How to get more than 5% interest on your savings

10 min Read Published: 01 Feb 2024

How to get more than 5% on your savings

The Bank of England base rate currently stands at 5.25%, the highest rate since March 2008, which has seen savings interest rates increase after years of low returns on cash. In this article, we share the bank accounts offering interest rates over 5% so you can earn the most interest on your money.

For more information on the best rates in the market bookmark our savings best buy tables to stay up to date with the latest rates.

Savings accounts with rates over 5%

In the following comparison table, we compare some of the best accounts on the market right now with interest rates of 5% and over. For more information on the accounts, eligibility and any key features of the account see below the table.

Remember when saving money you can only earn up to £1,000 in interest, if you are a basic-rate taxpayer, before you will be taxed on interest (£500 for a higher-rate taxpayer). This is known as the personal savings allowance and more information can be found in our article, 'What is the personal savings allowance and how you can boost it by £5,000'.

Best savings accounts with over 5% interest - a comparison

Savings Rate Account type  Monthly pay in amount  Easy access Bank's current account required
Nationwide Flex Regular Saver  8.00% Regular Saver £1 - £200 tick tick
Gatehouse Bank 7.00% Regular Saver £1 - £300
First Direct Regular Saver 7.00% Regular Saver £25 - £300 tick
Club Lloyds Monthly Saver 6.25% Regular Saver £25 - £400 tick tick
NatWest Digital Regular Saver 6.17% Regular Saver £1 - £150 tick tick
RBS Digital Regular Saver 6.17% Regular Saver £1 - £150 tick tick
Yorkshire Building Society - Christmas Regular eSaver 6.00% Regular Saver £1 - £150 tick
Halifax Regular Saver 5.50% Regular Saver £25 - £250
Halifax Kids’ Monthly Saver 5.50% Regular Saver £10 - £100
Yorkshire Building Society - Regular e-Saver 5.25% Regular Saver £1 - £250 tick
SmartSave 1 Year Fixed Rate Saver 5.16% 1 year Fixed Rate Bond £10,000 (min initial deposit) - £85,000
Barclays Rainy Day Saver 5.12% Regular Saver £1+ tick tick
Shawbrook Easy Access Account - Issue 37 5.00% Easy Access £1,000 (min initial deposit) tick
HSBC Regular Saver 5.00% Regular Saver £25 - £250 tick
Nationwide FlexDirect account 5.00% Current account £1,000 tick tick

Nationwide Flex Regular Saver - 8.00%

NationwideThe Nationwide Flex Regular Saver offers existing customers 8.00% variable interest on their savings account balance. In order to open an account you must be an existing Nationwide current account holder.

Savers can deposit a maximum of £200 a month into the account and can make up to 3 withdrawals penalty-free. If you make 4 or more withdrawals from the account the interest rate will drop to 2.15% for the remainder of the term. The account can be opened online or via the mobile app.

Who is eligible for the Nationwide Flex Regular Saver?

  • Must be an existing Nationwide current account holder
  • Must be 16 or over and live in the UK

Gatehouse Bank Regular Saver - 7.00%

 

The Gatehouse Bank Regular Saver is designed for people who want to save up to £300 per month and don't need to access their funds for at least 12 months. You can apply for this account online and manage it via the dedicated savings app.

It's worth keeping in mind that Gatehouse can change the interest rate but will give you at least 30 days' notice if it plans on reducing the rate. During this notice period, you will be allowed to close your account if you wish, and any profit you earn will be paid out. If you save the maximum amount of £3,600 during the term, you will receive interest of around £136.50 at the end of the term. The total amount will be £3,736.50.

Who is eligible for the Gatehouse Bank Regular Saver account?

  • Must be 18 and over and live in the UK or be a UK resident for tax purposes.
  • Must be a sole account holder; this account is not open to joint applicants.

First Direct Regular Saver - 7.00%

first direct logo

The First Direct Regular Saver allows First Direct personal current account holders to get 7% interest for a fixed period of 12 months. You cannot access your money within the 12-month term unless you close your account and if you do this, you will only receive an interest rate equivalent to the First Direct savings account, which is currently 2.00%.

You can only save a maximum of £3,600 a year in the First Direct Regular Saver and you can save between £25 - £300 a month. If you do not save a maximum of £300 each month you can carry over any unused allowance to the following month. If you save the maximum amount of £3,600 throughout the term you can expect to earn around £136.50 in interest. 

Who is eligible for the First Direct Regular Saver?

