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Where to find the best savings rates

Written by: Emma Lunn
Savers can earn up to 4% with easy access savings accounts and up to 4.32% on a one-year fixed bond.

Rising interest rates mean savers now have access to much better savings rates than they have done for the past few years.

Here is where to look for the best savings rates on offer, according to Moneyfacts.

Easy access savings

Easy or instant access savings accounts mean you can usually withdraw your money whenever you want and without notice.

Santander Edge Saver

Santander is currently at the top of the easy access chart with the Santander Edge Saver (Issue 1). The account pays 4% AER on balances of up to £4,000, but anything above this threshold won’t earn interest.

The account’s rate is compounded, paid monthly and includes a bonus of 0.48% for 12 months. This product is exclusively available to new and existing Santander Edge current account customers.

Yorkshire Building Society Rainy Day Account

If you’re not a Santander customer, Yorkshire Building Society’s Rainy Day Account Issue 2 offers the next best rate of 3% AER on balances up to £5,000, dropping to 2.5% AER on any balance above that level.

Interest can be paid away or compounded on anniversary and the account allows withdrawals on two days per calendar year that won’t incur any loss of interest.

HSBC Online Bonus Saver

HSBC’s Online Bonus Saver also offers a rate of 3% AER on balances up to £10,000, with anything above this earning 1.40% AER. Interest is compounded monthly and if you make a withdrawal, the rate drops to 0.65% AER for that calendar month. The account is only available to customers who have or open an HSBC current account or savings account.

Buckinghamshire Building Society Single Access Saver

Buckinghamshire Building Society offers a rate of 2.90% AER via its Single Access Saver account. You need a minimum of £100 to open an account and interest is paid yearly, with the option of having it paid away or compounded. As the name suggests, one penalty-free withdrawal is allowed each year, with the account closed in the event of any further withdrawals.

Fixed rate bonds

SmartSave 1-Year Fixed Rate Saver

SmartSave offers a 1-Year Fixed Rate Saver with a rate of 4.32% AER. Interest is paid on maturity and must be compounded, while a minimum opening investment of £10,000 is required. Further additions can be made for 14 days from the date of account opening, but early access to this online-only account is not permitted.

Melton Building Society Fixed Rate Savings

If you’re looking for a two-year bond, Melton Building Society’s Fixed Rate Savings to 23 April 2025 offers a rate of 4.75% AER, although it can only be opened and managed in branch. Any money used to fund this account needs to be ‘new money’, meaning if you already hold an account with Melton BS, you can’t use it to fund this product. Interest is paid away or compounded monthly or yearly.

Two-year bonds

Alternatively, three providers are offering a lower rate of 4.65% AER over two years. These accounts are offered by Shawbrook Bank, Beehive Money and Nottingham Building Society.

Three-year bonds

For three-year bonds, four providers offer a rate of 4.65% AER. These bonds are from Beehive Money, Close Brothers, Gatehouse Bank and Nottingham Building Society.

Five-year bonds

When it comes to five-year bonds, Melton BS is offering a rate of 4.90% AER fixed until 23 February 2028. You need a minimum of £10,000 to open the account.

Beehive Money’s Five Year Goal Bond Issue 2 pays a slightly lower rate of 4.80% AER, but this account has a lower opening deposit requirement of £500.

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