Unlock Up to 5.23%: Discover November 2024’s Best Savings Rates!

Planning for your future? Make sure your savings are working as hard as they can! Check out the top savings accounts with the highest interest rates this November.

Did you know that three out of four savers stick with their current bank? According to last year’s research, many may be missing out on better rates. If you’re banking with a traditional bank, your hard-earned cash could be earning less than it should.

For instance, HSBC’s Flexible Saver offers just 1.75%. With a balance of $15,000, you’d earn $262 in a year—if the rate stays the same. But guess what? By switching to a higher-paying account, you could earn an extra $470 or more!

If you’re on the hunt for better rates, dive into our curated list of the top savings accounts available right now. We’re also breaking down:

Read more: Best Fixed Rate Bonds

Top Savings Accounts

Before you start comparing rates, it’s essential to clarify your savings goals. This will help you find the right account to match your needs.

Fixed rate savings accounts typically offer higher interest rates than variable accounts, but they limit your access to funds. If you’re not planning to dip into your savings soon, they’re an excellent choice for reliable earnings, with the top current fixed rate hitting 5%!

Looking for flexibility? The best easy access account currently offers a 4.85% rate, allowing you to add or withdraw funds at any time—ideal for building an emergency fund.

Remember, easy access rates can be variable and change at your bank’s discretion. Notice accounts provide better rates but require advance notice before you can access your cash. The top notice rate is currently 5.23%—worth considering if you can commit to a notice period.

Read more: Notice Accounts Explained

Best Easy-Access Accounts

Atom Bank is currently leading the pack with an easy-access account offering a competitive rate of 4.85%. But there’s a catch: to earn this rate, you need to avoid withdrawals for the month. If you do make a withdrawal, the rate drops to 3.85%.

With a $5,000 deposit, you could earn about $243 annually—$95 more than the average easy-access account!

What is an Easy-Access Savings Account?

Easy-access accounts offer the flexibility to add or withdraw money anytime. However, this convenience typically comes with lower interest rates compared to fixed-rate accounts. While they may sometimes offer competitive rates, remember that these can change at your bank’s discretion.

It’s essential to understand that not all easy-access accounts are the same. Check out our guide for more details.

Best Fixed Savings Bonds

Right now, the top one-year fixed-rate bond offers a solid 5%. If you’re willing to lock in your money for five years, there’s also a 4.6% option available. Explore more options here.

Read more: Best Fixed Rate Savings

What is a Fixed Savings Bond?

A fixed-rate bond guarantees a specific interest rate over a specified term. This allows savers to know exactly how much their investment will earn over time, providing peace of mind against inflation.

Market dynamics play a crucial role in determining interest rates. As Chris Irwin from a major building society explains, factors like interest swap rates and broader market conditions are key influences when pricing fixed products.

Best Regular Savings Accounts

First Direct is not only offering the highest rate but also allows for the largest monthly deposits—making it the go-to for those eager to maximize their monthly interest payouts.

What is a Regular Savings Account?

Regular savings accounts often tout enticing interest rates, but they are designed more to cultivate a savings habit than to maximize earnings. With capped contributions, missing payments can result in penalties, so understanding the account requirements is essential. For a deeper dive into regular savings options, check our guide.

Best Notice Savings Accounts

Prosper Savings leads the field with the best notice rate at 5.23%. If you deposit at least $20,000, you could earn about $1,046 annually, provided the rate remains the same. Just remember, there’s a one-year notice period before you can access your funds.

If you prefer more flexibility, Streambank offers a shorter 90-day notice period with a lower rate of 5.05% and a smaller minimum deposit requirement.

Read more: Top Regular Savings Accounts

What is a Notice Account?

With a notice account, you must inform your bank ahead of time before withdrawing funds, typically ranging from two weeks to several months, depending on your deposit terms. This is why these accounts usually offer higher rates than easy access accounts. Some banks do provide early access at a penalty, usually a loss of interest, so weigh your options carefully when considering rates versus notice periods.

What are the Rates on Premium Bonds?

Consider an alternative with Premium Bonds from the government-backed National Savings & Investment (NS&I). Instead of earning interest, you enter a monthly prize draw for tax-free payouts ranging from $25 to $1 million!

Each pound you invest counts as an entry, which means the more you invest, the better your chances of winning. To win on average each month, you’d need to invest about $22,000, with a cap of $50,000.

The prize rate, which reflects what the interest would be if paid out in a traditional manner, has recently been lowered to 4.15%. Learn more about Premium Bonds.

Best Cash ISAs

Interest earned on savings accounts could be subject to income tax based on your earnings and tax band. To learn more, check out our guide on Personal Savings Allowance.

Using a Cash ISA can protect your interest from these taxes. Below are some of the top Cash ISA rates available:

Methodology

We analyze approximately 2,000 savings accounts currently available in the market, excluding accounts meant solely for existing customers or those with geographical restrictions.

All categories are sorted by the highest interest rate (AER), and additional filters may apply for specific categories. We consider factors like minimum and maximum balances, age, maximum withdrawals, maximum monthly deposits, minimum initial deposits, notice periods, and duration. Our data is sourced from an independent market analyst maintaining a comprehensive financial product database.

Is My Money Protected?

When opening a savings account, it’s crucial to ensure your funds are protected by the Financial Services Compensation Scheme (FSCS). This scheme compensates savers if their financial institution fails and cannot return funds.

The FSCS acts as a final safety net for savers, funded by a levy from UK-authorized financial firms. Currently, the protection limit is $85,000 per person, per banking license, meaning that joint accounts can be protected up to $170,000 total.

Keep in mind that if you have over $85,000 in two banks under the same institution, your coverage will still be limited to $85,000 total.

Will Savings Rates Go Up?

Back in December 2021, the average easy-access savings rate was a meager 0.19%. Fast forward to now, it’s jumped to 3.08%, thanks to rising base rates aimed at controlling inflation.

Learn more about how interest rates and inflation impact savings rates. As base rates rise, borrowing becomes pricier while saving becomes more appealing.

As interest rates continue to slide, savers are urged to seize the best deals while they last. Time is of the essence! “Secure those inflation-beating returns while the window is open,” advises financial analysts.

Read more: When Will Interest Rates Decrease?

Are Savings Accounts Worth It?

Savings accounts can be excellent for achieving specific financial goals, providing a predictable return on investment. They offer a secure way to keep your cash, as explained in the protection measures mentioned earlier.

How to Maximize Interest on Your Savings

Despite rising rates, you’ll still need a competitive account to outpace inflation. Here are some tips to ensure you get the most from your savings:

• Compare rates from different providers
• Transfer your funds to the highest-paying account once your deal expires
• Ensure your money is protected by the FSCS
• Verify your provider is authorized and regulated by the appropriate bodies

Should I Save or Invest My Money?

Your decision largely hinges on your financial goals and risk tolerance. In the short term, investments can be volatile, and you might not recover your initial capital. For building a vacation budget or an emergency fund, saving may be wiser.

However, historically, investing tends to yield better returns over the long haul. For significant goals like a home purchase or retirement, exploring investment options may be your best bet.

Wealthify offers insights into all things saving and investing.