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Wednesday 17th April 2024

The best savings accounts for your money

Here are the best savings accounts to earn you more interest on your money

The best savings accounts for your money 

With interest rates rising, now is a good time to hunt for a good deal on savings.  

Interest rates have been on the rise for many months now, but for you, our Mouthy savers, this is good news! With the Bank of England hiking interest rates, you can take advantage of rising savings rates today.  

Here’s your one-stop to know the best savings rates in the UK. Our savings and interest best buy tracker highlights the top products and providers in the market for the type of account you need and is completely impartial.  

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So, if you’re looking to open or switch savings accounts, make sure you run a comparison on Mouthy Money to see what’s best for you right now. 

Type Product & Provider Headline Rate Minimum and maximum balance Open account Notes Change 
Easy Access 
Furness BS
– Triple Access Save (Issue 1)
5.00% £1 to £250,000 At branch, Mail and Mobile only 3 withdrawals per annum. Account reverts into to an access account upon further withdrawals.N/A 
Easy Access
Beehive Money
– Bonus Saver August 2024
4.90%£1,000 to £250,000 Online and Mobile onlyAccess Note via nominated account.N/A 
Easy AccessCahoot – cahoot Simple Saver

4.90%£1 to £2,000,000 Online onlyN/A 
One-year fixed rate SmartSave – 1 Year Fixed Rate Saver6.01%£10,000 to £85,000 Online, only Further additions allowed for 14 days from account opening. N/A 
Three-year fixed rate Recognise Bank – 3 Year Fixed Rate Account – Issue 16.05% £1,000 to £85,000 Online only  Further additions allowed for 30 days from account opening. N/A 
Five-year fixed rate 
RCI Bank UK
– Fixed Term Savings Account
5.80% £1,000 to £1,000,000 Online only  Further additions allowed for 14 days from account opening. N/A 

Source: Moneyfactscompare.co.uk, Wednesday 23 August 2023

Net Interest Margins  

The Bank of England has substantially hiked its base rate in the past 17 months. 

Borrowers will have noticed that the largest UK banks have been very quick to pass on the higher interest rates onto customers. 

However, it is a different story when it comes to savers. Savers are barely benefitting as big banks have failed to pass on those sizeable interest rate hikes to their customers in full.  

Here at Mouthy Money we’re keeping a check on the rates across the big UK banks.   

Here’s how the profit banks are earning on the difference between what they charge borrowers and pay savers stacks up: 

Bank Q2 2023 Q1 2023 2022 FY 2021 FY 2020 FY 
Barclays Bank  3.22% 3.18%3.20% 2.52% 2.61% 
HSBC  1.72% 1.69%1.48% 1.20% 1.32% 
Lloyds Bank 3.14% 3.22%2.94% 2.54% 2.52% 
NatWest  3.22% 3.27%2.85% 2.39% 2.46% 
Santander  2.74% 2.63%1.58% 1.40% 1.17% 
TSB  2.81% 2.86%2.57% 2.44% 2.47% 

Source: High Street banks’ financial year 2022 results compiled by Mouthy Money, August 2023.

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