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The savings accounts paying the most interest

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Written by: Emma Lunn
06/12/2021
Savings rates have increased over the past month, so it’s the ideal time to move your cash savings to a higher paying account.

Leaving your money languishing in a low-paying savings account or your current account means you could be missing out on valuable interest.

Here, we list the top-paying, open-to-all accounts on the market:

Easy access accounts

0.75% Aldermore Double Access Account Issue 1 – minimum deposit £1,000. Apply and access online.

0.71% Investec Online Flex Saver – minimum deposit £5,000.  Apply and access online.

0.70% Cynergy Bank Online Easy Access Account (Issue 43) ‒ minimum deposit £1. Apply and access online. Rate includes a 0.36% bonus for the first 12 months.

0.69% Tesco Bank Internet Saver ‒ minimum deposit £1. Apply and access online. Rates include 0.59% bonus for the first 12 months.

0.67% Shawbrook Bank Easy Access Account Issue 28 – minimum deposit £1,000. Apply online. Access online, by email or telephone.

Notice accounts

1.10% Secure Trust Bank 120 Day Notice Account (11.Nov.2021) – minimum deposit £1,000. Apply online. Access online or by telephone. Withdrawals are subject to 120 days’ notice only; no earlier access is allowed.

1.08% Shawbrook Bank 120 Day Notice Personal Account Issue 50 – minimum deposit £1,000. Apply online. Access online, by telephone or via email. Withdrawals are subject to 120 days’ notice only; no earlier access is allowed.

1.05% Close Brothers Savings 95 Day Notice Account (Issue 11) – minimum deposit £10,000. Apply online. Access online, by post or telephone. Withdrawals are subject to 95 days’ notice only; no earlier access is allowed.

1.05% Charter Savings Bank 120 Day Notice – Issue 24 – minimum deposit £5,000. Apply and access online or post. Withdrawals are subject to 120 days’ notice only; no earlier access is allowed.

1.05% DF Capital 120 Day Notice Account (Issue 1) – minimum deposit £1,000. Apply online. Access online, by telephone or via email. Withdrawals are subject to 120 days’ notice only; no earlier access is allowed.

One-year fixed term bonds

1.37% Zopa 1 year Fixed Term Savings – minimum deposit £1,000. Apply online. No access within the term.

1.37% United Trust Bank 1 Year Bond – minimum deposit £5,000. Apply online. No access within the term.

1.36% Investec Fixed Rate Saver – minimum deposit £5,000. Apply online. No access within the term.

Two-year fixed term bonds

1.64% SmartSave 2 Year Fixed Rate Saver – minimum deposit £10,000. Apply online. No access within the term.

1.63% United Trust Bank 2 Year Bond – minimum deposit £5,000. Apply online. No access within the term.

1.61% Zopa 2 years Fixed Term Savings – minimum deposit £1,000. Apply online. No access within the term.

Three-year fixed term bonds

1.87% United Trust Bank 3 Year Bond – minimum deposit £5,000. Apply online. No access within the term.

1.87% SmartSave 3 Year Fixed Rate Saver – minimum deposit £10,000. Apply online. No access within the term.

1.82% Raisin UK 3-Year Fixed Term Deposit (provided by UBL UK) – minimum deposit £1,000. Apply online. No access within the term.

Five-year fixed term bonds

2.10% United Trust Bank 5 Year Bond – minimum deposit £5,000. Apply online. No access within the term.

2.08% Hodge Bank 5 Year Fixed Rate Bond (Online only) – minimum deposit £1,000. Apply online. No access within the term.

2.05% Secure Trust Bank 5 Year Fixed Rate Bond (04.Jan.2027) ‒ minimum deposit £1,000. Apply online. No access within the term.

Easy access cash ISAs

0.56% Shawbrook Bank Easy Access Cash ISA Account Issue 18 ‒ minimum deposit £1,000. Apply online. Access online or by telephone. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

0.65% Cynergy Bank Online ISA (Issue 17) – minimum deposit £1. Apply online. Access online or via mobile app. Transfers in accepted are accepted. This is not a Flexible ISA.

0.65% Paragon Triple Access ISA – Issue 5 – minimum deposit £1. Apply and access online. Transfers in are allowed. This is a flexible ISA. This is a portfolio ISA. If more than three withdrawals are made in a 12 month period, the rate payable will drop to 0.25% for the remainder of the account year.

