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 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|
|Skipton Regular Saver||7.50%||Regular Saver||£1 - £250|
|First Direct Regular Saver||7.00%||Regular Saver||£25 - £300|
|Club Lloyds Monthly Saver||6.25%||Regular Saver||£25 - £400|
|NatWest Digital Regular Saver||6.17%||Regular Saver||£1 - £150|
|RBS Digital Regular Saver||6.17%||Regular Saver||£1 - £150|
|SmartSave 1 Year Fixed Rate Saver||6.06%||1 year Fixed Rate Bond||£10,000 (min initial deposit) - £85,000|
|Shawbrook 1 year fixed rate bond||5.70%||1 year Fixed Rate Bond||£1,000 (min initial deposit)|
|Starling Bank*||5.53%||1-Year Fixed Saver||£2,000 initial deposit|
|Halifax Regular Saver||5.50%||Regular Saver||£25 - £250|
|Halifax Kids’ Monthly Saver||5.50%||Regular Saver||£10 - £100|
|Barclays Rainy Day Saver||5.12%||Regular Saver||£1+|
|HSBC Regular Saver||5.00%||Regular Saver||£25 - £250|
|Nationwide FlexDirect account||5.00%||Current account||£1,000|
Nationwide Flex Regular Saver - 8.00%
The 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 but you can switch to the bank and benefit from a £200 cash bonus if you are not an existing customer.
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 Skipton Regular Saver?
- Must be an existing Nationwide current account holder
- Must be 16 or over and live in the UK
Skipton Regular Saver - 7.50%
The Skipton Regular Saver offers a fixed interest rate of 7.50% for 12 months and is only available to existing members. To qualify, you must have held a continuous membership with Skipton Building Society (a Savings Share account or a Mortgage) starting on or before 31/05/2023 (must have a minimum balance of £1). The account can be opened and managed online, over the phone, by post or in branch.
The minimum balance is £1 and there is no minimum monthly subscription, however, members are limited to a monthly deposit of £250. Any unused monthly allowances not utilised can be rolled over to future months, up to a maximum of £3,000 over the 12-month term.
Who is eligible for the Skipton Regular Saver?
- Must hold a continuous membership with Skipton Building Society (a Savings Share account or a Mortgage) starting on or before 31/05/2023 with a minimum balance of £1.
- Must be 16 or over and live in the UK
First Direct Regular Saver - 7.00%
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
- If you are not an existing current account holder you could get £175 for switching using the Current Account Switching Service. More information can be found in our article, 'Best bank account switching offers'.
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. If you are not an existing Lloyds customer you can switch to the account and benefit from £175 switching bonus.
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)
- Must not have already opened a monthly saver account in the last 12 months
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
Smartsave 1 year fixed rate saver - 6.06%
The Smartsave 1-year fixed rate saver offers an interest rate of 6.06%. The account can be opened with a minimum of £10,000 and you can deposit a maximum 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 - 6.06%
- 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
Shawbrook 1 year fixed rate bond - 5.70%
The Shawbrook 1 year fixed rate bond offers an interest rate of 5.70%. The account can be opened with a minimum of £1,000 and you can deposit a maximum of £2,000,000. You cannot access your savings during the fixed term.
Who is eligible for the Shawbrook fixed rate bond - 5.70%
- You can only apply for this product online
- Minimum account opening balance of £1,000, maximum account balance of £2,000,000
- 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
Starling Bank 1 year fixed rate saver - 5.53%
Starling Bank* offers existing customers the opportunity to earn 5.53% interest on their savings. The account can be opened within the Spaces section of the app within the personal account. There is a minimum deposit amount of £2,000 and your money is then locked away for 12 months. This means you cannot access your money until the account matures. The maximum deposit amount is £1,000,000.
Who is eligible for the Starling Bank fixed rate saver - 5.53%
- Existing Starling Bank current account holders only
- Aged 18+ and a UK resident
- Minimum account opening balance of £2,000, maximum account balance of £1,000,000
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 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
Barclays Rainy Day Saver - 5.12%
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 1.15% 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)
- UK resident
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 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)
- If you’ve had a FlexDirect current account before, you won’t receive the 12-month credit interest offer or the interest-free overdraft offer again. If you are opening a joint account and have not shared a FlexDirect account with that person before you may qualify for the offer.
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