With interest rates continuing to fluctuate and inflation eroding cash value, choosing the right savings platform is essential for maximising returns while keeping your funds secure. Whether you're looking for high-yield accounts, flexible access, or FSCS protection, there are several strong options in the UK.
But with multiple platforms competing for your attention, choosing the right one can mean the difference between maximising returns and losing out to inflation. Here's what UK savers need to know in 2025.
1. Understand the true cost of saving: Fees and missed returns matter
Platform fees and missed interest opportunities compound over time, so what seems like a modest difference in rates can significantly impact long-term wealth.
Essential fee considerations include:
- Platform fees: Typically range from 0% to 0.75% of interest earned
- Account fees: £0-£20+ per month for premium features
- Transfer costs: Most platforms offer free transfers between accounts
- Hidden costs: Early withdrawal penalties on fixed accounts, minimum balance requirements
Platform and Account fees based on selected providers and are subject to change.
2. Product variety versus practical flexibility: What matters most
While some platforms boast access to hundreds of savings accounts, the right mix of products often matters more than quantity.
What to look for:
- Core building blocks: Fixed-term deposits (1-5 years), notice accounts (30-185 days)
- Account types: Easy access, notice accounts with tracker rates, fixed-term savings
- Marketplace access: Multiple partner banks from a single platform
- Rate options: Base-rate trackers, fixed rates, boosted rates
Key question: Does the platform allow you to build a diversified cash strategy aligned with your liquidity needs?
3. Choose your account type wisely, and mind the tax wrapper
Choosing how your money is held can be just as important as where it’s held. Understanding the differences between savings account types ensures you’re maximising your tax efficiency.
- Cash ISA: £20,000 annual allowance, tax-free interest
- Notice Accounts: Higher rates but require 30-185 days’ notice
- Fixed-term Accounts: Usually best rates but no access during term
- Easy Access Accounts: Lower rates but instant access
- Tracker Accounts: Rates that follow Bank of England base rate changes
Platform tip: Check if you can easily transfer between account types and consolidate existing cash ISAs
Any reference to tax is subject to personal circumstances and may change in the future.
Higher rates and best rates are correct as of September 2025; subject to change. Based on selected providers.
4. Don't compromise on technology and user experience
Modern saving demands modern technology. Bank-grade security and encryption should be standard.
Look for platforms that offer:
- Ease of use: One app to access multiple banks and accounts
- Real-time data: Live interest rates, instant account opening
- Account analytics: Interest tracking, rate comparison tools
- Automated tools: Automatic fund allocation to highest available rates
- Security features: Bank-grade encryption, multi-factor authentication, secure data storage
5. Identify the savings approach that works for you
Platforms increasingly cater to specific savings styles.
Active rate chasers need:
- Access to multiple banks through one platform
- Rate comparison tools
- Quick switching between accounts
- Market rate alerts
Set-and-forget savers require:
- Competitive fixed-term options
- Auto-renewal features
- Simple user interface
- Minimal manual maintenance
Flexible savers want:
- Mix of notice and easy access accounts
- Savings pots or buckets functionality
- No penalties for withdrawals
- Range of term options
6. Don't overlook security and regulation
Protecting your cash extends beyond interest rates.
Minimum security checklist:
- FCA authorisation: Always verify on the FCA Register
- FSCS protection: £85,000 per individual, per institution
- Reputable bank partnerships: Money held by major banks like Barclays, HSBC, Santander
- Robust cybersecurity: Bank-grade security and encryption standards
7. Assess the platform's credibility and financial backing
In volatile markets, platform resilience is crucial.
Evaluate the following:
- Financial backing: VC-backed platforms, established financial institutions
- Track record: Length of operation, customer base size
- Regulatory compliance: Clear FCA registration and permissions
- Custodian arrangements: Reputable custodians like Bondsmith for cash management
8. Look for educational resources and support
Knowledge gaps can be as costly as poor rates, so look for:
- Learning resources: Understanding compound interest versus compounding costs
- Savings guidance: Tools for calculating optimal cash holdings
- Customer support: Quick response times, human assistance
Red flags to avoid:
- Platforms not listed on the FCA register
- Unclear information about FSCS protection coverage
- Hidden fees or complex fee structures
- Average retail rates well below market (e.g., 2% when market offers 4.5%+)
- No information about partner banks or custodians
- Poor customer service response times
The decision framework
Use this scoring approach to compare providers:
- Interest rates and total returns (35%)
- Product range and flexibility (20%)
- Technology and user experience (15%)
- Security and protection (15%)
- Account types and tax efficiency (10%)
- Support and education (5%)
Next steps: How to start smart
- Calculate your true returns: Compare net interest rates after any fees
- Define your needs: How much liquidity do you need versus higher rates?
- Test the platforms: Most offer quick sign-up processes
- Check transfer options: Ensure you can move existing savings easily
- Start small: Test with smaller amounts before committing larger sums
Here are 12 platforms to check out
- Prosper (of course)
- Chip
- Raisin UK
- Hargreaves Lansdown Active Savings
- Zopa Smart Saver
- Marcus by Goldman Sachs
- Aldermore
- Coventry Building Society
- Kent Reliance
- OakNorth Bank
- Virgin Money
- Ford Money
Ready to optimise your cash savings? Compare the UK's leading cash savings platforms and discover which aligns with your wealth-building goals.