Our team of experts have chosen those savings accounts they believe to be Best Buys. A selection of those, for which we have arranged links are shown above, whilst products shown with a yellow background are sponsored products.
Eligible deposits with UK institutions are protected by the Financial Services Compensation Scheme. The maximum level of protection will be reducing from £85,000 to £75,000 from 1 January 2016.
Before immersing yourself in our lovely selection of the best savings accounts & best savings rates, take a step back. Do you know what you need from a savings account?
Savings accounts can get pretty complicated, and are designed to meet different needs. There are many considerations to make when deciding which account to choose - it's far more than simply finding the best savings rate. So it’s good to get a handle on what it is you want, before jumping in…
Some accounts are only available to you if you can commit at least a certain minimum level. Be sure to check this before you get too excited about a rate you may not be able to have!
Just the word inflation can induce sleep in most people, but when it comes to your savings inflation is very important. Inflation, simply put, is the rate at which the value of things goes up; a good way to think of it is to think of how much £100 would have bought you 10 years ago, and then to think of how much it would buy you now. The difference between the two is the result of inflation.
Now if the rate of inflation is higher than the rate of interest you receive on your savings that means the actual value of your savings is going down. So you want to make sure that your rate of interest is greater than the latest rate of inflation to make sure you actually make money on your savings!
Knowing what type of taxpayer you are (reluctant doesn’t count!) is really important in determining what type of savings account you should opt for.
All savings accounts are liable for income tax at your marginal rate (the rate of tax that you pay) with the exception of ISAs. That means certain accounts are better for certain taxpayers.
At any rate, a Cash ISA is always a good first port of call for savings as any interest earned is entirely yours.
If you need to access your money instantly, then tying your savings up in a fixed rate bond may not be the best idea! On the flipside, if you don’t need access to your money for a while (you’re saving for your retirement for instance) having your money in an instant access (or no notice) savings account isn’t particularly good either.
If you use your savings as part of managing your cash flow (you dip into your savings, but then pay back into them regularly) an ISA isn’t best as you can only pay in up to your ISA limit once each tax year.
The usual options for the payment of interest are yearly or monthly (although other options such as quarterly do exist). Annual interest suits those best who don’t touch their savings often, whereas monthly interest is good for those such as pensioners, who have to derive a regular income from their savings.
We’re all different. Some of us prefer managing our accounts by popping down to the local branch in our lunch hour, some of us like to keep track of our finances in the evening using online banking. Whatever your preference, be sure the account you select can be operated the way that suits you.
Compare the best savings rates
Stay in the know with all the latest information, of-the-moment consumer trends, best-in-class products & providers and helpful tools from Moneyfacts.
Savings rates aren’t exactly setting the world on fire, and many people have been left wondering jus... More
How much have you been able to save in the last few months? Well, if you’re anything like the respon... More
Official figures show that inflation has remained in negative territory, which means that the cost o... More
Easy-access savings accounts are as simple as they sound – they allow you to access your money whene... More
Halloween is almost upon us, and that means there could be plenty of scares in store – particularly ... More
Islamic savings accounts offer a Sharia’a-compliant way of saving for Muslims living in the UK, as w... More
Find out where your bank or building society is licenced, and what deposit protection guarantees you... More
With some forecasters predicting interest rate cuts by November 2012, we look at the pros and cons o... More
FirstSave has given its one-year fixed rate bond a boost by increasing the rate by 0.06%, enabling i... More
Skipton Building Society has unveiled a new one-year regular savings account, which has soared strai... More
Secure Trust Bank has launched a new issue of its notice savings account, seeing it soar to the top ... More
Al Rayan Bank has increased the rate of its 24-month bond by 0.10%, catapulting it straight to the t... More
Nottingham Building Society has increased the rate paid on its easy access account by a significant ... More
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.