14 December 2017 : 

Did you know?

UK's total energy consumption used by the domestic sector has risen by 23pc in the past 35 years.

Source: Daily Telegraph (www.telegraph.co.uk)

Best UK Savings Accounts
Home / Savings Accounts / High Interest Savings Accounts

High Interest Savings Accounts

High interest savings accounts include Bonds, Fixed Term Accounts and Notice Accounts . In return for more restriction on when and how you can access your money, the financial institution providing the account will offer you a higher interest rate. Choose the best savings account from our table below, which is ordered by the interest rate offered.



Product
Name
Interest Rate
(AER)
Min. Opening
Balance
Account
Type
Notice
Term
 


 

Are there any restrictions on High Interest Savings Accounts?

These accounts give the highest rates but are the least flexible. The rate that you agree to at the beginning will be fixed for the term and won't fluctuate with the Bank of England rate. That does mean that if the Bank of England rate increases substantially, you won't see the benefit. However, by the same token, if the BoE rate falls your interest rate won't be affected.

As a more flexible, but still relatively high interest savings option, some banks offer Notice Accounts which require the customer to give a notice period before any withdrawal of money. Instant access from such accounts will usually result in a penalty charge. The notice period can vary from one week to six months but usually will be one to two months.

Unlike Bonds and Term Accounts, Notice Accounts have an interest rate that usually moves with the Bank of England rate, so it is not fixed throughout.

How to get the best from High Interest Savings Accounts

  • Make sure that any money you commit to a Bond or Notice account will not be needed - in most cases you will not be allowed access to it until the end of the term, or there will be a penalty for early release of funds.  Any such penalties can soon nullify the gains you've made through having the higher rate
  • Check all the details such as maximum withdrawal, minimum deposit and whether you can add to your deposit
  • If access to your money is not an issue then you can compare the highest rates
Product Offers
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.

Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.
Follow Us: facebook twitter Google+

©2017 compareandsave.com is a trading name of Freedom Marketing Ltd.
Freedom Marketing Ltd is a credit broker, not a lender and is authorised and regulated by the Financial Conduct Authority, firm reference number 493117. This can be checked at http://www.fca.org.uk/register. Registered in England & Wales under registration number 05349340. The company's registered office is Freedom Marketing Limited, Colchester Centre, Hawkins Road, Colchester, Essex, United Kingdom, CO2 8JX.

The offers that appear on this site are from companies from which compareandsave.com receives compensation.

The Financial Ombudsman Service (FOS) is an agency for arbitrating unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk.