Protected: The best savings accounts (November 2024) (TEST 2024)

Here are the highest paying savings accounts at the moment After a few years of improving savings rates, thanks largely to the Bank of England base interest rate increases since 2021, we're starting to see most rates drop back a lot, which could continue for the rest of 2024 and into 2025. You want to make sure you're getting the best rate on your savings, and this article will take you through the best options right now. Best easy access savings accounts These are the most flexible accounts available, but as a result, you usually get lower rates. You can add and take your money out at any time. Some accounts may have limits to the number of withdrawals you can make each year. Best notice accounts A notice account means you have to request to get your money and interest, which will be released after a set time. They often have a variable rate but if there's a cut you'll normally be given notice. Best current account linked easy access savings Some of the best rates are in or linked to current accounts - or you might just want the convenience of having everything at the same bank (though that's not always a good idea). Anyone can open all of these accounts, though you will be credit-checked for opening the current account itself. They often have additional requirements or fees to consider. You may already have seen some of these listed in the easy and limited access lists above. Best fixed savings accounts You can fix your savings for a year or longer and get a slightly better rate in return. However, you need to be sure you won't need access to that cash over that time. The longer you fix, the greater the risk you'll lose out if rates were to rise. But at the same time, they're protected if rates were to fall. It's worth noting too when longer fixes provide you with access to the interest. With most it's at the end of the fix, meaning all that interest will count towards your personal savings allowance for the year you receive it. Best fixes under a year Best 12-month fixes Best 18-month fixes Best two-year fixes Best three-year fixes Best four-year fixes Best five-year fixes Best Regular Savings accounts These accounts are all "Regular" or monthly savers which work differently to normal saving accounts. Here's Andy's full guide to how they work. We've listed the top paying options below. Find more regular savings accounts in our separate best buy guide. Best Cash ISAs Though most of us don't need the tax-free "wrapper" offered by an ISA, if you want to use one then the same goes in terms of finding the best rate. Here are the top paying rates for each type, we've listed more options on our dedicated Best Cash ISA page. Prize draw accounts Premium Bonds - 4.15% prize rate The prize rate for Premium Bonds currently stands at 4.15%. This doesn't mean you'll get 4.15% back on your savings, though the closer you are to the £50,000 maximum deposit, the closer you'll get to the rate (on average). Here's more. Best children's savings account We've written in more detail about the different savings accounts for kids, so do check that article out to understand the conditions such as access and find all the top rates. Best ethical savings account The money you hold in your savings is used by the banks to invest and lend money. This could mean it's used for things you might disagree with, such as fracking, tobacco or arms manufacturing. There are banks with ethical policies such as Triodos, while building societies must lend 75% of their funds to home buyers, meaning they don't have the cash to invest elsewhere. Sharia accounts can't be used for things against Islamic law, like tobacco or gambling and I've listed the top ones further down the article. The "greenest" banks are Ecology Building Society and Triodos, though they won't always make the tables above. The following banks and building societies are more likely to appear above. Nationwide Yorkshire Building SocietyCoventry Building Society Leeds Building SocietySaffron Building Society Tandem BankCastle Community Bank (credit unions) There's also the NS&I Green Bond, a 3-year fixed-rate account. It's currently paying 2.95%. Here's our analysis. Top Sharia savings accounts Paying interest isn't allowed in Islam, so a Sharia-compliant savings account instead promises a return on the money saved - an expected profit rate. Though technically this means the rate isn't guaranteed, it's not happened yet. They're open to everyone, not just Muslims. Money in these accounts won't be invested in arms, tobacco, gambling or tobacco. Look in the tables above for banks offering an expected profit rate rather than AER. The main banks are: Al Rayan GatehouseQIB via Raisin Finding the latest savings rates We update this page once or twice a day (check the published date to see when it last happened), but if you find a rate has been cut or isn't available, you can check the Moneyfacts website for a partial list. Read next Tax on savings explainedPremium Bonds: Are they better than savings accounts?

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