  • Must be a First Direct current account holder

Lloyds

Club Lloyds Monthly Saver - 6.25%

You can earn up to 6.25% for 12 months on your Club Lloyds Monthly Saver if you are a Club Lloyds account holder. You need to set up a standing order or bank transfer between £25 and £400 a month to get the 6.25% interest rate, but you can top up the amount you save each month at any time, as long as it does not exceed the £400 monthly limit. If you deposit the maximum amount each month you can expect your account balance to be roughly £4,950.00 after the interest is paid.

If you set up a regular payment or standing order this needs to reach the account by the 25th of each month. You can access your money at any time with a Club Lloyds monthly saver and after 12 months the account will change to a standard saver. The interest on this account is paid at the end of the 12-month term.

Who is eligible for the Club Lloyds Monthly Saver?

  • You need to be a UK resident and a minimum of 18 years old to open a Club Lloyds Monthly Saver
  • Must be a Club Lloyds current account holder (which comes with a £3 monthly fee that is waived if you deposit at least £2,000 into the account each month) 
  • Must not have already opened a monthly saver account in the last 12 months

Natwest and RBS

NatWest & RBS Digital Regular Saver - 6.17%

You can earn 6.17% gross (6.00% AER variable) on your NatWest and RBS Regular Saver balances between £1 - £5,000. However, once you exceed £5,000 the interest rate does drop to 1.75%. You can access your money at any time with a NatWest or RBS Digital Regular Saver which makes it a good option if you think you will need your money at some point in the future. Interest on this savings account is calculated daily and paid monthly. 

You can save between £1 - £150 a month by standing order but this can be changed at any time and you can top up your monthly contribution up to the £150 limit. Additionally, it is possible to top up savings with round-ups and these round-up savings don’t contribute towards the monthly limit. If you save a maximum of £150 a month into this account your balance after 12 months will be £1,859.83 and you can expect to earn approximately £59.83 in interest.

Who is eligible for the Natwest/RBS Digital Regular Saver?

  • Must be 16+ 
  • Have a NatWest/RBS current account 
  • Must be your only digital regular saving account 

Yorkshire Building Society Christmas Regular eSaver - 6.00%

yorkshire building society logoYou can pay in between £1 to £150 per month with the YBS Christmas Regular eSaver. You can make as many withdrawals as you want on a single day during the term. If you need to, you can close the account to make further withdrawals.

Interest is paid out once on October 31, 2024. Saving £150 for 10 months will result in a balance of £1,540.97 on October 31, 2024, assuming you pay in £150 on the first of each month and you make no withdrawals. At the end of the term, your money will be transferred to an easy-access savings account.

Who is eligible for the YBS Christmas Regular Saver?

  • Must be at least 16 years old
  • Must be a UK resident
  • Must be used for personal savings

halifax logo

Halifax Regular Saver - 5.50%

You can earn 5.50% gross/AER when you save between £25 and £250 each month using a Halifax Regular Saver account. The interest rate is fixed and cannot be changed during the term once you open your account. You cannot access your savings during the 12 month term and if you choose to close the account, the balance including any interest that you earned will be transferred to a Halifax Everyday Saver account and earn the variable rate of interest available with that type of account at the time.

You can open a Halifax Regular Saver account with a minimum balance of £1 and you can deposit between £25 and £250 each month. If you save the maximum amount of £250 each month, your balance at the end of 12 months is likely to be around £3,082.50 if you make no withdrawals.

Who is eligible for the Halifax Regular Saver?

  • Must be 16+
  • UK resident

halifax logo

Halifax Kids’ Monthly Saver - 5.50%

If you would like to save money on your child's behalf, the Halifax Kids' Monthly Saver has a fixed interest rate of 5.50% for 12 months. You can contribute between £10 - £100 per month by standing order and the amount must reach the account by the 25th of the month to get the interest rate for that month. You can change the amount of your standing order at any time but you don't have to contribute every month. The money in your account cannot be accessed for the duration of the term unless you close your account. After the 12 months, the money that you have saved and the interest will be transferred to the Kids' Saver account which was opened when you opened the Monthly Saver.

Who is eligible for the Halifax Kids' Monthly Saver?

  • For children 15 and under (ideal for adults who want to save on their behalf)
  • Accountholder must be 18+ and a UK resident 
  • If you aren’t a parent or legal guardian of the child you need their permission to open this account

Yorkshire Building Society Regular e-Saver - 5.25%

yorkshire building society logo

The Yorkshire Building Society Regular Saver allows existing Savings or Mortgage customers to earn 5.25% interest on their savings for 12 months. The interest rate is however variable and can be changed at any time by Yorkshire Building Society but it says it will notify customers prior to changing the rate.

