This comparison simply includes all savings accounts.
Savings Accounts vs ISA
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
Ensure your savings are getting the best interest deal possible:
Why Have A Savings Account?
A good instant access savings account will offer flexible withdrawal facilities with good rates of interest, and could be suited to savers looking to access their money regularly.
Business Savings Account:
- Interest rates
- Minimum deposit
- Maximum deposit
- Notice period to make a withdrawal
- Any fees or penalties for making withdrawals
- How your interest is calculated and paid
Charity Savings Account:
There are three main types of savings accounts that charities tend to use – easy access accounts, notice accounts and fixed rate bonds. Which will offer the best choice for you will depend on how you plan to use your charity’s savings and what level of return you would like to achieve.
Why Have An ISA?
- Online access - Some ISA providers will provide online access to your investment allowing you to see performance of your ISA.
- You can avoid paying tax on interest rates you earn.
Benefits of a Cash ISA:
- No income tax - you don't pay tax on any interest you earn from the cash in your ISA
- Easy access - if you choose an instant access cash ISA it's a convenient way to save at a good interest rate while retaining fast and easy access to your money
- No need to declare your cash ISA on your tax return
- Straightforward transfers - you can transfer your cash ISA to a different provider to get a better rate of interest
Investment ISA:
- Be prepared to invest for the medium to long term with an Investment ISA - five years or more is recommended.
- Different Investment ISAs have different investment options. These range from as little as £10 per month (e.g. through a fund) to a specified minimum investment (e.g. £500).
- If your current investment ISA isn't performing as well as you'd like, you will usually be permitted to transfer it another provider.
- If you have an investment ISA from a previous tax year, you're permitted to move this into a current investment ISA or split it between more than one investment ISA.
- If you want to open a Junior ISA for your child or grandchild, then you can also invest in the investment on their behalf up to a maximum of £4,260.
What is a fixed rate ISA?
Fixed rate ISAs allow you to earn a guaranteed rate of interest on your savings without paying tax on that interest. They are normally offered over 1-3 years with the level of interest staying the same for the entire period of the ISA. For the 2020-2021 tax year, over-18s can place up to £20,000 in an ISA.
What is a Lifetime ISA?
The lifetime ISA is designed to allow people aged between 18 and 40 year old to save for both the deposit on their first property as well as their retirement simultaneously.
In addition from being able to save in a tax advantageous wrapper if a saver withdraws the money contained in the account after their 60th birthday, or use to purchase their first property they will receive a 25% bonus on their savings from the government which essentially means they could benefit from an extra £1 for every £4 they contribute to the ISA.
