Best Savings Accounts in the UK
-
FSCS protected
savings accounts.
-
Easily compare
top UK savings accounts.
-
Maximize your returns
with high-interest options.
Savings Account Features
A savings account is a type of account that allows you to deposit and accumulate funds while earning interest on your balance. Here are some key points to consider.
Dedicated account
Typically, this requires opening a dedicated savings account separate from your primary account. However, in some cases, digital banks like Kroo (and EMI/financial apps) offer the opportunity to earn interest on your main balance directly.
Easy access
Easy access savings accounts are designed to provide you with convenient access to your savings whenever you need them, without any penalty or restrictions. This accessibility makes it a suitable option for individuals who want to maintain liquidity and have the freedom to use their savings whenever required, without sacrificing interest earned.
Interest rates
Interest rates refer to the percentage of money that a bank pays you for keeping your funds in a savings account. Compound interest is particularly advantageous as it allows your savings to earn interest on both the initial deposit and the accumulated interest, resulting in exponential growth over time.
Minimum balance
A minimum balance requirement is the minimum amount of money you must keep in your savings account to avoid fees or penalties. It’s important to check this requirement when opening an account and ensure that you can comfortably maintain the minimum balance.
Overdraft
An overdraft occurs when you spend more money than you have available in your bank account, resulting in a negative balance. In this case, you can withdraw or spend funds beyond the available balance, up to an agreed limit, that prevents funds from being used from your savings.
Mobile Banks vs. Traditional Banks
Digital or app-based banking usually operates without physical branches and commonly doesn’t charge monthly fees, therefore substantially lowering users’ costs. They provide online access to all services, offering dedicated teams to assist users with any questions or issues they may encounter.
Security
The leading mobile banks, including those on this website, adhere to the highest safety standards, ensuring your money and data are protected around the clock. The mobile banks compared and reviewed by top10mobilebanks.com are authorised and regulated by local authorities.
Go paperless
One of the frustrating things about traditional banks is the amount of documents, contracts and letters that are sent to your mailbox. With mobile banks everything you need is in the app and all communications are sent to your app or your email. Gone are the days of rummaging through piles of paper around your house — and protecting the environment is the icing on the cake.
Lower fees
As a mobile-only platform, mobile banks can offer lower fees than traditional banks — especially when it comes to interest rates, monthly fees, ATM withdrawals, money exchange/international transfers, and payments abroad.
Get approved quickly
Opening an account with a mobile-only bank is simple, with no lengthy paperwork. Just download the app, verify your identity, top up your account and you’re good to go.
24/7 availability
No matter where you are, at home or abroad, you can access your bank account via the app, check your account balance, manage your savings, get customer support, make payments and even lock your debit card if needed. No need to make appointments, queue at branches, or lose working hours to manage your finances.
Monthly plans
The leading mobile banks offer a free account, so you only have to pay a small fee for the services you use. Many mobile banks also offer premium plans, offering additional benefits such as free withdrawals, lower foreign-transaction fees, insurance and more.