Top savings accounts: where to find the best rates for your cash

While savings rates are starting to fall, you can still earn up to 8% on your cash.

There are some great savings deals available – but these may not last long as the Bank of England is beginning its rate-cutting agenda.

And with the cost-of-living crisis continuing to bite, we all must ensure our savings are working as hard as possible.

If you make the mistake of leaving your savings in your current account, you could be earning as little as 0.1% on your cash, or possibly nothing at all. 

However, by moving your savings to a top-paying account, you could enjoy a rate of up to 8%.

So, let's look at the best offers currently available, starting with regular saver accounts.

Manage all your savings accounts in one place with Raisin, the simple savings service

Regular savers: up to 8%

Regular savings accounts are generally best for new savers as they don't allow you to deposit a lump sum upfront. Instead, you make regular monthly contributions, and the money is returned to you with interest after one year.

However, if the rates are generous enough, and you are eligible, then they can also work for savers with a pot already built up.

All you do is put your funds in the best-paying easy-access account (which we've also listed in this article) and filter some money into a regular saver, or savers, each month.

So, what rates can you get?

Principality Building Society is currently paying 8% on its six-month deal, with a maximum monthly deposit of £200.

Although you aren’t allowed to make penalty-free withdrawals, Principality does permit early closures.

As another favourite, First Direct offers a 7% regular saver, allowing deposits of up to £300 per month when you open a 1^st Account.

On top of this, the bank has a £250 interest-free overdraft and regularly tops the tables for customer service.

Notice accounts: up to 5.11%

With a notice account, you’ll have access to your cash, as long as you let your provider know in advance that you plan to make a withdrawal.

Typically, these accounts offer more attractive rates than their easy-access equivalents.

The top rate currently comes from specialist bank DF Capital, which pays 5.11% on a 90-day account and allows deposits of between £1,000 and £250,000.

Next up, Charter Savings Bank pays 5.06% on a 60-day account, allowing deposits of between £5,000 and £1 million.

Cash ISAs: earn up to 5.17%

The Personal Savings Allowance (PSA) has meant that it’s easy to get a tax-free return from your savings even if you don’t use an ISA, though it’s still worthwhile making use of your tax-free ISA allowance.

That’s because any money you put into an ISA will stay tax-free long-term, even if the interest you earn grows beyond the PSA limits.

With the PSA, any interest you earn beyond the £1,000/£500 limit is taxed at your marginal rate.

The best rate on an easy-access Cash ISA right now is from fintech company Trading 212, which pays 5.17%, with a minimum £1 deposit.

As the account is a flexible ISA, you can take money out and replace it without impacting your annual allowance – although you’ll need to do so in the same tax year.

Alternatively, Moneybox also pays 5.17% for a minimum £500 deposit, although this isn’t a flexible ISA.

If you’d prefer the reassurance of a well-known brand, Leeds Building Society is offering 4.55% on a minimum of £1,000.