Where can I get 7% interest on my savings in the UK?
Savings rates of 7% or above in the UK are typically available only through regular saver accounts with monthly deposit caps of £250 to £500. In 2023–24, several banks offered regular savers at 7–8% including First Direct, HSBC, and Co-op Bank — usually restricted to existing current account customers. For instant-access and easy-access savings, rates of 5–6% have been more typical; always check current best-buy tables as rates change frequently.
What types of savings accounts offer the highest interest rates?
The highest savings rates in the UK are generally found on: fixed-rate bonds (locking money away for 1 to 5 years), regular saver accounts (requiring monthly deposits with caps), and notice accounts (requiring 30 to 120 days notice to withdraw). Easy-access accounts tend to offer lower rates in exchange for flexibility. NS&I fixed-rate bonds, bank regular savers, and specialist savings platforms like Flagstone or Raisin can offer competitive rates.
How can open banking help me find better savings rates?
Open banking-powered savings platforms such as Flagstone, Raisin, and Chip use FCA-regulated API connections to automatically move your money to the best available savings rates — either across multiple banks or within a single app. Some platforms automatically switch your savings to the best available rate when a fixed term expires, removing the need to manually compare and transfer. This is a growing open banking use case sometimes called savings automation.
Open Banking in Practice: For most UK savers, the practical route to the best rates involves comparing current best-buy tables on MoneySavingExpert or comparison sites, then opening the relevant account directly. Open banking is reducing friction in this process — some apps can fund a new savings account directly via open banking payment initiation. The JROC’s open finance agenda may eventually extend data sharing to savings rate comparison tools. Read more on openfuture.world.
FAQ
Is there a savings account paying 7% interest right now?
Availability changes constantly — check current best-buy savings tables at MoneySavingExpert.com or comparison sites for live rates; 7%+ is usually restricted to regular savers.
Where should I put £20k in savings in the UK?
Splitting across a fixed-rate bond, cash ISA, and easy-access account maximises both rate and flexibility; FSCS protection caps at £85,000 per bank.
Which bank gives the best savings rate in the UK?
Best rates vary week to week — use comparison sites or platforms like Flagstone to see current top rates across all FCA-regulated banks and building societies.