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Can AI really find you the best savings deal?
I'm a savings expert, and I'm not convinced after using ChatGPT for advice
Matthew is an award-winning journalist, specialising in savings, tax and insurance.
Artificial intelligence (AI) is becoming part of everyday life, whether it’s helping you draft emails or plan a holiday. But can it also give you a hand in finding the right savings account?
A national study by Lloyds Bank found 53% of UK adults now use AI tools to help with savings, but our recent investigation showed consumers who use these chatbots could be given misleading or incorrect advice. I've been writing about savings for years, so I was keen to test it out myself.
Using the free version of ChatGPT, one of the most popular AI tools, I asked this simple question: 'What's the best savings rate?' But one question led to another and I was suprised by some of the answers. Here’s what it told me on 10 March 2026, and how the advice stacked up.
Could AI provide up to date rates?
Let's start with what ChatGPT got right. It pointed out – correctly – that the best rate will depend on the type of savings account you want to take out.
It also rightly states that higher-rate deals often come with strings attached – whether it's limits on withdrawals, temporary introductory rates or requiring you to open a current account first.
How did AI fair when it came to advising on today's rates? ChatGPT started by giving an overview of what it calls 'Typical UK savings rates (2026)'. That included rates for instant-access, one-year fixed-term savings (including Isas), and regular savings accounts.
However, it didn't explain what is meant by 'typical' or give more information on the methodology used to arrive at the figures quoted. Confusingly, it also lumped fixed bonds with fixed Isas – two different types of accounts.
I cross referenced the numbers it spat out with Moneyfacts data on 10 March 2026 and the only rates it got right were for regular saver accounts – up to 7.5% AER.
Most rates were wrong
Rates for all other types of account mentioned were incorrect. This table compares the average rate suggested to me by ChatGPT with Moneyfacts data:
| Account type | ChatGPT suggested average rate | Actual average rate available |
|---|---|---|
| Instant-access savings account | 2.15% AER | 2.4% AER |
| One-year fixed-term savings account | 3.85% AER | 3.79% AER |
| One-year fixed-term cash Isa | 3.85% AER | 3.76% AER |
ChatGPT also stumbled when it came to top rates. This table shows how AI compared to Moneyfacts for rates offered by instant-access savings accounts, instant-access cash Isas, and one-year cash Isas. ChatGPT didn't suggest any one-year fixed bond deals.
| Account type | ChatGPT suggested top rate | Actual top rate available |
|---|---|---|
| Instant-access savings account | 4% to 4.5% AER | 5% AER |
| Instant-access cash Isa | Up to 4.39% AER | 4.55% AER |
| One-year fixed-term cash Isa | 4.1% to 4.3% AER | 4.2% AER |
As the table shows, Moneyfacts data shows all of ChatGPT's top deals were inaccurate.
In answer to a follow-up question on where I should deposit a £25,000 lump sum, ChatGPT also claimed that the top rate was 4.5% AER, available either from Chase or Marcus by Goldman Sachs.
While Chase does still pay that rate (if you include its 2.25% bonus rate), Marcus's deal currently offers a much lower 3.75%.
- Find out more:best savings rates 2026
Is ChatGPT any good at savings planning?
ChatGPT seems to perform better when it comes to general savings advice.
When I asked the tool for advice on where to put a lump sum of £25,000, it said the 'smartest approach' is splitting it across a few places instead of putting it all in one account. That sounds similar to savings laddering, which could indeed help you maximise your returns.
Another 'simple strategy' it suggested was to first open a cash Isa, depositing £20,000 – the current annual tax-free allowance. Not a bad starting point. The remaining £5,000 could then be stashed in a top-rate instant-access account.
It suggests Chase's boosted savings account paying 4.5% AER. That's not a bad idea, as Cahoot's market-leading 5% deal has a £3,000 deposit limit.
Inaccuracies that could cost you
While its advice is generally sound, it didn't mention that Chase's rate drops to 2.25% once the temporary bonus rate expires, plus you'll need to open a current account to access the product.
Failing to give a complete picture of specific rules and requirements risks misleading savers and could mean you miss out on extra potential returns.
Out of date advice on FSCS limits
More worrying are the reasons for why a cash Isa is 'great'. ChatGPT told me not only is any interest earned tax-free, but your money will be covered by FSCS protection up to £85,000.
The FSCS (Financial Services Compensation Scheme) protects customers from losing some or all of their cash if authorised financial services firms go bust. However, on 1 December 2025, that was raised to £120,000 per individual, per financial institution (which might encompass more than one bank).
This mistake is notable given the rule change came into force several months earlier. So I interrogated the chatbot again I asked: 'How much are my savings protected by?' But once again it gave the old limit of £85,000.
It was only after I told the tool to reveal the source of this information that it finally provided the correct information, detailed what had changed, and linked to the FSCS's own website.
The other danger we found in ChatGPT's advice is that it assumes all providers are signed up to the scheme. It's ultimately up to you to check if your savings are covered, either by visiting the provider's website or using the FSCS's own online protection checker.
