Best Savings Accounts in the UK

create jobs 51 / Shutterstock

Savings account rates aren’t as good as they have been historically. However, there is still a good opportunity to grow your money and beat inflation rates if you make a wise choice on the right savings accounts for you.

What to Consider When Choosing a Savings Account

Many accounts have different qualifying criteria or conditions for how you access your money. As such, there are several factors to consider when choosing which savings account is ideal for you. They are:

Best Savings Accounts

Online Savings Account from Marcus by Goldman Sachs

Marcus by Goldman Sachs’ Online Savings Account is one of the most convenient and popular savings accounts in the UK.

You can start saving from £1, so there is no minimum deposit. There are also zero fees to pay or charges on this account for withdrawals. On top of all those benefits, you get a good AER rate of 0.5 percent AER/gross (variable) and a bonus of an extra 0.1 percent for the first 12 months of your account.

For convenient access to your funds, Marcus by Goldman Sachs is a great choice.

Regular Saver (5) from Coventry Building Society

The Regular Saver (5) account from the Coventry Building Society is another account that can give you a respectable return on your investment. However, it is only suitable if you are happy with a limit to how much you can save. The account lets you add up to £500 per month in as many transactions as you like.

The return for this is 1.05 percent. These higher rates are only offered because people tend to have lower amounts in these sorts of accounts. As such, there is a 30-day charge to access the money in the account.

Notice Accounts from Charter Savings Bank

If you’re looking for a savings account, notice accounts are a worth considering. These accounts require customers to give plenty of notice before withdrawing their money.

Charter Savings Bank has a good selection of notice accounts available. The interest rates are fixed up to £5,000 and variable above that, with current rates of around 1.05 percent AER on a 120-day notice account. You can hold up to £1,000,000, but the minimum deposit to start your account is £5,000.

If you feel like you need more flexibility about when you can access your money, you might need to opt for a 60-day or 95-day notice account. Although these accounts have slightly lower AERs, they do offer quicker access to your money in case you need to withdraw it.