Where can I get 5% interest on my savings in the UK?
As of 2024–25, savings rates of 5% or above are available across a range of UK accounts including easy-access savings, cash ISAs, and fixed-rate bonds from banks and building societies. Providers including Chase, Atom Bank, Cynergy Bank, and various building societies have offered 5%+ on easy-access accounts. NS&I, Flagstone, and Raisin UK have also offered competitive rates. Always check current best-buy tables as rates change frequently with Bank of England base rate movements.
Which type of savings account is best for earning 5% in the UK?
Easy-access accounts at 5%+ offer flexibility but rates can be reduced at any time. Fixed-rate bonds at 5%+ lock your money for a term (typically 1 to 2 years) but guarantee the rate. Cash ISAs at 5%+ provide tax-free interest within the annual £20,000 ISA allowance. Regular savers at 5%+ require monthly deposits but often cap the amount. The best choice depends on your need for flexibility versus rate certainty.
How does open banking help with savings management?
Open banking-powered apps like Chip, Plum, and Moneyhub can connect to your current account and automatically transfer money into competitive savings products when you have surplus funds. Some platforms use open banking to monitor your account balance and move money to higher-rate accounts automatically when you are not spending it. This removes the friction of manually comparing and transferring — a key benefit of open banking for everyday savers.
Open Banking in Practice: The Bank of England base rate, which rose significantly in 2022–24, is the primary driver of UK savings rates. As base rates change, savings rates across all providers adjust. The FCA requires savings providers to pass on rate increases fairly under Consumer Duty (2023). Open banking-enabled savings platforms are FCA-regulated and use secure API connections to move money. Read our savings guide on openfuture.world.
FAQ
Can I get 5% on a cash ISA in the UK?
Yes — cash ISA rates of 5% have been available from several providers; check current rates on comparison sites as availability changes with base rate movements.
Is it better to use a savings app or go directly to a bank for 5% savings?
Savings apps offer convenience and automation; going direct may offer marginally better rates on some products. Both use FCA-regulated accounts with FSCS protection.
Does putting money in savings affect my open banking data?
Savings accounts you connect to open banking apps are included in your data picture, but transfers to savings are not treated differently from other transactions by lenders.