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Best savings accounts 2024
Discover the highest instant-access, fixed and regular savings rates on the market plus the best banks and building societies to save with
Savings rates have soared over the last couple of years thanks to 14 successive rises in the Bank of England base rate between December 2021 and August 2023.
And while rates are no longer quite as high as they were a few months ago, a whopping 95% of savings accounts were paying more than the June inflation rate (2%) when we checked on 29 July - so it's worth moving your money if your account isn't working hard enough.
In this guide, we reveal the top rates across instant-access, fixed-rate and regular savings accounts as well as showing you the best savings providers based on customer experiences and expert Which? analysis, so you can find the right home for your cash.
The best savings rates in August 2024
Our experts regularly scour the market for the best rates so you don't have to. Here's what you can currently get, based on how long you're willing to lock your cash up for. The top instant-access rates are based on an initial deposit of £1,000 and for fixed-rate accounts it's £5,000.
The information in this article is for information purposes only and does not constitute advice. Please refer to the particular terms and conditions of the savings account provider before committing to any financial products. Please note that minimum and maximum deposit amounts vary, even across products with the same rate, so make sure you consider the full details before you opt for a new account.
| Instant access | Cahoot | 5.2% (a) | £1 | Internet | Monthly, yearly |
| One-year fixed rate | 5.25% | £1,000 | Internet, mobile app | On maturity | |
| Two-year fixed rate | Sensible Savings | 5.06% | £5,000 | Internet, postal | On maturity (compounded annually) |
| Three-year fixed rate | Sensible Savings | 4.81% | £5,000 | Internet, postal | On maturity (compounded annually) |
| Four-year fixed rate | Oxbury Bank | 4.31% | £1,000 | Internet | Yearly |
| Five-year fixed rate | Hampshire Trust Bank | 4.55% | £1 | Internet | Yearly |
Table notes: rates sourced from Moneyfacts on 5 August. Provider customer score is based on savers' overall satisfaction with the brand and how likely they are to recommend it to others. No providers in this table had a sample size large enough for us to generate a Provider customer score (a) 5.2% interest on balances up to £3,000
- Find out more: what are the different types of savings accounts?
Best instant-access savings rates
Cahoot | 5.2% (a) | £1 | Internet | Monthly, yearly |
| 4.91% | £1,000 | Internet, mobile app | Monthly |
Table notes: rates sourced from Moneyfacts on 5 August 2024 and based on a balance of £1,000. No providers in this table had a sample size large enough for us to generate a Provider customer score (a) 5.2% interest on balances up to £3,000
Best 1-year fixed savings rates
| 5.25% | £1,000 | Internet, mobile app | On maturity | |
Sensible Savings | 5.25% | £5,000 | Internet, postal | On maturity |
Union Bank of India (UK) Ltd | 5.25% | £5,000 | Internet | On maturity |
| 5.17% | £1,000 | Internet, mobile app | Yearly |
Table notes: rates sourced from Moneyfacts on 5 August 2024 and based on a balance of £5,000. No providers in this table had a sample size large enough for us to generate a Provider customer score.
Best 2-year fixed savings rates
Sensible Savings | 5.06% | £5,000 | Internet, postal | On maturity (compounded annually) |
| 5% | £1,000 | Internet, mobile app | Yearly | |
RCI Bank UK | 5% | £1,000 | Internet | Yearly, monthly |
Table notes: rates sourced from Moneyfacts on 5 August 2024 and based on a balance of £5,000. No providers in this table had a sample size large enough for us to generate a Provider customer score
Best 3-year fixed savings rates
Sensible Savings | 4.81% | £5,000 | Internet, postal | On maturity (compounded annually) |
RCI Bank UK | 4.76% | £1,000 | Internet | Yearly, monthly |
RCI Bank UK | 4.76% | £1,000 | Internet, mobile app | On maturity (compounded annually) |
Table notes: rates sourced from Moneyfacts on 5 August 2024 and based on a balance of £5,000. No providers in this table had a sample size large enough for us to generate a Provider customer score.
