There is a very good chance your savings are sitting in an account paying you somewhere between 1% and 2% interest. Your bank has had your money for years, you've never moved it, and they are absolutely counting on that. In the industry, this is called loyalty. In practice, it's just inertia, and it's costing you.
Here's the maths. £10,000 sitting at 1.5% earns you £150 a year. The same £10,000 in one of the better easy access accounts right now earns you closer to £420. That's £270 a year for doing essentially nothing except opening a different account. Over a few years, that compounds into a number worth caring about.
So let's talk about where your money should actually live.
First: why do savings rates change at all?
The short version: the Bank of England sets something called the base rate, which is essentially the interest rate at which banks borrow money. When the base rate goes up, savings rates tend to follow — banks can earn more, so they pass some of that on to savers to attract deposits. When the base rate comes down, savings rates drift lower too.
We're in a downward phase right now. The base rate currently sits at 3.75%, having been cut several times since mid-2024 after a period of historically high rates. What that means practically: the window for really strong easy-access savings rates is narrowing, and the accounts paying 4%+ today may not be paying that in six months. Which is a good reason not to wait.
It also means the gap between a good account and your high street bank's default offering is stark. Some high street banks are still paying as little as 2-3% on instant-access savings despite the base rate sitting at 3.75%. They're not passing it on because they don't have to — most people don't move.
What to look for in an easy access savings account
Easy access means you can get your money out whenever you need it, with no penalties and no notice period. For an emergency fund or a short-term savings pot, this is what you want — you're not locking anything away.
Things to check before opening one:
- The rate — and whether it includes a bonus that drops after 12 months. Some of the highest headline rates include a temporary boost that disappears, leaving you on a much lower rate unless you move again.
- Access restrictions — some accounts limit the number of withdrawals per year before the rate changes. Read the small print.
- FSCS protection — your savings should be protected up to £120,000 per institution under the Financial Services Compensation Scheme. (This limit increased from £85,000 in December 2025.)
- How easy it actually is to use — and I mean this seriously, which I'll come back to.
My top pick for easy access savings: Wise
I started using Wise in 2022 when I began earning in dollars and needed somewhere to hold foreign currency. It was built for that — international transfers, multi-currency accounts, genuinely useful if you work across borders.
Then I discovered you can switch on interest within Wise, and suddenly it became something else entirely: one of the most useful savings tools I actually use day to day.
A few things I genuinely like about it:
The interface is excellent. This sounds small but it isn't. I have had accounts over the years specifically because they had the highest rate at the time, only to find logging in was so painful, the app so clunky, that I basically never looked at it. Wise is the opposite. It's on my phone, it takes seconds to open, and I can see the interest I've accumulated that month right there on the screen.
The pots. You can set up separate pots for different purposes. I keep my tax pot in one — genuinely useful when you're self-employed and need to ringfence money you can't touch. You could have one for business, one for personal, one for a holiday, one for the boiler that's definitely going to need replacing. It behaves like a proper money management tool, not just a place to stash cash.
It's easy access. Move money in, move money out. No faff.
One thing I'd say: switch on interest, yes — but I'd steer clear of their stocks and shares option. The fees are too high compared to what you'd pay on a dedicated investment platform. Keep Wise for cash savings and use a proper SIPP or ISA for investing.
The current Wise interest rate is around 3.26% — not the absolute highest on the market right now, but genuinely competitive and, more importantly, attached to a platform I actually enjoy using. In my experience, the best savings account is the one you'll actually engage with.
Start earning interest with Wise
If you want to chase the rate
If you're happy to open a separate account specifically for the highest return and you don't need the multi-currency or pot features, here's where the rates are right now.
Chase — up to 4.5% AER
Chase's boosted saver rate is currently 4.5% AER, available in the first 31 days of opening a new Chase current account. After the boost period the rate drops, so it's worth knowing what you're signing up for. You'll need to open a Chase current account to access it, which is an extra step — but Chase's current account is well-regarded and the app is solid. If you're willing to make it your main account, or at least open one, this is currently one of the strongest easy access rates going.
Coventry Building Society — 4.25% AER
Coventry's 3 Access Saver pays 4.25% on all balances between £1 and £1 million, though you can only make three withdrawals before a 50-day interest penalty kicks in. That restriction is worth knowing about — if you're likely to dip in regularly, it's not the right account. If you're disciplined about leaving it alone, it's a strong rate from a proper building society.
Chip — 4.2% AER
Chip's Instant Access account pays 4.2% for new customers, reverting to 3.4% after 12 months. App-based, easy to use, good for people who like a slightly more gamified savings experience. Just set a reminder to review when the 12 months is up.
A word on chasing the highest rate
I've done this. I've opened accounts because they were top of the comparison table, found them impossible to navigate, and ended up ignoring them entirely while my money sat there not actually working for me in any meaningful way.
I had a poor experience with Shawbrook specifically — couldn't access the account easily, and the friction of dealing with it meant I disengaged. There have been others like it.
My honest view: a 0.5% difference in rate on a £5,000 emergency fund is £25 a year. That's real money, but it's not life-changing money. If the account that pays slightly less is one you'll actually use, monitor, and engage with — that's probably the better choice. The best account is the one you're actually going to open.
The best high interest savings account is the one you'll actually use
Stop leaving your savings in a high street account paying 1-2% out of habit. The gap between that and what's available elsewhere is material, and it compounds.
My own money is in Wise for the flexibility, the pots, and the fact that I genuinely enjoy the app. If you want to maximise rate above all else, Chase's boosted saver is currently hard to beat while the offer lasts.
Either way — move it. The rates won't stay this high forever.
Also on Femme Finance:
- Budgeting for Beginners: How to Save Your First £1,000
- How compound interest works — and why starting now matters
- Best SIPP UK 2026: My Top Pick and the Fee Maths That Made Me Switch
This post is for informational purposes only and does not constitute financial advice. Interest rates are correct at time of writing and subject to change — always check current rates directly with the provider. Some links in this post are affiliate links — I may earn a small reward if you sign up, at no cost to you. Savings are protected by the FSCS up to £120,000 per institution.
