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.
However, the Bank of England's decision to freeze the base rate in September and November has led to a cooling in the market and rates are beginning to fall from their peaks.
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.
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The best savings rates in February 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 | n/a | 5.2% (a) | £1 | Internet | Monthly, yearly |
| One-year fixed rate | Shawbrook Bank | n/a | 5.16% | £1,000 | Internet | Monthly, yearly |
| Two-year fixed rate | iFAST Global Bank | n/a | 5.10% | £0 | Internet, mobile app | On maturity |
| Three-year fixed rate | DF Capital | n/a | 4.60% | £1,000 | Internet | On maturity |
| Four-year fixed rate | Isbank (Raisin exclusive*) | n/a | 4.50% | £1,000 | Internet, mobile app | Yearly |
| Five-year fixed rate | Isbank (Raisin exclusive*) | n/a | 4.50% | £1,000 | Internet, mobile app | Yearly |
Table notes:rates sourced from Moneyfacts on 14 Feb 2024. Provider 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. (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 | n/a | 5.2% (a) | £1 | Internet | Monthly, yearly |
Cynergy Bank | n/a | 5.1% (b) | £1 | Internet | Yearly |
Leeds BS | 74% | 5.10% | £1,000 | Internet | On maturity |
Table notes: rates sourced from Moneyfacts on 14 Feb 2024and based on a balance of £1,000. Provider 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. (a)5.2% interest on balances up to £3,000 (b)Rate drops to 4% after 12 months
Best 1-year fixed savings rates
Shawbrook Bank | n/a | 5.16% | £1,000 | Internet | Yearly, monthly |
Investec Bank plc | n/a | 5.15% | £5,000 | Internet | On maturity |
StreamBank | n/a | 5.15% | £1,000 | Internet | Monthly, on maturity |
Table notes: rates sourced from Moneyfacts on 14 Feb 2024and based on a balance of £5,000. Provider 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 2-year fixed savings rates
iFAST Global Bank | n/a | 5.10% | £0 | Internet, mobile app | On maturity |
DF Capital | n/a | 4.96% | £1,000 | Internet | On maturity |
Table notes: rates sourced from Moneyfacts on 14 Feb 2024and based on a balance of £5,000. Provider 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 3-year fixed savings rates
Atom Bank | 65% | 4.60% | £50 | Mobile app | Monthly, yearly |
DF Capital | n/a | 4.60% | £1,000 | Internet | On maturity |
Sensible Savings | n/a | 4.60% | £5,000 | Internet, postal | On maturity (compounded annually) |
Zenith Bank (UK) Ltd | n/a | 4.55% | £1,000 | Internet | Yearly |
Table notes: rates sourced from Moneyfacts on 14 Feb 2024and based on a balance of £5,000. Provider 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 4-year fixed savings rates
Isbank (Raisin exclusive*) | n/a | 4.50% | £1,000 | Internet, mobile app | Yearly |
RECOMMENDED PROVIDER Zopa | 78% | 4.30% | £1,000 | Internet | Monthly |
Table notes: rates sourced from Moneyfacts on 14 Feb 2024and based on a balance of £5,000. Provider 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
Atom Bank | 65% | 4.50% | £50 | Mobile app | Yearly, monthly |
Isbank (Raisin exclusive*) | n/a | 4.50% | £1,000 | Internet, mobile app | Yearly |
DF Capital | n/a | 4.40% | £1,000 | Internet | On maturity |
Table notes: rates sourced from Moneyfacts on 14 Feb 2024and based on a balance of £5,000. Provider 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.
Deals marked (Raisin exclusive) are exclusively available through Raisin UK, which is a savings platform.
Raisinoffers savings accounts from a range of smaller or lesser-known banks and building societies. You'll deposit your money and manage your account throughRaisin, rather than dealing directly with the provider.
Deposits with all providers are protected by the Financial Services Compensation Scheme (FSCS), with the exception of deposits with AgriBank and HoistSavings, which are protected by the Maltese and Swedish deposit protection schemes respectively.
You can find out more about Raisin in our guide on savings platforms.
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.
| Account | Interest rate (AER) | Provider score | Minimum monthly deposit | Maximum monthly deposit | Opening methods | Free withdrawals per year |
|---|---|---|---|---|---|---|
| Nationwide Building Society Flex Regular Saver (a) | 8% | 74% | £1 | £200 | Internet, mobile app | 3 (b) |
| Gatehouse Bank Regular Saver | 7% (c) | n/a | £1 | £300 | Internet | n/a |
| First Direct Regular Saver (a) | 7% | 75% | £25 | £300 | Internet, mobile app | n/a |
Table notes:data sourced from Moneyfacts on 14 February 2024. Provider 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. (a) Existing current account customers only.(b)Maximum three penalty-free withdrawals per year or rate drops to 2.15%. (c)This is a Sharia-compliant product, and so offers an expected profit rate (EPR) as opposed to an annual equivalent rate (AER).
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. Results based on a survey of 4,178 UK savings account holders in August 2023. 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 14 February 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 4.75% AER (4.65% gross), including a 0.49% (gross) bonus rate. This means the rate will fall to 4.24% AER (4.15% 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 remainedat 4% in January2024, according to the Office for National Statistics (ONS).
Which? analysis of Moneyfacts data conducted on 17 January found 805 savings accounts (with an initial investment of up to £5,000) offering rates higher than 4%. That's an impressive 56% of themarket and includes accounts with opening restrictions.
For accounts anyone can apply for (including junior Isas and children's savings accounts),57% (649) offer rates above December's inflation figure.
Could you earn more interest from a current account?
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.
- Find out more:best high-interest current 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.
