Just last week, the Bank of England published a stark figure revealing that nearly £1 trillion sits in easy access savings accounts earning next to nothing in interest rates. Following five consecutive Bank of England base rate rises, savings rates are on the up.

Leaving your money languishing in a low-paying savings account or your current account means you could be missing out on valuable interest. With the cost-of-living crisis and inflation at a 40-year high, it’s more important than ever to make every penny count.

Here, we list the top-paying, open-to-all accounts on the market to help you take charge of your money:

Easy access accounts

1.56% Virgin Money M Plus Saver. Apply and access online. To open the M Plus Saver account, you need to hold a current account with Virgin Money – although you don’t need to switch your main current account to do so.

1.5% Chase Saver Account – maximum deposit £250,000. Apply and access via mobile app. You’ll need to hold a current account with Chase – although you don’t need to switch your main current account to it.

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1.45% Al Rayan Bank Everyday Saver (Issue 2) – minimum deposit £2,500.Apply online and access online or via mobile app.

1.4% Zopa Smart Saver ‒ minimum deposit £1. Apply and access via mobile app.

1.4% Secure Trust Bank Access Account (1 Jul 2022) – minimum deposit £1,000. Apply online. Access online or by telephone.

Notice accounts

2% DF Capital 180 Day Notice Account (Issue 1) – minimum deposit £1,000. Apply online. Access online, by telephone or email. Withdrawals are subject to 180 days’ notice only; no earlier access is allowed.

1.95% Raisin UK 95 Day Notice Account (provided by QIB UK PLC)  – minimum deposit £1,000. Apply and access online. Access on closure only, subject to 95 days’ notice only.

1.95% Oxbury Personal 180 Day Notice Account (Issue 1) – minimum deposit £1,000. Apply online. Access online or via mobile app. Withdrawals are subject to 180 days’ notice only; no earlier access is allowed.

1.9% Oxbury Personal 120 Day Notice Account (Issue 10) – minimum deposit £1,000. Apply online. Access online or via mobile app. Withdrawals are subject to 120 days’ notice only; no earlier access is allowed.

1.8% Oxbury Personal 95 Day Notice Account (Issue 14) – minimum deposit £1,000. Apply online. Access online or via mobile app. Withdrawals are subject to 95 days’ notice only; no earlier access is allowed.

One-year fixed term bonds

2.7% Raisin UK 1 Year Fixed Term Deposit (provided by National Bank of Egypt UK Ltd) – minimum deposit £10,000. Apply online. No access within the term.

2.66% SmartSave 1 Year Fixed Rate Saver – minimum deposit £10,000. Apply online. No access within the term.

2.65% BLME 1 Year Premier Deposit Account – minimum deposit £1,000. Apply online. No access within the term. The rate is not guaranteed, in order to comply with Sharia Law the rate displayed is an expected profit rate.

Two-year fixed term bonds

3.05% Monument 2 Year Fixed Term Deposit – minimum deposit £25,000. Apply via mobile app. No access within the term.

3.03% Castle Trust Bank 2 Year Fixed Rate eSaver – minimum deposit £1,000. Apply online. No access within the term.

3.01% Allica Bank 24 Month Fixed-Term Personal Savings Account (Issue 24) – minimum deposit £10,000. Apply online or via mobile app. No access within the term.

Three-year fixed term bonds

3.11% Charter Savings Bank 3 Year Fixed Rate Bond – minimum deposit £5,000. Apply online. No access within the term.

3.10% PCF Bank 3 Year Term Deposit (Issue 40) – minimum deposit £1,000. Apply online. No access within the term.

3.05% BLME 3 Years Premier Deposit Account – minimum deposit £1,000. Apply online. No access within the term. The rate is not guaranteed, in order to comply with Sharia Law the rate displayed is an expected profit rate.

Five-year fixed term bonds

3.30% Monument 5 Year Fixed Term Deposit – minimum deposit £25,000. Apply via mobile app. No access within the term.

3.25% PCF Bank 5 Year Term Deposit (Issue 35) – minimum deposit £1,000. Apply online. No access within the term.

3.25% BLME 5 Years Premier Deposit Account ‒ minimum deposit £1,000. Apply online. No access within the term.

Easy access cash ISAs

1.35% Paragon Triple Access ISA (Issue 8) ‒ minimum deposit £1. Apply and access online. Transfers in are allowed. This is a flexible ISA. This is a portfolio ISA. If more than 3 withdrawals are made in a 12 month period, the rate payable will drop to 0.25% from the date of the 4th withdrawal, with the 12 month period resetting on the anniversary of the account opening date.

