the best savings account for you, whatever your personal saving goals.
