Which UK savings accounts pay the highest interest rates?

With the cost of living and inflation rising significantly, UK consumers are on the lookout for every little way to make their money go a little further. 

As a result, there may be a silver lining to be found within the monetary policy tightening adopted by the Bank of England, in the form of higher interest rates for UK savings accounts. 

This means that finding banks which offer the highest savings account interest rates has increasingly taken precedence. 

Regarding the type and number of banks available, UK consumers have several options. They can choose between global high street banks such as Barclays and HSBC, as well as challenger banks such as Monzo and Revolut, amongst several others.

So which UK savings accounts offer some of the highest interest rates?

Nationwide’s Flex Regular Saver account can be a good option for existing Nationwide current account customers. It offers a 8% AER/gross rate per annum and can be opened online. However, after 4 withdrawals, the interest rate drops to 2.15% AER/gross per annum for the rest of the term. Both these rates are variable.

If you anticipate that you may need to make more than 4 withdrawals, the Nationwide Flex Instant Saver may be a better option, with a variable rate of 3.25% AER/gross per year for 12 months. This gives you unlimited access to your savings, so you can make as many withdrawals as you need and can be opened online. However, this is also only for existing current account holders.

For younger savers, aged 11-17, Nationwide also has the FlexOne saver account, a children’s savings account for existing customers. This gives you a variable rate of 5% AER/gross and unlimited withdrawals, and can be opened both online and in branch.

Lloyds, like Barclays, also has a