Savings Accounts
Best Savings Accounts Interest Rates
4 min read
VP of Marketing
October 18, 2023

Best Savings Accounts Interest Rates

In recent years, savings account interest rates in the UK have been relatively low. However, they are making a comeback, which is good news for savers looking to make the most of their money. 

In this article, we will discuss the best savings account interest rates currently available in the UK, as well as what interest rates are and what an easy access savings account is.

What are saving interest rates?

Interest rates are the percentage of money that a bank pays to customers for holding their money in a savings account. 

The interest rate is usually expressed as an Annual Equivalent Rate (AER), which takes into account the frequency of interest payments and any bonus interest rates (if relevant). The AER is a variable rate, which means that it can go up or down depending on market conditions.

What is an instant access savings account?

An instant access savings account is a type of savings account that allows you to withdraw your money at any time, often without incurring a penalty. 

These accounts typically offer lower interest rates than fixed-term savings accounts, but they offer greater flexibility and are ideal for savers who want to be able to access their money whenever they need it. Learn more. 

The Best Savings Account Rates in the UK

Now let's take a look at some of the best easy access savings account interest rates available in the UK. These savings accounts are the highest paying traditional savings accounts as well as the best offerings from established names too.

It's worth noting that interest rates can change frequently, so it's important to check the current rates before opening an account. Try out our savings goal calculator.

Account Provider
Interest Rate (AER variable)
Min/Max Deposit
Secure Trust Bank
£1,000 / £250,000
£1 / £250,000
RCI Bank
£100 / £250,000
Post Office Online
(rate reverts to 1.55% after 12 months)
£1 / £2m
Sainsbury's Defined
Access Saver
(3 withdrawals within 12 months. Rate drops from 4th withdrawal)
£1 / £2m
Tesco Internet
Saver Account
(rate reverts to 1.25% after 12 months)
£1 / £1m

Source: MSE | Last updated: 26th Sep 2023 (table includes top 3 savings accounts, including Chip, opened via app or online in the UK and top 3 savings accounts from traditional banking brands.)

All money you deposit in the Chip Instant Access Account is held by the UK authorised bank ClearBank, and is eligible for the Financial Services Compensation Scheme (FSCS) up to £85,000.

Please note that both you and your money need to be eligible to qualify for FSCS. You are only covered for up to £85,000 per bank, not per account with that bank. Find out more here.

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