Best 4-year fixed savings rates
Oxbury Bank | 4.31% | n/a | £1,000 | Internet | Yearly |
United Trust Bank | 4.3% | n/a | £5,000 | Internet | Yearly |
RECOMMENDED PROVIDER Zopa | 4.3% | 78% | £1,000 | Internet | Monthly |
Table notes: rates sourced from Moneyfacts on 5 August 2024 and based on a balance of £5,000. Provider customer score is based on savers' overall satisfaction with the brand and how likely they are to recommend it to others. n/a means sample size was too small for us to generate a provider score.
Best 5-year fixed savings rates
Al Rayan Bank (s) | 4.55% | 65% | £1,000 | Internet, mobile app | On maturity (compounded annually) |
Hampshire Trust Bank | 4.55% | n/a | £1 | Internet | Yearly |
UBL UK | 4.52% | n/a | £2,000 | Internet, mobile app | On maturity |
Table notes: rates sourced from Moneyfacts on 5 August 2024 and based on a balance of £5,000. Provider customer score is based on savers' overall satisfaction with the brand and how likely they are to recommend it to others. n/a means sample size was too small for us to generate a provider score. (s) This is a Sharia-compliant product, and so offers an expected profit rate (EPR) as opposed to an annual equivalent rate (AER).
The best regular savings accounts
Regular savings accounts can offer higher interest rates than other savings accounts, but some require you to have a current account with the same provider.
Bear in mind that - unlike fixed-rate bonds or instant-access accounts, which allow you to deposit a lump sum - you'll be much more restricted on the amount you can pay into a regular savings account: maximum monthly deposits are typically between £250 and £500.
What's more, the rates sometimes only apply for a limited time, often 12 months.
Please note that minimum and maximum deposit amounts vary, even across products with the same rate, so check the full details before you opt for a new account.
Virgin Money Exclusive Regular Saver (a) | 10.38% | 69% | £0 | £250 | Branch, internet |
Principality Building Society 6 Month Regular Saver | 8% | n/a | £0 | £200 | Branch, internet |
First Direct Regular Saver (a) | 7% | 75% | £25 | £300 | Internet, mobile app |
The Co-operative Bank Regular Saver (a) | 7% | 68% | £1 | £250 | Branch, internet |
Principality Building Society Triple Access Regular Saver | 6% | n/a | £0 | £50 | Branch, internet |
Table notes: data sourced from Moneyfacts on 7 August 2024. Provider score is based on savers' overall satisfaction with the brand and how likely they are to recommend it to others. (a) Existing current account customers only or requires membership with provider
Who are the best savings providers?
We know that customer service is an important factor for many people when choosing a savings account. But how do you find a bank or building society that combines great rates with top-notch customer service?
Which? is here to help. We've asked thousands of savers to rate their bank or building society, enabling us to create unique provider scores for all the major providers.
We've also analysed thousands of savings products and given each provider an overall product score, highlighting which companies offer consistently competitive rates. The full results from our most recent analysis are as follows:
RECOMMENDED PROVIDER Marcus by Goldman Sachs (66) | 85% | 65% | |
Chase (165) | 83% | 49% | |
RECOMMENDED PROVIDER Paragon Bank (57) | 82% | 60% | |
RECOMMENDED PROVIDER Coventry Building Society (102) | 79% | 66% | |
Monzo Bank (208) | 78% | 49% | |
RECOMMENDED PROVIDER Zopa (58) | 78% | 59% | |
Revolut (106) | 76% | n/a | n/a |
Table notes: sample sizes in brackets. The results are based on an online survey of 4,550 members of the public in August 2023 and are representative of the GB/UK population (aged 18+). ‘-n/a' means not enough responses to include a star rating. Provider score is based on savers' overall satisfaction with the brand and how likely they are to recommend it to others. Product score based on Which? analysis of providers' instant-access accounts, including opening restrictions and minimum investment requirements. Interest rate score based on how competitive the provider's instant-access interest rates are.
