Savers have the chance to secure better returns, following the launch of several best-rate savings deals.
Atom Bank improved the rates on all of its fixed-rate savings accounts today – and now sits at the top of the Which? Money Compare tables in several categories.
This comes just a few days after it was announced that inflation had risen to 1.8% in January.
To get a savings account that pays enough to beat this, you’ll now need to lock up your money for at least a year.
Here, we highlight some of the best available savings account deals. We’ve also included links to the Which? Money Compare tables where you can learn more about each account.
We’ve excluded accounts with certain qualifying conditions or bonus rates, and those that require a minimum balance of more than £5,000.
Which? Money Compare table: savings accounts and Isas – our tables are updated daily
Savings account deals
Instant-access savings accounts
The best instant-access savings rate in our tables is 1.1% AER, offered by RCI Bank. This provider is not covered under the Financial Services Compensation Scheme, although up to €100,000 of your savings are protected by the French equivalent. Click the link to find out more about the RCI Bank Freedom Savings account.
One-year fixed-rate savings accounts
If you’re willing to tie up your savings for a year, the best rate in our tables is 2% AER, offered by Atom Bank. Click the link to find out more about this account.
Two-year fixed-rate savings accounts
Atom Bank offers the best two-year fixed-rate savings account in our tables, paying 2.1% AER. Click the link to learn more about this account.
Three-year fixed-rate savings accounts
Atom Bank offers an inflation-busting 2.2% AER on its three-year fixed-rate account, which is the best rate in our tables. Click to find out more about this three-year bond.
Four-year fixed-rate savings accounts
The best rate in our four-year fixed-rate savings account tables is also offered by Charter Savings Bank. It pays 2.06% AER. Click to find out more about this account.
Five-year fixed-rate savings accounts
The best rate on a five-year savings account available in our tables is 2.5% AER, offered by Atom Bank. Click the link to learn more about the Atom Bank 5 Year Saver.
Other ways to achieve inflation-beating returns on your savings
There are currently no cash Isa deals in the Which? Money Compare tables that offer a rate above 1.8% AER.
Current accounts are still offering eye-catching rates, albeit on limited balances.
Nationwide FlexDirect pays 5% AER on balances up to £2,500 in the first year, falling to 1% AER after 12 months. Meanwhile, the Santander 123 account pays 1.5% AER on balances up to £20,000, although it comes with a £5 monthly fee.
Bear in mind that to qualify for interest, these accounts and many others will require you to make a minimum monthly deposit and set up a certain amount of direct debits. There are more details available in our current account tables.
However, these are typically seen as longer-term investments and you’ll need to be comfortable knowing the value of your investments can go down as well as up.
Which? Limited is an Introducer Appointed Representative of Which? Financial Services Limited, which 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.