This comparison simply includes all savings accounts.
Savings accounts for 100k
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
Best Savings Account For £100,000?
By splitting your £100k over a number of accounts you could access the best interest available.
If you are looking to get the best return on your £100k through savings accounts, then bear in mind that you may have to pay tax on the interest you earn.
Basic rate tax payers can earn up to £1,000 in interest before being subject to tax. For higher rate tax payers, they can earn up to £500 tax-free interest in a savings account.
ISAs:
Instant access cash ISAs: These allow you to withdraw money whenever you need without paying a penalty, making them ideal for short term saving.
Fixed term ISAs: These require you to not withdraw your savings from your ISA for a prolonged period of time.
Instant Access:
An instant access savings account allows you to withdraw from your savings at any time. This allows you to remain flexible with your savings. However, it is important to bear in mind that in exchange for this flexibility you may earn less interest than other accounts available on the market. Therefore, if you are confident that you will not need your savings in the near future, an instant access account may not be the best account to split some of your £100,000 savings in.
Current Account:
It is not advisable to deposit your entire £100,000 savings into a current account, as they usually have a threshold over which they will not pay interest. But you could deposit a smaller amount and benefit from competitive interest. You could then deposit any remaining savings into another option.
Fixed Rate Bonds:
If you are prepared to tie up your savings for prolonged periods, you could explore fixed rate bonds. Fixed rate bonds offer some of the highest interest available, which is guaranteed for the life of the bond, provided that you do not make a withdrawal for the fixed term. Typically, the longer fixed rate bonds provide the higher rate of interest. The majority of fixed rate bonds tend to run between 1 and 5 years.
In the event you do want to withdraw your savings from a fixed rate bond, you will often have to give written notice and incur a penalty. Note that the penalty can sometimes be a number of days' worth of interest, which may reduce your savings considerably.
If you need access to your savings in the near future, but want to benefit from the higher interest of a fixed rate bond, you could take advantage of the shorter fixed rate bonds that banks have started to offer. These types of fixed rate bonds run between 6 and 18 months, but their interest rates are much lower than the longer bonds.
