Best High-Interest Savings Accounts UK May 2026: Compare GBP Rates Up to 4.00%
Rates last verified on 6 May 2026
Written and reviewed by MatchMyBroker.
Looking to earn 4% or more on your GBP cash? UK trading platforms and fintech apps now pay competitive interest on uninvested cash, often beating high-street banks for accessible balances. We've compared the best UK high-interest savings options as of May 2026 across regulated brokers (XTB, Revolut, Trading 212, IG, Lightyear, IBKR, Webull UK, Wise) and digital banks (Monzo, Starling, Plum), so you can find the highest verified rate on your money.
XTB leads the market at 4.00% AER on GBP cash, followed by Trading 212 at 3.85%, with IG and Lightyear at 3.75%. Revolut Ultra also pays 4.00% AER but only on its highest plan tier. The table below ranks every option by current rate, with FSCS protection notes further down the page.
Best UK Savings Accounts Compared
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Provider Bonuses and Promotions
Several platforms on this list offer welcome bonuses when you sign up through our links. Here's a quick overview of the current promotions available for UK users:
Webull UK
Webull UK offers 3.69% on GBP balances, along with a £50 ETF voucher for new users who sign up through our link. The platform has gained popularity for its professional-grade charting tools and competitive rates. Learn more about the Webull UK bonus promotion.
XTB
XTB offers 4.00% on GBP balances, making it an excellent choice for parking uninvested cash. The platform is FCA-regulated and offers commission-free stock trading alongside the competitive interest rate. New users can claim a free Rolls-Royce share by making any deposit. Read our XTB review for a complete breakdown of features and fees, or learn more about the XTB UK free share promotion.
Lightyear
Lightyear offers 3.75% on GBP and up to £100 in free US fractional shares for new users. The platform stands out for its transparent pricing and competitive FX rates for multi-currency investing. Check out our Lightyear review or grab your bonus via the Lightyear UK promo code page.
IG
IG pays 3.75% on uninvested GBP and is currently offering up to £1,000 in free US shares when you invest £300. As one of the longest-established brokers in the UK, IG offers a comprehensive trading platform with access to thousands of markets. See all current IG promotions: up to £1,000 in free US shares, up to £200 in UK stocks, and up to £3,000 transfer cashback.
Trading 212
Trading 212 pays around 3.85% AER on GBP balances (rates are variable and may change with central bank rates; check in-app for the current AER) and offers free fractional shares worth up to £100 when you sign up with a promo code. The platform offers commission-free trading; other fees may apply, including a 0.15% currency conversion fee. Learn more in our Trading 212 review or grab your bonus via the Trading 212 promo code page. Sponsored Link. To get free fractional shares worth up to £100/€100, you can open an account with Trading 212 through this link. Terms apply. Higher-value shares are awarded less frequently. When investing, your capital is at risk. If you enable interest on cash, Trading 212 will hold your cash in qualifying money market funds and banks. Otherwise, your cash will be held only in banks. Interest applies on cash in an investment account.
Revolut
Revolut's standard plan pays 2.90% AER on GBP savings, with the highest tier (Ultra) paying up to 4.00% AER on balances up to £200,000. Since 11 March 2026 Revolut holds a full UK banking licence, so eligible deposits are FSCS-protected up to £120,000. Read our Revolut review for the full breakdown.
Interactive Brokers
Interactive Brokers pays 3.24% on GBP balances above £8,000, making it better suited for larger cash holdings. New users can earn up to $1,000 in IBKR stock through their referral program. The platform is ideal for serious investors who need professional-grade tools and global market access. Read our Interactive Brokers review or check the IBKR referral bonus details.
How UK Savings Rates Compare
UK savers currently benefit from some of the highest interest rates in years, thanks to the Bank of England base rate. While high street banks typically offer 1-2%, fintech platforms and investment apps are passing on much more competitive rates.
XTB and Revolut lead the pack at 4.00%, making them particularly attractive options. For those preferring traditional banking apps, Monzo provides 3.65% and Starling offers 2.50%.
FSCS Protection at a Glance
FSCS (Financial Services Compensation Scheme) protection is one of the most important factors when deciding where to keep cash. Bank deposit and investor protection are different schemes with different limits, and not every UK platform offers the same coverage. The deposit limit was raised from £85,000 to £120,000 per person per banking group in December 2025. Investor protection remains at £85,000.
