The latest news to help you get the most from your savings account.

Here’s my monthly update sharing changes at leading UK savings accounts, as well as some of the articles you might have missed on the blog.

November’s savings update video

November’s savings news

Blink and you’ll miss it rate changes

There’s been a lot of very fast movement in rates offered over the last month. Often they’re table topping to grab some attention but withdrawn once they’ve hit their targets.

This has been across most account types, whether fixed or easy access. Usually there’s no notice. One moment they’re there, the next they’re gone.

And even if a date is announced it doesn’t mean it won’t change. Santander launched a 2.75% account on 11 October, saying it would be open for applications until the start of November. But less than a week later the bank pulled it, and replaced it with one paying 2%.

So if you spot a rate you like the look of, it makes sense to get it as soon as possible. And with changes happening so frequently, make sure you keep an eye on my best buy list of all the options.

Big regular saver boosts

Lloyds, Halifax and Bank of Scotland all hiked the rate offered on their regular saver accounts to 4.5%, while Club Lloyds customers can access an additional account paying 5.25%.

You’re limited to £250 a month with the standard regular savers, and £400 for the Club Lloyds saver. All require a current account with the bank except for the Halifax saver.

Remember, these monthly savers work a little differently to normal accounts – find out here how to calculate what your final interest return will be.

HSBC offers 3% “easy access”

Also getting in on the action is HSBC, with current account customers able to get a 3% paying account on balances of up to £10,000. Though that’s not the best paying account for lump sums (that’s still the Barclays Blue Rewards Rainy Day Saver at 5.12% on up to £5,000), this is still ahead of the other easy access accounts.

Though it’s not quite easy access. Any month you do withdraw money will see the rate drop down to 0.5% for that month. So it’s best for money you don’t plan to access frequently.

Best buy easy access account now 2.75%

Right now the best paying is 2.75% via Cynergy Bank though this is only available to existing Cynergy customers. Though I’ve not tried it this time, a trick that has worked before is to open up another account with them, and then you should qualify as an existing customer to get the 2.75% account.

Below this Marcus is paying 2.5%, which is decent. However it includes a 0.25% bonus for one year. If you’ve had the account before you might already have used up all or part of that extra so you’ll need to renew this in the app.

Chase increase disappoints

I know many of you were eagerly waiting for Chase to boost their offering, and when it finally happened last week it wasn’t amazing. The rate is now 2.1%, (up from 1.5%), which currently doesn’t even make my best buy lists. If you still have money saved in Chase I’d say it’s worth moving to a higher rate.

One-year fixes pass 4.61%

Once again there has been a big jump compared to last month in one-year fixes. You can now get 4.61%, 0.4% higher than rates at the start of October. This is from Community Savings Bank, which is a credit union.

A bigger jump is over on six-month fixes. With 3.6% from ICICI via Raisin and 3.5% from Atom (last month the best was 2.65% from Atom).

Lifetime ISA hits 3%

The highest ever paying LISA is now available from Moneybox. New customers will get 3% AER, while it’ll drop to 2.75% for those who have already had Moneybox’s one-year 0.25% bonus. The 25% bonus from the government will be paid each year on new deposits of up to £4,000.

Remember, you can only get the money from a LISA penalty free to buy your first home (subject to conditions such as price of the property) or when you reach 60 years old.

Chip launches prize draw account

Savings app Chip increased the amount and value of prizes you’ll get if you win via their prize draw account. Here’s my analysis.

Where to put your savings in November 2022

Make sure you check for updates in my regularly updated savings best buy article, and of course you might have existing accounts closed to new customers with better rates.

Of course you can fix your money for better rates, or if you’re happy to have your money in lots of different places you can mix and match the options. But if you’re looking for relative simplicity right now I’d look at the following easy access accounts:

Best places to save up to £5,000

The best option for the first £5,000 is the Barclays Blue Rewards Rainy Day Saver via a current account.

Amount saved	Account	Rate	Notes
£5,000	Barclays Blue Rewards Rainy Day Saver	5%	Can only earn interest on the first £5,000 saved and requires two direct debits a month to cancel out a £5 monthly fee

Best places to save between £5,000 and £15,000

The best option for the next £10,000 is probably the HSBC current account linked option paying 3%. But remember the rate drops in months you make withdrawals.

Amount saved	Account	Rate	Notes
Up to £10,000	HSBC	3%	Requires currently account

Best places to save more than £15,000

The highest place for the rest is from Al Rayan, though I’ve shared some alternatives if that’s not suitable.

Amount saved	Account	Rate	Notes
Up to £100,000	Al Rayan	2.81%	Sharia account / Online only / min £5,000
Up to £250,000	Marcus	2.5%	Might need to renew a 0.25% bonus
Up to £20,000	Marcus ISA	2.5%	Transfers in not allowed

Best places for ongoing savings

If you are saving money every month then these accounts will beat the above accounts. Read more on regular savers here.

Max amount saved per month	Account	Rate	Notes
£400	Club Lloyds Regular Saver	5.25%	Current account required. Full review here.
£150	Natwest Digital Regular Saver	5.12%	Current account required. You can save up to £1,000 and get 3.3% interest. It’s a flexible account so you can take money out and pay it back in. There’s also no set end date like with many regular savers
£150	RBS Digital Regular Saver	5.12%	You can have both the RBS and Natwest accounts, though you’ll need a current account with both
£250	Halifax Regular Saver	4.5%
£250	Lloyds Regular saver	4.5%	Current account required.
£250	Bank of Scotland Regular Saver	4.5%	Current account required.

Best places for locking savings away

If you are willing to lock money away for a set time then better rates are available in a fixed bond.

Length of fix	Account	Rate	Notes
Six months	ICICI via Raisin	3.61%
12 months	Oxbury Bank	4.65%