1.35% Tipton & Coseley Building Society – minimum deposit £25,000. Apply in branch or by post. Access in branch or mobile app. You can make three withdraws per calendar year without notice or charge, subject to our daily withdrawal limits, this also includes transfers out to other ISA providers. Further withdrawals or closure will be subject to 90 days interest lost on the amount withdrawn. Transfers in are allowed. Please note this is a tiered product as follows: £1,000 to £9,999 – 1.05%; £10K to £24,999 – 1.20%; £25K and above – 1.35%. This means only those transferring in existing ISA subscriptions will be eligible for the highest tier rate of £25K and above, due to the annual ISA limit of £20K.

1.32% Tesco Bank Instant Access Cash ISA – minimum deposit £1. Apply and access online or by telephone. Rate includes a 1.07% bonus for the first 12 months. Transfers in are allowed. This is a flexible ISA.

1.31% Cynergy Bank Online ISA (Issue 23) – minimum deposit £1. Apply and access online. Transfers in accepted from other cash ISAs at the time of application. This is not a flexible ISA

1.3% Virgin Money Defined Access Cash e-ISA (Issue 17) – minimum deposit £1. Apply and access online. Maximum of two easy access withdrawals allowed per calendar year. Transfers in are allowed. This is not a flexible ISA.

One-year fixed term cash ISAs

2.06% Virgin Money 1 Year Fixed Rate Cash e-ISA (Issue 498) – minimum deposit £1. Apply online. Withdrawals are allowed, subject to 60 days’ loss of interest. The maturity date is 24/06/2023. Transfers in are allowed. This is not a flexible ISA.

2.05% Secure Trust Bank UK 1 Year Fixed Rate Cash ISA (21 July 2023) – minimum deposit £1,000. Apply online. Transfer in are allowed. Withdrawals allowed but subject to a charge of 90 days loss of interest.

2.01% United Bank UK 1 Year Fixed Rate Cash ISA – minimum deposit £2,000. Apply online, in branch, by post or mobile app. Access on closure or full transfer out only, subject to 90 days loss of interest. Transfers in accepted.

Two-year fixed term cash ISAs

2.45% Charter Savings Bank 2 Year Fixed Rate Cash ISA – minimum deposit £5,000. Apply online. Transfer in are allowed. Withdrawals allowed but subject to a charge of 180 days loss of interest.

2.42% Castle Trust Bank 2 Year Fixed e-Cash ISA – minimum deposit £1,000. Apply online. Full withdrawals are allowed, subject to 180 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA.

2.4% Paragon 2 Year Fixed Rate Cash ISA – minimum deposit £500. Apply online or by post. Withdrawals are allowed, subject to 270 days’ loss of interest. Transfers in are allowed. This is a portfolio ISA. This is a flexible ISA.

Three-year fixed term cash ISAs

2.75% Leeds Building Society Limited Issue 30 Month Fixed Rate ISA (Issue 1) ‒ minimum deposit £100. Apply in branch, by post or online. The maturity date is 02/02/2025. Interest is paid annually and on maturity. Transfers in are allowed. No withdrawals are permitted prior to maturity.

2.55% Paragon 3 Year Fixed Rate Cash ISA – minimum deposit £500. Apply online or by post. Withdrawals are allowed, subject to 270 days’ loss of interest. Transfers in are allowed. This is a portfolio ISA. This is a flexible ISA.

2.5% Hampshire Trust Bank 3 year ISA Bond (Issue 5) – minimum deposit £1. Apply online. Access via full transfer to another ISA provider only, subject to 270 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA.

Five-year fixed term cash ISAs

2.6% Paragon 5 Year Fixed Rate Cash ISA – minimum deposit £500. Apply online or by post. Withdrawals are allowed, subject to 365 days’ loss of interest. Transfers in are allowed. This is a portfolio ISA. This is a flexible ISA.

2.6% Secure Trust Bank 5 Year Fixed Rate Cash ISA (20 July 2027) ‒ minimum deposit £1,000. Apply online. Early closure/transfer is subject to 365 days’ loss of interest. Transfer in are allowed. The maturity date is 20th July 2027.

2.6% United Bank UK 5 Year Fixed Rate ISA – minimum deposit £2,000. Apply online, in branch, by post or via mobile app. Access on closure or full transfer out only, subject to 365 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA.

Continual climb of fixed rate bonds

Daniel Darragh, research and development manager at Savings Champion, said: “It’s been another month of rate increases across the board following the Bank of England’s decision to raise the base rate for the fifth time in a row in June 2022 – an unprecedented situation not seen before in the banks history. While none of the rates available will beat inflation however, ensuring you pick the most competitive rates out there will certainly help to mitigate it.

“While the easy access market has remained steady, with Virgin Money and Chase UK holding the top spots still against slowly rising competition, the most competitive increases have been seen in the notice accounts table, with DF Capitals 180-day account breaching the 2% mark, the highest notice account rate since 2015, and the continual climb of fixed rate bonds across all term lengths, with the highest paying 2-year bond  accounts paying above 3%.”

Source: Savings Champion. Rates correct as at 4 July 2022