The short answer for October 2026

Bank Rate is 3.75%. The Bank of England held it at the 17 September meeting, and the next decision is on 5 November. Here is where the best savings rates stood on 16 October 2026:

  • Easy access: 4.56% from Monument Bank (minimum deposit £25,000) and 4.55% from Tembo's Homesaver (minimum deposit £10)
  • 1-year fixed bond: 5.15% from AlRayan Bank
  • 5-year fixed bond: 5.37% from GB Bank
  • Easy access cash ISA: 4.80% from Trading 212
  • 1-year fixed cash ISA: 4.97% from Shawbrook Bank
  • 2-year fixed cash ISA: 5.08% from Tandem Bank
  • 3-year fixed cash ISA: 5.13% from Tandem Bank
  • 5-year fixed cash ISA: 5.25% from Shawbrook Bank (early closure costs a 360-day interest penalty)

Easy access: the two accounts at the top

Monument Bank pays slightly more, but you need £25,000 to open the account. On that balance, 4.56% earns about £1,140 a year before tax. Tembo's Homesaver pays 4.55% from a £10 minimum, which makes it the more practical choice for most savers. On £10,000 it earns about £455 a year.

Easy access rates are variable. If the Bank of England cuts Bank Rate, your provider can lower your rate within weeks, so check yours every few months.

Fixed bonds: you are paid for locking money away

A 1-year bond at 5.15% turns £10,000 into about £10,515. The 5-year bond from GB Bank at 5.37% turns the same £10,000 into about £12,989, assuming interest compounds each year. The extra rate for the longer term is modest, so ask yourself whether you are happy with the cash being out of reach for five years. Most fixed bonds charge you or refuse withdrawals if you need the money early.

Why the cash ISA wrapper matters

The Personal Savings Allowance lets basic-rate taxpayers earn £1,000 of interest tax-free each year. Higher-rate taxpayers get £500, and additional-rate taxpayers get nothing. Interest above your allowance is taxed at your marginal rate.

Put £25,000 in the Monument account at 4.56% and you earn about £1,140. A higher-rate taxpayer pays about £256 tax on it. A basic-rate taxpayer pays about £28. The same interest inside a cash ISA carries no tax at all. The ISA allowance is £20,000 a year across all your ISAs.

A simple plan

  • Keep three months of spending in an easy access account
  • Use your ISA allowance first if you pay higher-rate tax
  • Fix only money you will not need for the full term
  • Check whether your bank is part of a group that shares one FSCS protection limit before you spread money around

How to check an account before you open it

  • Look for temporary bonuses. Some top rates are a short bonus on top of a lower standard rate. Check what the account pays after the bonus ends, and set a reminder to move the money.
  • Check the minimum and maximum balance. The best rate may apply only up to a limit, and balances above it earn less.
  • Know how interest is paid. Interest paid monthly can compound, interest paid annually is simpler to track for tax.
  • Confirm the protection. Look for FSCS cover on the provider's site, and check the current limit and whether the bank shares it with sister brands.
  • Compare after tax, not before. A slightly lower rate inside an ISA can beat a higher rate outside one if you pay tax on the interest.

If a rate looks far above everything else, find out why before you deposit anything.

Related reading: Best Cash ISA Rates UK and Best Savings Accounts UK

Rates checked on 16 October 2026. They change daily, so confirm the figure and any conditions on the provider's own website before you apply. This is general information, not personal advice.