- Find out more: What is the Financial Services Compensation Scheme?
Why I won't be using AI for savings
Out of date rates, errors and misleading information mean I'll be steering clear of using ChatGPT for any savings news or advice.
So where did it all go wrong? The problem is ChatGPT's habit of using websites where rates and information may be out of date.
In my case, it mined knowledge from lesser-known sites such as Lifetimes UK and Finder. The former is a personal finance blog and the latter is a comparison site which uses survey data to calculate average rates, rather than figures collected directly from providers.
And there also appears to be little consistency. I asked ChatGPT the same question on several separate occasions following my initial analysis and the information differed each time, with sources also varying.
When it comes to choosing the right savings account, accuracy is key and failing to get basic information right could cost you. And it's not just higher returns that are being missed.
Our investigation into AI chatbots found a couple of tools, including ChatGPT, gave advice that potentially risked someone oversubscribing to Isas in breach of HMRC rules.
- Find out more: best savings accounts 2026
What OpenAI told us
We asked OpenAI, the owners and developers of ChatGPT, what they thought about my experience.
The US-based tech firm said: 'If you’re using ChatGPT to research consumer products, we recommend selecting the built-in search tool. It shows where the information comes from and gives you links so you can check for yourself.
'Improving accuracy is something the whole industry’s working on. We’re making good progress and our most used model for everyday queries, GPT-5.3 Instant, delivers more accurate answers and better-contextualized results when searching the web.'
ChatGPT's 'web search' tool is available to everyone, including those using the free version, and is meant to ensure the chatbot looks up current or niche information from the web and provides cited answers.
You'll find the option by clicking on the plus sign in the left side of the search box. Then click on the 'Web search' icon and enter your query.
How to get the most out of AI tools
As OpenAI told us, tools such as ChatGPT shouldn't be relied on for financial advice but they can point you in the right direction and may be useful for basic research.
Whichever tool you choose to use, there are ways you can maximise what you get out of them:
- Refine your questions: Be specific and don’t assume the AI tool will work out on its own what you mean. It also doesn’t always give a comprehensive answer the first time, so you may need to refine your question.
- Check sources: The online sources it uses may not be reliable, trusted or up to date. When you are asking for advice that has to do with something as important as your money, it’s worth being sure.
- Always use experts: AI may be able to mine information from multiple online sources, but when it comes to complex financial matters, you should always double-check the information and seek professional advice before making any decisions.
Which? advice on finding the best savings rates
Whether you have £25,000 or £25 to save, make sure you compare accounts from different banks.
Our guides to finding the best savings account and high-interest current account are updated weekly with the latest rates. Information is analysed by our team of experts to help you choose the right account for your needs, plus we highlight what caveats may be hidden in the small print.
Our reviews also show how banks and building societies measure up for customer service, and reveal those that have met our criteria to become a Which? Recommended Provider. All based on real savers' views and our expert product analysis.
This table shows the top-rate fixed-term and instant access savings accounts and cash Isas, ordered by term:
| Instant access | Cahoot | 5% (a) | n/a | £1 | Internet | Monthly, yearly |
| Instant access cash Isa | Plum | 4.66% | 73% | £1 | Mobile app | Monthly |
| One-year fixed rate | DF Capital | 4.35% | n/a | £1,000 | Internet | On maturity |
| One-year fixed rate cash Isa | Tandem Bank | 4.22% | n/a | £0 | Mobile app | Monthly |
| Two-year fixed rate | Castle Trust Bank | 4.32% | n/a | £1,000 | Internet, mobile app | On maturity |
| Two-year fixed rate cash Isa | Castle Trust Bank | 4.23% | n/a | £1,000 | Internet, mobile app | On maturity |
| Three-year fixed rate | OakNorth Bank | 4.3% | n/a | £1 | Internet, mobile app | On maturity (compounded annually) |
| Three-year fixed rate cash Isa | Secure Trust Bank | 4.14% | n/a | £1,000 | Internet | Yearly |
| Four-year fixed rate | Cynergy Bank | 4.25% | n/a | £1,000 | Internet | Yearly |
| Four-year fixed rate cash Isa | UBL UK | 3.91% | n/a | £2,000 | Branch, internet, mobile app, postal | Monthly, quarterly, anniversary, on maturity |
| Five-year fixed rate | Chetwood Bank | 4.4% | n/a | £1,000 | Internet | Yearly |
| Five-year fixed rate cash Isa | Castle Trust Bank | 4.34% | n/a | £1,000 | Internet, mobile app | On maturity |
Table notes: rates sourced from Moneyfacts on 17 March 2026. Provider customer score is based on savers' overall satisfaction with the brand and how likely they are to recommend it to others. n/a means sample size was too small for us to generate a provider score. (a) 5% AER on balances up to £3,000 for 12 months, after which funds transfer to a Cahoot Savings account at 1%.
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