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High 5% interest in savings accounts

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The best savings accounts in the UK

Savings rates have gone up slightly.

Some banks advertise savings rate of up to 5%. Sadly, by looking more carefully it turns out, that this high interest rate is only for a very small savings amount of up to 1,000 Pounds Sterling.

The best savings rates are offered by non traditional banks, such as the banks of large car companies.

Other larger savings are offered by online only banks, such as Atom or Chase.

There are a few other not so well known banks, that also offer more attractive interest rates.

The major banks usually pay extremely low interests.

The best instant savings account interest rates are currently around 1.5% and offered by purely online banks.

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.

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