
Are you still saving money in an account that gives you less than 1% interest?
Then you’re missing out — big time.
In 2025, smart savers in the UK and USA are earning up to 5.20% interest on their savings with zero fees, full safety, and mobile access.
If you’re new to saving, this guide is for you.
🧠 What Is a High-Interest Savings Account?
A high-interest savings account (also called high-yield savings in the US) is a special bank account that gives you more money just for saving.
For example:
- Save £1,000 in a 5.00% account = earn £50 per year (vs. £1 in a 0.10% account)
- Save $2,000 in a 4.60% account = earn $92 per year (vs. $4 in a regular bank)
✅ What to Look for (Even as a Beginner)
- 🔒 Safety – Look for FSCS (UK) or FDIC (USA) protection
- 📈 Interest Rate – Aim for 4.00% and above
- 💰 No Fees – Avoid banks that charge monthly fees
- 📱 Easy Access – Go with banks that have mobile apps
- 💸 Instant or flexible access – Unless you’re okay with locking your funds
🇬🇧 Best UK High-Interest Savings Accounts (July 2025)
1. Zopa Smart Saver
- Interest: Up to 5.20% AER
- Access: 7 to 95 days notice
- Min Deposit: £1
- Best For: People who want the highest interest and can wait to access their money.
2. Chase UK
- Interest: 5.10% AER
- Access: Instant
- Min Deposit: £1
- Best For: Everyday savers — quick setup, instant withdrawals, and a clean app.
3. Tandem Instant Access
- Interest: 5.00% AER
- Access: Instant
- Min Deposit: £0
- Best For: Beginners. No deposit needed. Ethical banking.
4. Monzo + Investec Pot
- Interest: 4.95% AER
- Access: Instant (inside Monzo app)
- Min Deposit: £10
- Best For: Monzo users who want saving + spending in one place.
🇺🇸 Best USA High-Yield Savings Accounts (July 2025)
1. SoFi High-Yield Savings
- Interest: 4.60% APY
- Access: Instant
- Min Deposit: $0
- Best For: Tech-savvy users. Great app, FDIC insurance up to $2 million, plus cashback.
2. Synchrony Bank
- Interest: 4.50% APY
- Access: Instant + optional ATM card
- Min Deposit: $0
- Best For: People who want high interest + emergency ATM access.
3. Marcus by Goldman Sachs
- Interest: 4.40% APY
- Access: Instant
- Min Deposit: $0
- Best For: Stability. Trusted brand, clean interface, no surprises.
4. Ally Online Savings
- Interest: 4.35% APY
- Access: Instant
- Min Deposit: $0
- Best For: Beginners who want to organize savings into goals (“buckets”).
📊 Quick Comparison Table
Account | Country | Rate | Access | Best For |
---|---|---|---|---|
Zopa Smart Saver | UK | 5.20% AER | Notice | Max interest, short lock-in |
Chase UK | UK | 5.10% AER | Instant | Fast setup, daily interest |
Tandem Bank | UK | 5.00% AER | Instant | No deposit, simple app |
SoFi Savings | USA | 4.60% APY | Instant | Full features, $0 deposit |
Marcus by Goldman | USA | 4.40% APY | Instant | Long-term savers |
Synchrony Bank | USA | 4.50% APY | ATM option | People needing ATM access |
🧾 How to Open One (Step-by-Step)
- Pick an account from the list above
- Go to the bank’s official site or app
- Click “Open Account”
- Enter your details (name, ID, etc.)
- Link your existing bank for transfers
- Start saving & earning!
✅ Takes 5–10 minutes total.
🧲 Final Beginner Tips
- Start small — even £10 or $20 is enough
- Set a goal (e.g., emergency fund, vacation, rent)
- Set up auto-transfer weekly or monthly
- Review your rate every 3–6 months
- Use a budgeting app to track progress
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