Which? Recommended Providers for savings
Each year, we name the best savings providers as Which? Recommended Providers (WRPs). To win this award, the bank or building society must:
- achieve a provider score of 75% or above
- achieve an above-average product score of 58% or more
- be fully covered by the UK Financial Services Compensation Scheme (FSCS)
- offer products that are available nationally and are not tied to the purchase of another product with the same provider.
This year, our WRPs (in provider score order, rates checked 7 August 2024) are:
Marcus by Goldman Sachs
Marcus by Goldman Sachs received an 85% provider score. Savers gave it top marks for its application process and communication, as well as transparency of fees and charges. It was also praised for the interest offered on its instant-access account.
Marcus currently offers an instant-access savings account and cash Isa that both pay a competitive variable rate of 4.3% AER (4.22% gross), including a 0.49% (gross) bonus rate. This means the rate will fall to 3.79% AER (3.72% gross) after the first 12 months.
Paragon Bank
Paragon Bank achieved a provider score of 82%. It was highly rated by savers for its application process, communication and transparency of charges and penalties. Customers also gave it top marks for the quality of its instant-access rates.
Paragon Bank offers 2% AER on its restriction-free instant-access account, but you can generally get higher rates if you choose a product that limits the amount of withdrawals allowed.
Coventry Building Society
Coventry Building Society earned a provider score of 79%. Savers gave it high ratings for its customer service, application process, regular communications, and transparency of charges and penalties. Its telephone banking service proved particularly popular. Its instant-access savings rates were also rated highly.
It is the only WRP for savings with a branch network. Like many providers, it pays more if you manage your account online and make fewer withdrawals.
Coventry Building Society offers a range of savings accounts, with its restriction-free instant-access account offering 3.4% AER.
Zopa
Zopa achieved a provider score of 78%, with customers giving it high ratings for its application process, regular communications, and transparency of charges and penalties. Its competitive instant-access rates were also commended.
Among the savings accounts on offer, Zopa's unrestricted instant-access Smart Saver account pays 4.54% AER, rising to 4.8% if you choose a 'Boosted Pot' product that requires 95 days' notice on withdrawals.
Can any savings accounts beat inflation?
Inflation dropped to 2% in June 2024, according to the Office for National Statistics (ONS).
Which? analysis of Moneyfacts data conducted on 29 July found 1,928 savings accounts offering rates higher than 2%. That's an impressive 95% of the market and includes accounts with opening restrictions.
For accounts anyone can apply for (including junior Isas and children's savings accounts), 95% (1,509) offered rates above May's inflation figure.
Could you earn more interest from a current account or investment product?
Despite a series of rate cuts on popular interest-paying current accounts, many still offer meaningful returns, albeit only on small balances. You'll also need to make sure you pay in the required minimum monthly amount to qualify for interest.
For example, Nationwide's FlexDirect current account is the highest-paying. It currently pays 5% AER on balances up to £1,500, but only for the first 12 months, generating a maximum return of £73. The rate will drop to 0.25% AER after that. You're also required to pay in at least £1,000 a month.
You might also consider investing, which can - though doesn't always - earn you more than a savings or current account. Our guide to the best stocks and shares Isas explains more.
Find the right savings account for you using the service provided by Experian Ltd. Compare and choose accounts
How to transfer your savings to your new account
Once you've selected and opened an account it's time to transfer your money.
If you're moving existing savings from elsewhere, you'll need to check what your options are with your current provider.
Some providers allow you to make a BACS transfer straight to your new account. Others will require you to transfer the money to a current account first.
It may also be possible for your new provider to initiate a Direct Debit from your old account.
Once you've switched savings accounts, don't rest on your laurels. If the new savings account has an introductory bonus, make a note of when it ends, as you may want to switch again to make sure you're still getting a good deal.
If it's a variable rate account, keep an eye on your rate to make sure it stays competitive.
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