How to find the best savings account

Inflation remains high, coming in at 10.1% in March 2023 according to the Office for National Statistics (ONS).

Unfortunately there aren't any savings accounts that come close to beating that at the moment, but we've listed the best rates available across instant-access, notice and fixed-rate accounts below.

What are the best savings rates in May 2023?

Our experts regularly scour the market every week for the best rates so you don't have to (last update: 17 May 2023).

Instant-access savings accounts (unlimited withdrawals)

Excluding accounts with limited withdrawals or other restrictions, the best instant-access savings rate is 3.71% AER, offered by Chip.

The next-best rate is 3.7% AER, offered by GB Bank (exclusively available on Raisin - find out more below).

One-year fixed-rate savings accounts

If you're willing to tie up your savings for a year, the best rate currently available is 4.95% EPR, offered by Al Rayan Bank. This is a Sharia-compliant product, and so pays an expected profit rate (EPR) as opposed to an annual equivalent rate (AER).

The next-best rate is 4.92% AER, offered by OakNorth Bank.

• Find out more:  Islamic finance and Sharia-compliant savings

Two-year fixed-rate savings accounts

The best rate for a two-year account is 4.96% AER, offered by OakNorth Bank.

The next-best rate for a two-year account is 4.95% AER, offered by DF Capital, Hampshire Trust Bank and Hodge Bank.

Three-year fixed-rate savings accounts

For a three-year term, the highest rate is 4.95% AER, offered by DF Capital and Isbank (exclusively available on Raisin - find out more below). 

The next-best rate is 4.9% AER/EPR, offered by Hampshire Trust Bank, Hodge Bank and Al Rayan Bank. The Al Rayan Bank savings account is a Sharia-compliant product, and so pays an expected profit rate (EPR) as opposed to an annual equivalent rate (AER).

Four-year fixed-rate savings accounts

The best rate for a four-year account is currently 4.95% AER from Isbank (exclusively available on Raisin - find out more below). 

The next-best rate is 4.89% AER, offered by United Trust Bank. 

Five-year fixed-rate savings accounts

The best rate of 4.95% AER is currently offered by Isbank (exclusively available on Raisin - find out more below).

The next-highest rate is 4.9% AER, offered by United Trust Bank.

• Find out more: how to find the best cash Isa

Regular savings accounts

Regular savings accounts can offer higher interest rates than many other types of savings product, but some of them require you to have a current account with the same provider.

Bear in mind that unlike fixed-rate bonds or instant-access accounts, which allow you to deposit a lump sum, you'll be much more restricted on the amounts you can pay into a regular savings account: maximum monthly deposits are typically between £250-£500.

What's more, the rates are sometimes only payable for a limited time - often 12 months.

Please note that minimum and maximum deposit amounts vary, even across products with the same rate, so make sure you consider the full details before you opt for a new account.

Any deals we may have linked to above are exclusively available through the savings platform Raisin UK.

Raisin offers savings accounts from a range of smaller or lesser-known banks and building societies. You'll deposit your money and manage your account through Raisin, rather than dealing directly with the provider.

Deposits with all providers are protected by the Financial Services Compensation Scheme (FSCS), with the exception of deposits with AgriBank and HoistSavings, which are protected by the Maltese and Swedish deposit protection schemes respectively.

You can find out more about Raisin in our guide on savings platforms.

Could you earn more interest from a current account?

Despite a series of rate cuts on popular interest-paying current accounts, many still offer meaningful returns, albeit only on small balances. You'll also need to make sure you pay in the required minimum monthly amount to qualify for interest.

Nationwide's FlexDirect account currently pays 5% AER on balances up to £1,500 for the first 12 months, generating a maximum return of £73. The rate will drop to 0.25% AER after that. You're also required to pay in at least £1,000 a month. To find out more, see our guide on the best high interest current accounts.

Which are the best and worst savings providers?

We know that customer service is an important factor for many people when choosing a savings account. But how do you find a bank or building society that combines great rates with top-notch customer service?

Which? is here to help. We've asked thousands of savers to rate their bank or building society, enabling us to create unique customer scores for all the major providers.

We've also analysed thousands of savings products and given each provider an overall product score, highlighting which companies offer consistently competitive rates. The full results from our 2022 analysis are as follows:

Best and worst savings providers

About Which?'s savings account research

Scores and star ratings are based on a survey of 4,517 UK savings account holders in August to September 2022.

Which? Customer Score

This is our rating for customer satisfaction, based on feedback from real customers. The score is calculated based on customers' overall satisfaction with the brand, and how likely they are to recommend it to others.

Product score

Our experts analysed hundreds of savings accounts covering a range of different account types, including instant access, one-year fixed and five-year fixed accounts.

Accounts were assessed on key criteria, such as opening restrictions, conditions to access and minimum investment requirements, in order to calculate a product rating score.

How Which? Recommended Providers are selected

To be eligible as a Which? Recommended Provider, a provider must achieve an average or above-average score for its savings account.

This ensures that the providers we endorse offer consistently good rates along with excellent customer service.

Rates correct at time of publishing. Last updated 17 May 2023.