Best cash savings accounts: where to get the top rates of interest

Clare says

I’ve included two cash ISAs in this list because there are benefits to using an ISA which are worth looking at. You can read more about them here.

A cash ISA is a tax-free savings account. Under UK government rules, you can pay in up to £20k every year and all interest earned is tax-free. One thing to bear in mind, however, is that annual allowance is across all ISAs, so if you intend to open up a stocks and shares ISA in the same tax year, you’ll need to spread your allowance between the two.

We’re big fans of the Plum app. It’s ideal for those who don’t think of themselves as being good with money and those just starting out with investing and saving. It’s very user-friendly, and comes with some great, free smart saving tools such as auto-round-ups.

But most of all, it’s our top choice because of that outstanding 4.85% AER (variable), falling to 3.29% AER after first 12 months rate of interest. Remember, though, that a ‘variable’ rate of interest will likely rise and fall as the Bank of England changes the base rate.

As with all FCA-regulated cash ISA providers, Plum keeps your money safe with FSCS protection of up to £85,000.

Clare says

As with Plum, Moneybox’s cash ISA allows you to put away up to £20,000 every year without the need to worry about declaring earnings through interest, and needing to pay tax. Just bear in mind, that annual £20,000 allowance will need to be spread across any other ISAs you open (cash or stocks and shares) if you choose to open more than one.

The Moneybox app is very user friendly and account opening is done entirely through the app, making it very easy to get started and manage your account. The downside with Moneybox’s ISA is that you’ll need at least £500 to get going.

Clare says

This is a great rate, and even after the 12-month bonus rate of 1.50% is removed, the remaining 4.5% AER is still excellent.

You’ll need to open a Santander Edge current account to get access to this savings account. In my experience, Santander’s account opening process is a bit more admin-heavy than others, but my feeling is that it’s worth it for a really good rate that allows you to withdraw as often as you like without any loss of your interest rate.

The main problem with this account for many people, will be that there is a £4,000 maximum. Any savings over £4,000 will receive no interest at all. But if you’re only saving small amounts, or you’re willing to split larger sums between this account and another provider, it’s worth looking into.

Clare says

Atom doesn’t require you to be an existing current account holder, which means you can open a savings account in minutes, from the savings app, and gain access to this rate with no paperwork.

With Atom’s Instant Saver Reward account, you’re rewarded with a higher rate of interest when you don’t withdraw your money, but you’re still given the flexibility of being able to withdraw without delay if you need access to your money. And, unlike some accounts which punish you with a permanently reduced interest rate if you choose to make a withdrawal, Atom’s rate bounces back up the original, higher rate the next month you don’t make a withdrawal, allowing you to get back on track.

Clare says

If you opt-in to automatically round-up your spending to the nearest pound, you can access Chase’s 5.00% AER interest rate on everything you save.

If you have a current account set up with Chase, you can also open a saver account. It currently pays 2.75% The annual equivalent rate (AER) is used to describe the percentage of interest you’ll receive on your savings and investments. AER accounts for compound interest whereas the gross interest rate does not. AER is also known as APY (the annual percentage yield). AER (2.72% gross) variable interest, which is calculated daily and paid monthly. Remember that’s a variable rate – so can fluctuate.

From 9 June 2025, new Chase customers can open a savings account with a boosted rate and get an extra 2.25% AER fixed interest for 12 months. So you could earn a total boosted rate of 5% AER (4.89% gross).

You’ll also need to go through a full account opening process to register for a current account to access this savings account. But if you have a relatively recent smartphone or device, account opening can be done very quickly and easily. I received my bank card two working days later.

This is a good option if you’re also looking for a new digital bank account that comes with cashback (although that only applies for the first 12 months and has a maximum payout of £15 per month). Chase is also one of my top options if you’re looking for a good travel money option: you’ll get fee-free withdrawals of cash and be able to use your debit card without charges abroad.

Clare says

You can save up to £500,000 into an Oxbury Bank savings account and get a 4.45% AER (variable) interest rate. You won’t be able to get instant access to your funds with this account, however, so it’s not the ideal place to hold an emergency fund.

Also, remember that this is a variable rate. That means it can change. If the Bank of England base rate changes, you’ll see a new interest rate on your account within 14 business days.

Clare says

Virgin Money offers a large range of savings accounts, including cash ISAs, all with competitive rates of interest.

Virgin’s cash ISA interest rates aren’t as high as Plum’s or Moneybox’s, but this account – the Defined Access E-Saver – is suited to those who anticipate only needing infrequent access to their funds, offers a excellent 4.27% AER (variable) rate.

Virgin is a household name, which offers added peace of mind. Although the Virgin Money name may disappear as it has recently been bought by Nationwide and could be absorbed into the Nationwide brand in time.