We use cookies to allow us and selected partners to improve your experience and our advertising. By continuing to browse you consent to our use of cookies. You can understand more and change your cookies preferences here.

The best savings accounts to beat inflation

Inflation is at its highest level for two-and-a-half-years

No instant-access accounts can beat inflation, meaning savers have to be prepared to lock their money away to protect it from losing value in real terms.

Now that inflation has reached 1.8% – its highest level for two-and-a-half years – a limited number of savings accounts on the market pay enough to match or beat it.

To get a savings account that pays enough to match or beat this, you’ll now need to lock up your money for at least three years.

Here, we highlight some of the best available savings 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 is protected by the French equivalent.

The Nottingham Building Society and West Bromwich Building Society offer the next best rates in our table, both paying 1.05% AER.

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 1.65% AER, offered by United Trust Bank. Click the link to find out more about this account.

OakNorth Bank offers the next best rate in our table, at 1.62% AER.

Two-year fixed-rate savings accounts

United Trust Bank also offers the best two-year fixed-rate savings account in our tables, paying 1.8% AER. Click the link to learn more about this account.

Atom Bank offers the next best rate in our table, at 1.7% AER.

Three-year fixed-rate savings accounts

Atom Bank offers a market-leading 1.9% AER on its three-year fixed-rate account. Click to find out more about this three-year bond.

Vanquis Bank offers the next best rate in our table, at 1.85% AER.

Four-year fixed-rate savings accounts

Vanquis Bank offers the best rate in our four-year fixed-rate savings account table, paying 2.1% AER.

Paragon Bank offers the next best rate in our table, at 2% AER.

Five-year fixed-rate savings accounts

The best rate on a five-year savings account available in our tables is 2.25% AER, offered by Atom Bank. Click the link to learn more about the Atom Bank 5 Year Saver.

Vanquis Bank offers the next best rate in our table, at 2.21% AER.

Which? Money Compare table: fixed-rate savings accounts – compare hundreds of fixed-rate deals

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.

Please note that the information in this article is for information purposes only and does not constitute advice. Please refer to the particular terms & conditions of a provider before committing to any financial products.

Categories: Money, Savings & Isas

Back to top
Back to top