Inflation in the UK is now at 3.3% and predicted to rise significantly higher across the rest of 2026, sending up costs of food and fuel and eating away at our savings if they are earning less than that amount in interest.
The good news for savers though is that the top rates in savings account still outpace inflation. If the Bank of England does as it has hinted, and sends interest rates back up, banks could react to that with even better savings deals.
Adam French, head of consumer finance at Moneyfacts, said: “The war in Iran has completely upended interest rate expectations. Just months ago, savers were braced for a steady decline in returns as multiple Base Rate cuts were expected this year. Instead, inflation fears and rising energy prices have forced a sharp rethink.”
Several of the best rates are offering 4.3% to 4.5% or even higher, but there are also different account types to consider to best suit your needs, so ensure your money is working hard for you.
Here is our regular roundup of the best savings deals; rates are correct at the time of writing but always ensure an account is right for your circumstances beyond the headline rate, including any bonus periods, withdrawal allowances and more. Rates are AER (annual equivalent rate) for easy comparison.
Best cash ISAs
ISAs are a type of account which means your savings are protected from tax. The allowance is £20,000 a year at least for this year. New rules planned for April 2027 may limit cash ISA contributions to £12,000 for those under 65, so it makes sense to use as much of your allowance as you can.
Trading 212 is paying 4.51% with a special code from The Independent and you can withdraw anytime without it hurting your rate. The bonus rate is only applicable for new contributions though, not transfers in or previous years’ savings.
Plum is paying 4.32%, a rate which includes a 1.78% bonus for the first year. After that it falls to 2.54%. Plum is a crowdfunder rather than a bank, but the money is still protected by the Financial Services Compensation Scheme (FSCS) up to £120,000.
And Tembo offers a 4.3% deal which is managed via an app which allows unlimited withdrawals. You also get access to fee-free mortgage advice if you want it.
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Best easy access savings accounts
Tembo Money (Home Saver) sees to have the best overall rate currently available at 4.75%. That includes a 1.75% bonus for the first year. The minimum deposit is just £10 up to a maximum of £25,000. There is an additional 1% bonus if you open a mortgage account with the bank, payable after a year to give you 5.75% overall. It’s only for if you use their mortgage services, though.
Chase, a well-known digital bank owned by US giant JP Morgan, pays 4.5% which includes a “newbie” bonus for the first year.
Cynergy Bank has an easy online access account that pays 4.27%. It is good for large balances up to £1m. That rate includes a 2% bonus for the first 12 months.
Best fixed-term saver accounts
Fixed-term deals lock your money away in return for a set rate you know you’ll get, rather than the above easy access accounts which can change up or down according to the Bank of England base rate and wider factors. You usually can’t get money out until the term finishes, or at least not without penalty. The accounts are also sometimes called fixed-term bonds, while some can be bought inside an ISA.
Al Rayan Bank is paying 4.7% for one year. It requires a £1,000 minimum deposit. This is a Sharia-compliant account, available through the Meteor Asset Management platform.
For an 18-month lock up you can get 4.7% from Chetwood Bank, which again needs a £1,000 minimum starting amount.
And for two years, Kent Reliance offer 4.69% again with a minimum £1,000.
More deals are available for longer than this, though if you are considering locking your money up for such a long period you should consider whether investing some might be right for you instead.