Interest rates continue to climb and so it is worth making time to compare your products to see if you’re getting the best deal.

Leaving your money languishing in a low-paying savings account or your current account means you could be missing out on valuable interest. With the cost-of-living crisis and inflation at a 40-year high, it’s more important than ever to make every penny count.

Here, we list the top-paying, open-to-all accounts on the market to help you take charge of your money:

Easy access accounts

2.35% Al Rayan Bank Everyday Saver (Issue 3) – minimum deposit £5,000. Apply online and access online or via mobile app. The rate is not guaranteed, in order to comply with Sharia Law the rate displayed is an expected profit rate.

2.25% Charter Savings Bank Easy Access (Issue 28) – minimum deposit £5,000. Apply and access online.

2% Yorkshire Building Society Rainy Day Account (Issue 2) – minimum deposit £5,001. Apply and access in branch or by post. 2.5% paid on first £5,000 then 2% on any additional balance.

2% RCI Bank Freedom Savings Account – minimum deposit £100. Apply and access online.

2% Sainsbury’s Bank Defined Access Saver (Issue 32) – minimum deposit £1,000. Apply online and access online or via mobile app. Up to three easy access withdrawals can be made each year. If four or more withdrawals are made, the rate drops to 0.80% for the remainder of the year.

Notice accounts

2.6% Secure Trust Bank 180 Day Notice Account (29 Sept 2022) – minimum deposit £1,000. Apply online. Access by telephone. Maximum of three capital withdrawals per year, subject to 180 days’ notice only; no earlier access is allowed.

2.52% BLME 90 Day Notice Account (Issue 5)  – minimum deposit £1,000. Apply online. Access via email or online. Withdrawals are subject to 90 days’ notice only; no earlier access is allowed. The rate is not guaranteed, in order to comply with Sharia Law the rate displayed is an expected profit rate.

2.52% Oxbury 180 Day Notice Account (Issue 4) – minimum deposit £1,000. Apply online. Access online or via mobile app. Withdrawals are subject to 180 days’ notice only; no earlier access is allowed.

2.51% Oxbury 120 Day Notice Account (Issue 11) – minimum deposit £1,000. Apply online. Access online or via mobile app. Withdrawals are subject to 120 days’ notice only; no earlier access is allowed.

2.5% OakNorth Bank 120 Days Notice Deposit Account (Issue 23) – minimum deposit £1. Apply online or via mobile app. Access online, via mobile app, by telephone, via email or by post. Withdrawals are subject to 120 days’ notice; no earlier access is allowed.

One-year fixed term bonds

4.11% Atom Bank 1 Year Fixed Saver – minimum deposit £50. Apply online. Apply via mobile app. No access within the term.

4.02% Hampshire Trust Bank 1 Year Bond (Issue 55) – minimum deposit £1. Apply online. No access within the term.

4% Virgin Money 1 Year Fixed Rate E-bond (Issue 500) – minimum deposit £1. Apply online. No access within the term.

Two-year fixed term bonds

4.5% Cynergy Bank 2 Year Fixed Rate Bond – minimum deposit £10,000. Apply online. No access within the term.

4.41% Smart Save 2 Year Fixed Rate Saver – minimum deposit £10,000. Apply online. No access within the term.

4.4% Shawbrook Bank 2 Year Fixed Rate Bond (Issue 81) – 2 year – minimum deposit £1,000. Apply online. No access within the term.

Three-year fixed term bonds

4.6% Cynergy Bank 3 Year Fixed Rate Bond – minimum deposit £1,000. Apply online or via mobile app. No access within the term.

4.41% Smart Save 3 Year Fixed Rate Saver – minimum deposit £1,000. Apply online. No access within the term.

3.5% United Trust Bank 3 Year Bond – minimum deposit £5,000. Apply online. No access within the term.

Five-year fixed term bonds

4.55% Tandem Five Year Fixed Saver – minimum deposit £10,000. Apply online. No access within the term.

4.51% Smart Save 5 Year Fixed Rate Saver – minimum deposit £10,000. Apply online. No access within the term.

4.5% United Trust Bank Five Year Bond ‒ minimum deposit £5,000. Apply online. No access within the term.

Easy access cash ISAs

1.9% Paragon Triple Access ISA (Issue 10) – minimum deposit £1. Apply and access online. In order to comply with Sharia Law the rates listed are an expected profit rate. Expected profit paid annually. Profit must be paid to a nominated account, it cannot be added to the account. Transfers in are accepted.

1.85% Santander eISA (Issue 15) ‒ minimum deposit £1. Apply and access online. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA. After the first 12 months, the account reverts to the ISA Saver.

1.85% Coventry Building Society Limited Access ISA Online (Issue 3) – minimum deposit £1. Apply and access online. A maximum of six easy access withdrawals can be made each year. Any additional withdrawals in that year are subject to 50 days’ loss of interest on the amount withdrawn. Transfers in are allowed. This is a flexible ISA. This is not a portfolio ISA.

