The best instant access savings accounts in the UK
Some banks have started to offer higher interest rate on instant access accounts.
Not well known banks that offer high interest rates
Al Rayan Bank PLC is a commercial bank in the United Kingdom, established in August 2004 to offer Sharia compliant financial service products to customers of any faith.
Islamic banks pay profit to their savers rather than interest.
But usually they “translate” this into interest rates.
Zopa is a British financial services company which began as the world’s first peer-to-peer lending company in 2005 and later gained a banking licence.
It is important to check if savings are protected by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. At present the guaranteed amount is £85,000.
In order to deposit money banks require the sort code, account number, which is a unique eight-digit number and a reference number.