0.60% Marcus by Goldman Sachs Cash ISA – minimum deposit £1. Apply online. Access online or by telephone. Transfers in not accepted. This is not a flexible ISA. Rate includes a 0.10% bonus for the first 12 months.

0.60% Tesco Bank Instant Access Cash ISA – minimum deposit £1. Apply and access online or by telephone. Rate includes a 0.50% bonus for the first 12 months. This is a flexible ISA. This is not a portfolio ISA.

One-year fixed term cash ISAs

0.93% Shawbrook Bank 1 Year Fixed Rate Cash ISA Bond Issue 53 – minimum deposit £1,000. Apply online. Withdrawals are allowed, subject to 90 days’ loss of interest. On maturity, the account is transferred to the Cash ISA Matured Funds account. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

0.92% Kent Reliance. One year fixed rate cash ISA Issue 48 – minimum deposit £1,000. Apply online, in branch or by post. Withdrawals are allowed, subject to 90 days’ loss of interest. Transfers in are allowed within 30 days of account opening. This is not 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.

0.91% Paragon 1 Year Fixed Rate ISA ‒ minimum deposit £500. Apply online or by post. Withdrawals are allowed, subject to 90 days’ loss of interest. Transfers in are allowed. This is a flexible ISA. This is a portfolio ISA.

Two-year fixed term cash ISAs

1.20% Secure Trust Bank 2 Year Fixed Rate Cash ISA (02.Jan.2024) – minimum deposit £1,000. Apply online. Access on closure only, is subject to 180 days’ loss of interest. This is not a flexible ISA. Transfers in are allowed.

1.17% Castle Trust Bank 2 year Fixed Rate e-Cash ISA – minimum deposit £1,000. Apply online. Full withdrawals are allowed, subject to 180 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

1.16% Hodge Bank 2 Year Fixed Rate Cash ISA (Online only) – minimum deposit £1,000. Apply online. Withdrawals are allowed, subject to 180 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA.

Three-year fixed term cash ISAs

1.35% United Bank UK Cash ISA 3 Year Bond ‒ minimum deposit £15,000. Apply by post. Withdrawals are allowed, subject to a penalty that is based on the following calculation; amount of the withdrawal, multiplied by the number of days left until maturity, multiplied by the interest rate, divided by 365. Interest can be withdrawn annually without penalty. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

1.35% Secure Trust Bank 3 Year Fixed Rate Cash ISA (02.Dec.2024) – minimum deposit £1,000. Apply online. Access on closure only, subject to 270 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

1.31% United Trust Bank 3 Year Fixed Rate Cash ISA – minimum deposit £2,000. Apply online, by post, in branch or via mobile app. Access on closure or full transfer out only, subject to 270 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA. Interest is paid on maturity, annually, quarterly or monthly.

Five-year fixed term cash ISAs

1.70% Secure Trust Bank 5 Year Fixed Rate Cash ISA (12.Jan.2027) – minimum deposit £1,000. Apply online. Access on closure only, subject to 365 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

1.70% United Bank Cash ISA 5 Year Bond ‒ minimum deposit £15,000. Apply by post. Withdrawals are allowed, subject to a penalty that is based on the following calculation; amount of the withdrawal, multiplied by the number of days left until maturity, multiplied by the interest rate, divided by 365. Interest can be withdrawn annually without penalty. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

1.66% United Trust Bank 5 Year Fixed Rate Cash ISA – minimum deposit £2,000. Apply online, by post, in branch or via mobile app. Access on closure or full transfer out only, subject to 365 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA. Interest is paid on maturity, annually, quarterly or monthly.

Increases to savings rates

Anna Bowes, co-founder of Savings Champion, said: “The most significant increases we have seen over the last month are to the top easy access accounts – the current best rate is the Aldermore Double Access Account Issue 1 paying 0.75%. At the beginning of November the best rate was 0.66%. As the name suggests however, only two penalty free withdrawals can be made a year – any more and the interest rate will drop to 0.10% for the remainder of the year.

“Fixed rate bonds and ISAs have all increased too, albeit by smaller amounts, with the longer terms increasing by the most. But with the exception of the five-year ISAs, all other terms are now paying so much less that the non ISA bond equivalents, that basic rate taxpayers who have used their Personal Savings Allowance, can still earn more interest after tax if they choose a best buy bond rather than a cash ISA. Pick your savings accounts carefully to make the best return for your personal situation.”

Source: Savings Champion. Rates correct as at 6 December 2021

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