Compare savings accounts

When choosing a savings account, you want to get a good interest rate – along with the features you need to manage your finances. With so many providers out there, you have a lot of options to choose from.

At Compare the Market, we make it easy to compare the top savings account rates by gathering information from dozens of accounts in one place. You can see the rates available and also key information at a glance – including pros and cons, maximum and minimum balance, and the ways you can manage your account.

• Interest rate – for the most part, people want to earn as much interest as possible on savings. But this often has to be balanced with access to your money. For example, instant access usually means a lower interest, while fixed-term savings offer more

• Access – some accounts give you instant access to your money whenever you need it, while others charge you a penalty if you withdraw money or not give you access at all before the set end date   

• Tax – there are various accounts that help you earn tax-free interest on your savings (ISAs)  – but remember, your personal savings allowance means you won’t pay tax on the first £500 to £1,000 of interest earned anyway, depending on your tax band

• Minimum and maximum deposit – some accounts can be opened with just £1, while others may need you to deposit much larger sums. Some savings accounts will also have a maximum balance too. A number of accounts offer tiered rates of interest, so the amount of money you have can affect your rate of interest

• Protection – make sure your savings are protected by the Financial Services Compensation Scheme (FSCS) so you know you'll get your money back if the organisation fails. There's a limit of £85,000 per banking group. If you have more than £85,000 in savings and deposits, you should spread it around. Some international banks may be protected by their own country's scheme. You can check to see if your money will be protected by the FSCS

Don't forget, if you've only got a small amount to save, some current accounts will pay higher rates of interest on balances up to a certain level – so may be worth considering. But you'll need to be disciplined and make sure you don't spend the cash that is sitting in your account. It might be worth switching anyway and opening a savings account too. Compare current accounts.

You might see some savings accounts offering high interest rates as incentives for new customers – but once the introductory period is up, you can be left with an interest rate that’s much lower. It could be a good idea to stick around for the introductory rate, and then compare and switch again.

Always check the terms of the introductory rate, as certain things can mean you lose it - for example, if you withdraw money before the end of the introductory period.

Once you’re ready to apply for an account, you’ll need to have the basics to hand – your address, occupation and current bank details. You may need to prove your ID, particularly if you haven't banked with that provider before. If you want to open an ISA, you’ll need your National Insurance number. Some savings accounts require a minimum deposit to open.

Start comparing now to find a savings account that gives you the interest you want and the features you need. Compare savings accounts.