1.8% Marcus Cash ISA – minimum deposit £1. Apply and access online. Rate includes a bonus rate of 0.25% for the first 12 months. Transfers in not accepted. This is not a flexible ISA.

1.75% Gatehouse Bank Easy Access Cash ISA – minimum deposit £1. Apply and access online. In order to comply with Sharia Law the rates listed are an expected profit rate. Expected profit paid annually. Profit must be paid to a nominated account, it cannot be added to the account. Transfers in are accepted.

One-year fixed term cash ISAs

3.61% United Bank UK 1 Year Fixed Rate Cash ISA – minimum deposit £2,000. Apply online, in branch, by post or via mobile app. Access on closure or full transfer out only, subject to 90 days’ loss of interest. Transfers in accepted.

3.6% Newcastle Building Society One Year Fixed Rate ISA (Issue 61) – minimum deposit £500. Apply in branch. Withdrawals are allowed, subject to 90 days’ loss of interest. The maturity date is 23/10/2023. On maturity, the account is transferred to the currently available easy access account. Transfers in are allowed. This is a flexible ISA. This is a portfolio ISA so you can open more than one type of cash ISA with the provider (e.g. fixed and variable) in the same tax year.

3.5% Virgin Money 1 Year Fixed Rate Cash e-ISA (Issue 522) – minimum deposit £1. Apply online. Withdrawals are allowed, subject to 60 days’ loss of interest. The maturity date is 24/09/2023. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

Two-year fixed term cash ISAs

4.12% Virgin Money 2 Year Fixed Rate Cash e-ISA (Issue 523) – minimum deposit £1. Apply online. Withdrawals are allowed, subject to 90 days’ loss of interest. The maturity date is 24/08/2024. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

4.1% Newcastle Building Society Two Year Fixed Rate Cash ISA (Issue 81) – minimum deposit £500. Apply in branch or online. Withdrawals are allowed, subject to 120 days’ loss of interest. The maturity date is 21/10/2024. On maturity, the account is transferred to the currently available easy access account. Transfers in are allowed. This is a flexible ISA. This is a portfolio ISA so you can open more than one type of cash ISA with the provider (e.g. fixed and variable) in the same tax year.

3.65% United Bank UK 2 Year Fixed Rate Cash ISA – minimum deposit £2,000. Apply online, in branch, by post or via mobile app. Access on closure or full transfer out only, subject to 180 days’ loss of interest. Transfers in accepted.

Three-year fixed term cash ISAs

4.25% Virgin Money 3 Year Fixed Rate Cash ISA (Issue 524) – minimum deposit £1. Apply online. Withdrawals are allowed, subject to 90 days’ loss of interest. The maturity date is 24/09/2025. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

3.7% United Bank UK 3 Year Fixed Rate Cash ISA – minimum deposit £2,000. Apply online, in branch, by post or via mobile app. Access on closure or full transfer out only, subject to 270 days’ loss of interest. Transfers in accepted.

3.5% Yorkshire Building Society Fixed Rate Cash ISA until 31 Oct 2025 – minimum deposit £100. Apply in branch or online. Access on closure only, subject to 120 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA. The maturity date is 31.10.2025.

Five-year fixed term cash ISAs

3.7% United Bank UK 5 Year Fixed Rate Cash ISA ‒ minimum deposit £2,000. Apply online, in branch, by post or via mobile app. Access on closure or full transfer out only, subject to 365 days’ loss of interest. Transfers in accepted.

3.55% Furness Building Society 5 Year Fixed Rate ISA – minimum deposit £1,000. Apply in branch, online or by post. Access on closure only, subject to the loss of 180 days’ interest. Transfers in are accepted.

3.55% Secure Trust Bank 5 Year Fixed Rate Cash ISA (8 Nov 2027) – minimum deposit £1,000. Apply online. Withdrawals allowed on closure, subject to an early access charge of 365 days’ interest. The maturity date is 08/11/2027. On maturity, the account is transferred to a Matured Funds Access Account. Transfers in are accepted. This is not a flexible ISA.

Dramatic rate rises

Anna Bowes, co-founder of Savings Champion, said: “Rates have increased pretty dramatically over the last month – over the last week, in particular.

“The top fixed term bonds have increased by as much as 24%. The best one-year is now paying 4.11%, while the top three-year is paying 4.6% which is actually higher than the best five-year bond, which is paying 4.55%. This indicates that the markets are expecting the base rate to rise further in the shorter-term, but not over the longer-term.

“Fixed term ISA rates have had an even stronger recovery which is good news as with rates on taxable accounts paying so much more, savers will be utilising their Personal Savings Allowance (PSA) with far lower deposits than in the past.

“For example, a basic rate tax payer would fully utilise their PSA with a deposit of just £24, 331 into the top 1-year bond paying 4.11%. After tax has been deducted, 4.11% would fall to 3.29% – whereas the top one-year ISA is currently offering 3.6% tax-free.

“So as long as the ISAs pay a tax-free rate that is higher than the rate after the deduction of tax on the equivalent non-ISA accounts, then ISAs will once again become a tax haven for savers.”

Source: Savings Champion. Rates correct as at 3 October 2022