Independent consumer group Fairer Finance has analysed the easy-access savings accounts that offer consistency and longevity of rates.
The consumer group has tracked instant-access savings rates for the past two years, assessing how they perform over time against the base rate and the top 10% of rates available.
From these figures, it has compiled ratings that it says provide consumers with a clearer picture of which accounts maintain competitive returns, rather than those that lure savers in with high initial rates that later drop.
James Daley, managing director of Fairer Finance, said: “Many banks rely on a ‘bait and switch’ approach – offering high introductory rates on easy-access savings accounts before quietly cutting them later.
“Our new ratings are designed to reward the highest performing savings accounts based on consistent rates over a 24-month period. This will help consumers identify the accounts that have a track record of offering good value, giving them more confidence that they won’t be penalised for their loyalty.”
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The ratings are divided into two categories – balances up to £3,000 and balances of £3,000 or more – to fairly rate both high- and low-balance accounts.
All accounts are rated on two criteria:
- AER score (which makes up 94% of the rating): Fairer Finance compares an account’s interest rate to the Bank of England base rate over the past 24 months. The higher and more consistent the rate, the better the score. Only the top 10% of accounts are eligible to receive a five-star rating.
- FSCS protection (which makes up 6% of the rating): Accounts must be covered by the Financial Services Compensation Scheme (FSCS) to qualify.
The new easy-access savings account ratings will show providers’ star ratings along with current AER and average AER over both 12 and 24 months.
Which are the best accounts?
The following table shows easy-access savings accounts for balances under £3,000 awarded a five-star rating from Fairer Finance.
| Account name | AER
(as at 27 Jan 2025)
|
Average AER
(over two years)
|
| Barclays Bank Rainy Day Saver | 5.12% | 5.12% |
| Ford Money Flexible Saver | 4.35% | 4.36% |
| Saga Easy Access Savings Account | 4.3% | 4.19% |
| Tandem Bank Easy Access Savings Account | 4.4% | 4.26% |
| Tesco Bank Internet Saver | 4.3% | 4.22% |
| RCI Bank UK Freedom Savings Account | 4.45% | 4.3% |
The following table shows easy-access savings accounts for balances of more than £3,000 awarded a five-star rating from Fairer Finance.
| Account name | AER
(as at 27 Jan 2025)
|
Average AER
(over two years)
|
| Monument Bank Easy Access | 4.55% | 4.79% |
| Barclays Bank Rainy Day Saver | 5.12% | 5.12% |
| Ford Money Flexible Saver | 4.75% | 4.36% |
| Tandem Bank Easy Access Savings Account | 4.4% | 4.26% |
| RCI Bank UK Freedom Savings Account | 4.45% | 4.3% |
| Investec Bank Plc Online Flexi Saver | 4.4% | 4.29% |
