Finding the best savings account 4 steps to finding the best savings account

Money, cash savings

Follow our expert tips to find the best savings account for you

Savings rates are currently at a historic low, so it's more important than ever to find an account that best suits your needs. 

Instant-access savings accounts provide a basic option, but you can get better returns by meeting the conditions of fixed-rate or regular savings accounts. 

The Which? Money Compare savings and Isa tables let you search hundreds of savings accounts from providers large and small to find a great account based on quality of service as well as cost and benefits.

The flowchart below will help you find the best type of savings account for your needs. 

Have you used all of your £15,240 tax-free Isa allowance for this tax year?

Yes

Go to the next question

No

Open a cash Isa and use as much of your £15,240 tax-free allowance as possible. You can transfer previous Isa savings into this account too, but bear in mind you can only put new funds into one cash Isa every tax year.

Do you want instant access to your savings?

Yes

Look for an instant-access savings account. The Which? Money Compare tables help you find an account with a great rate and also let you compare providers based on our unique customer satisfaction scores.

No

Go to the next question

Have you decided how long you're willing to lock up your savings for?

Yes

Get a fixed-rate savings account. The Which? Money Compare tables help you find a great account based on how long you're willing to lock up your savings for, while our unique customer satisfaction ratings show what type of service quality you can expect.

No

Go to the next question

Are you able to make monthly regular monthly contributions?

Yes

Consider opening a regular savings account. Many offer better interest rates to savers. The Which? Money Compare tables let you compare regular savings accounts from all providers large and small to help you secure a great rate.

No

Deposit your lump sum of savings into a fixed-rate savings account. The Which? Money Compare tables let you find a great account based on how long you're willing to lock up your savings for, as well as quality service with our unique customer satisfaction ratings.

We know that customer service is an important factor for many consumers when choosing a savings account. That's why the Which? Money Compare comparison tables include our unique customer satisfaction ratings alongside each account. 

It's worth bearing in mind that a fair proportion of the best rate savings accounts are internet-only. If you've got your heart set on a branch-based account, then you will probably have to settle for a slightly lower interest rate.

You can find out more about the different types of savings account on the next page of this guide.

More on this...

Which? Limited (registered in England and Wales number 00677665) is an Introducer Appointed Representative of Which? Financial Services Limited (registered in England and Wales number 07239342). Which? Financial Services Limited is authorised and regulated by the Financial Conduct Authority (FRN 527029). Which? Mortgage Advisers and Which? Money Compare are trading names of Which? Financial Services Limited. Registered office: 2 Marylebone Road, London NW1 4DF.