| Provider | Bank deposit FSCS | Investor FSCS | How cash is held |
|---|---|---|---|
| XTB | No | Yes (£85k) | Cash held with regulated UK banks under CASS rules |
| Revolut | Yes (£120k) | n/a | Full UK bank licence since 11 March 2026. Savings via ClearBank, current account via Revolut Bank UK Ltd. |
| Trading 212 | Yes (£120k) | Yes (£85k) | Cash split across Barclays, NatWest, JPMorgan partner banks; investor cover applies if T212 itself fails |
| IG | No | Yes (£85k) | Client money held in segregated CASS accounts. Activity requirement applies. |
| Lightyear | Yes (£120k, NatWest portion) | Yes (£85k) | Cash held with NatWest plus QMMFs (money market funds, not FSCS-covered) |
| Webull UK | No | Yes (£85k) | Client cash in segregated accounts under FCA client money rules |
| Interactive Brokers | No | Yes (£85k) | UK entity is FSCS investor member. Accounts introduced to IB LLC (US) fall under SIPC instead. |
| Wise | No (e-money) | n/a | Funds safeguarded under EMR 2011, held with banks or insured. Wise Assets has separate FSCS investor cover. |
| Plum (Easy Access) | No (e-money) | n/a | E-money safeguarded, not FSCS-protected. Plum Cash ISA is a separate product with FSCS-protected partner banks. |
| Monzo | Yes (£120k) | n/a | Full UK banking licence; deposits FSCS-protected directly |
| Starling Bank | Yes (£120k) | n/a | Full UK banking licence; deposits FSCS-protected directly |
Bank deposit vs investor protection: Bank deposit FSCS (offered by Monzo, Starling, Revolut, and via partner banks at Trading 212 and Lightyear) covers your cash if the bank itself fails. Investor FSCS (offered by XTB, IG, Webull, IBKR, plus T212 and Lightyear on top of deposit cover) only kicks in if the broker fails, and covers up to £85,000 of cash and securities. E-money providers like Wise and Plum (Easy Access) are not banks and rely on safeguarding rules, which are robust but legally distinct from FSCS deposit cover.
Personal Savings Allowance and Tax
UK savers don't pay tax on the first slice of their interest each tax year, thanks to the Personal Savings Allowance (PSA):
- Basic-rate taxpayers can earn £1,000 of interest tax-free each year.
- Higher-rate taxpayers get £500 tax-free.
- Additional-rate taxpayers get £0.
At 4.00% AER, you'd hit the £1,000 PSA at around £25,000 of savings (basic rate) or £12,500 (higher rate). Above the allowance, interest is taxed at your marginal income tax rate.
If you're likely to exceed your PSA, a Cash ISA can be more tax-efficient. ISAs let you shelter up to £20,000 per tax year with all interest tax-free, regardless of your income tax band. The trade-off: ISAs typically pay slightly lower rates than the top high-interest savings accounts on this page, so the maths only works once you're close to or above the PSA.
What to Consider When Choosing a UK Savings Account
- FSCS Protection: Most UK banks and FCA-regulated platforms protect deposits up to £85,000 under the Financial Services Compensation Scheme.
- Access restrictions: Some accounts require you to hold investments or have trading activity. Check the terms before depositing.
- Rate changes: Most rates are variable and track the Bank of England base rate. Expect changes when the BoE adjusts rates.
- Tax considerations: Interest earned outside an ISA may be subject to income tax above your Personal Savings Allowance.
GBP Interest Calculator
Use our calculator below to estimate your returns based on the rates shown above.
How We Rank These
Our ranking is based on the AER advertised on each provider's official website, verified directly on 6 May 2026. We weight providers by:
- Headline rate available without unusual conditions (no required deposits, no withdrawal penalties beyond what's noted in the table).
- FSCS or equivalent protection, which we summarise above.
- Withdrawal flexibility: we mark notice accounts and tiered withdrawal limits in the body sections.
- Balance caps and tier requirements: where a rate only applies up to a limit or requires a paid plan, that's noted alongside the rate.
We update this article monthly. Each cycle we re-verify every published rate against the provider's own website, never an aggregator. If we can't verify a rate from the source, we flag the provider rather than carry forward an old number. Our editorial process is run by MatchMyBroker.
Frequently Asked Questions
What is the best high-yield savings account in the UK?
As of May 2026, XTB leads at 4.00% AER on GBP cash, followed by Trading 212 at 3.85%, IG and Lightyear at 3.75%. Revolut Ultra also pays 4.00% AER but is plan-tier gated. For digital banks and challenger apps, Monzo offers 3.65%, Revolut standard pays 2.90%, and Starling Bank pays 2.50%.
Are high-yield savings accounts safe in the UK?
Most UK savings accounts and FCA-regulated platforms are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person, per institution. Always check if your chosen platform is FSCS-protected before depositing.
What is the Bank of England base rate in 2026?
The Bank of England base rate influences savings rates across the UK. Most variable savings accounts track the base rate, so when the BoE changes rates, your savings interest will typically follow. Check the BoE website for the current rate.
Do I pay tax on savings interest in the UK?
UK residents have a Personal Savings Allowance of £1,000 (basic rate taxpayers) or £500 (higher rate taxpayers). Interest earned above this allowance is taxable. Cash ISAs offer tax-free interest regardless of how much you earn. Compare the top providers in our best Cash ISAs in the UK guide, or check out the eToro Cash ISA review for one of the highest rates on the market.
Looking for Euro savings rates instead? Check out our best high-yield savings accounts in Europe comparison with rates up to 6% EUR.
Also, find out which is the best stock broker in the UK.
Can't decide which platform to go with? Check out our free BrokerMatch tool to get a personalized broker recommendation based on your location, goals, and investing style.
And don't miss out on our bonuses and exclusive perks page, where we've listed our best sign-up offers, discounts, and rewards available across dozens of top platforms.
When investing, your capital is at risk and you may get back less than invested. Past performance doesn't guarantee future results.
