Compare the Best Savings Accounts | PocketRate

*Featured Products

	Account Name	Type	Min. Opening Deposit	Max. Balance	Gross Annual AER Rate
	RCI Bank Freedom Savings	Easy Access	£100	£1m	1.35% (variable)	See Deal
	Aldermore 30 Day Notice	Notice	£1,000	£1m	1.30% (variable)	See Deal
	Aldermore Easy Access Account	Easy Access	£1,000	£1m	1.25% (variable)	See Deal
	Aldermore Fixed Rate 1 Year	Fixed Term	£1,000	£1m	1.75% (fixed)	See Deal
	Aldermore Fixed Rate 2 Year	Fixed Term	£1,000	£1m	1.80% (fixed)	See Deal
	Aldermore Fixed Rate 3 Year	Fixed Term	£1,000	£1m	1.90% (fixed)	See Deal
	Aldermore Fixed Rate 4 Year	Fixed Term	£1,000	£1m	2.00% (fixed)	See Deal
	Aldermore Fixed Rate 5 Year	Fixed Term	£1,000	£1m	2.25% (fixed)	See Deal
	Cynergy Bank Online Easy Access	Easy Access	£1	£1m	1.50% (variable)	See Deal
	Cynergy Bank Fixed Rate 1 Year	Fixed Term	£10,000	£1m	1.55% (fixed)	See Deal
	Cynergy Bank Fixed Rate 2 Year	Fixed Term	£10,000	£1m	1.60% (fixed)	See Deal
	Cynergy Bank Fixed Rate 3 Year	Fixed Term	£10,000	£1m	1.70% (fixed)	See Deal

Best of the rest

	Account Name	Type	Min. Opening Deposit	Max. Balance	Gross Annual AER Rate
	Ford Money Fixed Saver 1 Year	Fixed Term	£500	£2m	1.75% (fixed)
	Ford Money Fixed Saver 2 Year	Fixed Term	£500	£2m	1.80% (fixed)
	Ford Money Flexible Saver	Easy Access	£1	£2m	1.42% (variable)
	Barclays Everday Saver	Easy Access	£1	£TENm	0.25% - 0.30% (variable)
	Gatehouse Bank 95 Day Notice	Notice	£1,000	£1m	1.85% (variable)
	HSBC Online Bonus Saver	Easy Access	£1	£2m	0.10% - 0.55% (variable)
	HSBC Fixed Rate 1 Year	Fixed Term	£2,000	£1m	0.70% (variable)
	HSBC Fixed Rate 2 Year	Fixed Term	£2,000	£1m	0.80% (variable)
	HSBC Fixed Rate 3 Year	Fixed Term	£2,000	£1m	0.85% (variable)
	NatWest Instant Saver	Easy Access	£1	£unlimited	0.20% - 0.35% (variable)
	NatWest Fixed Term 1 Year	Fixed Term	£500	£2m	0.70% - 0.85% (fixed)
	NatWest Fixed Term 2 Year	Fixed Term	£500	£2m	0.85% - 0.95% (fixed)
	RBS Instant Saver	Easy Access	£0	£unlimited	0.20% - 0.35% (fixed)
	AA Easy Saver	Easy Access	£100	£2m	1.11% (variable)
	AA Member Saver	Easy Access	£100	£2m	1.21% (variable)
	RCI Bank Fixed Term 2 Years	Fixed Term	£1,000	£1m	1.90% (fixed)
	RCI Bank Fixed Term 3 Years	Fixed Term	£1,000	£1m	1.95% (fixed)
	RCI Bank Fixed Term 4 Years	Fixed Term	£1,000	£1m	2.05% (fixed)
	RCI Bank Fixed Term 5 Years	Fixed Term	£1,000	£1m	2.15% (fixed)

What is AER?

The Annual Equivalent Rate (AER) is a percentage figure used to help you compare savings accounts and is based on the assumption that you keep your savings in the same account for 12 months. The AER is designed to give you a more accurate picture when comparing interest rates side-by-side.

It is used as an alternative to the Gross rate, which is basically a flat annual interest rate.

Unlike the gross rate, the AER rate factors in the interest you earn each month i.e. the compound interest. This is because if your savings account earns monthly interest, then the following month you will earn interest on your savings plus the interest that was previously accrued. If your savings account only pays interest annually, then the AER and Gross rate should effectively be the same.

Both the AER and Gross rates show the interest earned before any possible tax deductions.

Advantages of a savings account

The main advantage of a savings account is that you will generally get a higher rate of interest on you money as opposed to a regular current account.

Another major factor to consider when comparing savings accounts is how you get access to your money and manage your account.

Many banks and building societies offer multiple ways of managing your account including:

Online Banking via the bank’s own website
Mobile Banking including access via the provider’s own app
Telephone Banking using a pin code
Branch Services – in person at a local branch of the bank

However, some accounts may restrict some of these methods such as only allowing you to withdraw over the telephone or in person at a bank branch.

Withdrawing money

Most savings accounts will generally have the flexibility of allowing you to access and withdraw your savings at any time. However, some accounts, particularly fixed interest ones that pay higher rates, may only allow you limited access a couple of times a year or may penalise you for withdrawing your money.

You should also be aware of having to give notice on withdrawing your money. Although most savings accounts don’t have this rule, some higher interest paying ones or fixed interest accounts may require you to let them know some time beforehand e.g. 30 days, 60 days etc., that you intend to withdraw your money.

What is a minimum opening deposit?

This is the amount of money required to open an account. It is usually a mandatory part of the application process.

Whilst the majority of savings accounts can be opened with a deposit as little as £1, some may require higher amounts.

For example, some regular savings accounts where you need to save a minimum amount each month, usually require you to deposit that minimum amount when opening the account.

Fixed term savings accounts that often pay higher interest rates, will also require you to deposit a minimum deposit higher than £1.

What is a member's only rate or exclusive for members account?

Some savings accounts will require you to also have a normal current account with that bank or building society provider. In return you may get a higher interest rate on your savings, an additional bonus rate or some premium features.

By having a current account with the same provider as your savings account, you can easily transfer between the two.

Other account providers may offer exclusive rates for customers who already have an existing product with them. This usually requires proof during the account opening process.

*Featured products are where PocketRate have a commercial agreement with the provider and may receive a commission fee.