You can save a maximum of £250 per month in the Yorkshire Building Society Regular Saver. You can access your money on two withdrawal days per year. Once the account matures the money will be transferred to a nominated bank account or building society. Interest is calculated daily and paid on account maturity.

Who is eligible for the Yorkshire Building Society Regular e-Saver?

  • Must be a minimum of 16 years old 
  • Must be a UK resident

Smartsave 1 year fixed rate saver - 5.16%

The Smartsave 1-year fixed rate saver offers an interest rate of 5.21%. The account can be opened with a minimum of £10,000 and you can deposit a maximSmartsave fixed rate savingsum of £85,000. No further deposits can be made after 14 days and you cannot access your savings during the fixed term.

Who is eligible for the Smartsave fixed rate saver - 5.16%

  • Must be at least 18 years old and a UK resident subject to UK tax only
  • Only offers sole savings accounts, meaning you cannot hold the savings account jointly with someone else
  • Funds must be deposited within 14 days of opening the savings account (You’ll be unable to make any further deposits after this period)
  • The minimum amount that must be deposited is £10,000
  • The maximum total amount that may be deposited is £85,000

Barclays Rainy Day Saver - 5.12%

Barclays

If you are a Barclays Blue Rewards member you can earn up to 5.12% on your balance up to £5,000 in a Barclays Rainy Day Saver. If you deposit the full £5,000 you can expect to earn roughly £251.34 in interest on the balance. However, if your balance exceeds the £5,000 limit the interest rate drops to 1.16% on funds over and above £5,000.

The Barclays Rainy Day Saver can be opened with a minimum of £1 and you can deposit a maximum of £10 million. If required, you can access your money at any time.

Who is eligible for the Barclays Rainy Day Saver?

  • Must be a Barclays Blue Rewards member (can earn cashback and rewards but must pay £5 monthly account fee) 
  • 18+ 
  • UK resident 

Shawbrook Easy Access Account - Issue 37 - 5.00%

Shawbrook fixed rate bondThe Shawbrook easy access bank account offers a variable interest rate of 5%. The account can be opened with a minimum of £1,000 and you can deposit a maximum of £85,000 for sole accounts or £170,000 for joint accounts. You cannot access your savings during the fixed term.

Who is eligible for the Shawbrook Easy Access Account - 5.00%

  • You can only apply for this product online
  • Minimum account opening balance of £1,000, maximum account balance of £85,000 for sole accounts and £170,000 for joint accounts.
  • The account is only available to individuals who are 18 years of age or over, permanently resident in the UK, are only liable for UK tax and can provide a UK bank account as a nominated account

HSBC logo

HSBC Regular Saver - 5.00%

HSBC's Regular Saver allows you to earn 5.00% interest for 12 months on a maximum balance of £3,000. You can choose to save between £25 - £250 by standing order each month and if you don't meet the maximum you can carry over any unused allowance to the following months. If you save the maximum allowed amount of £250 each month, your balance after 12 months is likely to be £3,081.25. With an HSBC Regular Saver, you cannot access money for 12 months to benefit from the rate but you can close the account early. If you choose to close the account early you will only receive the flexible saver rate which is currently 2.00%. 

Who is eligible for the HSBC Regular Saver?

  • Aged 18+ 
  • Must have one of the following HSBC current accounts: HSBC Premier, HSBC Advance, Bank Account, Bank Account Pay Monthly, HSBC Student Bank Account or Graduate Bank Account which you must maintain for the 12-month duration

Nationwide

Nationwide FlexDirect account - 5.00% on balance

Nationwide FlexDirect current account holders can earn 5% interest on current account balances up to £1,500. In order to qualify for the rate, however, you must pay in a minimum of £1,000 a month and if you don't meet this criteria the interest rate will revert to 1.00%. Nationwide account transfers do not count towards the £1,000 monthly pay-in amount required. After the initial 12 months end, the interest rate on this account will revert back to 1.00%. 

When opening a Nationwide FlexDirect account you can also benefit from a 12-month interest-free overdraft, as long as you meet the required eligibility criteria, although after the 12-month period ends this rate does increase to 39.9%. You can also access the Flex Instant Saver which has an interest rate of 3.25% for 12 months or the Flex Regular Saver which is 8.00% variable for 12 months.

Who is eligible for the Nationwide FlexDirect account?

  • 18+ UK resident 
  • Personal account only 
  • Hold no more than 4 existing nationwide accounts (including both sole and joint accounts)