Best buys

Whether you’re looking for personal accounts for yourself or ways to maximise the interest on the cash in your business or charity, you can find up-to-date information on the top rates in the UK savings market below.

For savers looking to avoid the admin of opening and managing multiple accounts across multiple providers, cash platforms may be a useful alternative. Particularly for people with larger sums of cash looking to be fully protected by the Financial Services Compensation Scheme (FSCS); having one central account through which to manage their money can be a real timer saver.

If you want to find out how you can earn more on your hard-earned cash, why not get in touch. We’re offering everyone with £100,000 or more in savings, investments or pensions a free initial financial review worth up to £500.

Arrange your free initial consultation

Personal accounts

Most popular account types

Some of the most popular savings accounts include easy access accounts, which are good for those who want to be able to access their money quickly, and fixed rate bonds, which usually offer higher rates in return for locking away money for longer. 

Fixed term savings accounts

Fixed term accounts can be helpful as you’ll know exactly what interest you’ll receive from the outset, although locking in for the term means that should interest rates rise, the rate you hold may become uncompetitive as in the majority of cases there is no access to a fixed term bond until maturity.

Sharia compliant savings accounts comply with Islamic law but are available to any saver, regardless of religion or culture. They pay an 'Expected Profit Rate' as an alternative to interest, which is the level of profit paid by the provider to the saver. The provider invests the money deposited by savers to generate a profit, so there is an inherent risk involved, as the return received depends on the performance of the investments made by the provider. Having said that, providers are keen to state that Expected Profit Rates are usually achieved and most providers allow you to take funds away early if the Expected Profit Rate is not likely to be achieved. Some of the rates on offer are better than those offered on standard savings accounts, though the return is not guaranteed in the same way as interest.

ISAs

If you're not looking to use any other ISA allowances, a cash ISA should be any tax-paying savers first port of call. 

Saving for children

Designed solely for children, these accounts come in all shapes and sizes, much like adult accounts. Kids have their own personal allowance so can earn interest tax free, although there are often restrictions on the amount you can save. Don't forget the £100 rule on gifts from parents; any gross interest earned over £100 per year on gifts from parents will be taxed at the parent's highest rate, but this excludes any gifts that are made into a Junior ISA.

Like other ISAs, Junior ISAs are tax free and can be topped up by parents, friends and family up to a limit of £9,000 in the current tax year. However, you are restricted on the amount you can deposit and funds cannot be accessed until the child reaches 18 years old.

For more information about saving for children and financial planning for families, read our intergenerational planning article or get in touch to see how we may be able to help you.

Other

Business cash accounts

Keeping the excess funds from your business in a competitive account can help you set money aside for emergencies and future growth.

As well as keeping your cash active, there are a lot of financial planning considerations that come with running a business. Our team have years of experience supporting business owners to protect and get the most out of their businesses.

Find out more about financial advice for business owners.

Accounts for charities

Having a savings account to hold your surplus funds allows you to earn interest on your cash reserves.

We have experience supporting charities, Trustees’ and their boards with financial, tax and compliance advice. Our experienced advisers work with a number of charities across a wide range of sectors on their financial planning strategies, including cash and investment advice. 

Find out more about our work with charities.

How can we help?

Actively managing your cash savings is the best way to achieve the highest interest rates. We’re currently offering anyone with £100,000 or more in savings, pensions or investments a free financial review worth £500. Get in touch and arrange a free initial consultation today.

Arrange a free initial consultation

The Financial Conduct Authority (FCA) does not regulate cash advice.