Best savings accounts

A savings account is a type of bank account where you set aside money you don't need for everyday spending. Savings accounts help you save money for short-term and long-term goals whether it's for holidays, a wedding or an emergency fund. You'll also earn interest on your savings to help your money grow over time.

You can have as many savings accounts as you like, but you should make sure you can manage all the accounts you have. You could set up separate savings accounts to create individual funds and save for different financial goals. It's best to compare savings accounts to find the best interest rates and offers.

Savings interest is the extra money you earn on the balance of your savings account. Your provider calculates interest based on how much you've saved and pays it into your account on a monthly or yearly basis. Interest rates vary between providers products, so it's worth comparing accounts to find the best option.

Savings account rates change regularly in line with the Bank of England base rate. Our rankings are updated based on real customer reviews, so you can see which providers are consistently rated highly for rate and service. For the latest best buy rates, use our comparison tables above.

An easy-access savings account lets you withdraw your money whenever you want, with no penalty. A fixed-rate account (sometimes called a savings bond) locks your money away for a set period - usually one to five years - in exchange for a higher interest rate. Fixed-rate accounts are better if you won’t need access to your money; easy-access accounts suit people who want flexibility.

A regular savings account requires you to deposit a fixed amount every month, usually between £25 and £500. In return, they often offer some of the highest interest rates available on any savings product. They typically last for 12 months and may have restrictions on withdrawals.