Inflation across food, energy bills and fuel costs continue to plague British households, making it more important than ever to ensure cash savings are earning a high rate of interest.
Thankfully, plenty of banks, building societies and finance apps are offering above-inflation levels right now – which is 3 per cent and expected to head higher this year – so there’s no excuse for not getting at least 4 per cent on your money.
The very best accounts, however, pay considerably more than that – and we’ve got our usual regular roundup to help you find the best ones.
All rates and terms are correct at the time of writing but always check to ensure an account suits your needs and circumstances before choosing one – and remember that variable rates can change without much warning.
For this month that could yet include heading even higher, with the Bank of England (BoE) set to vote on interest rates on 17 September.
Best cash ISAs in September
A cash ISA is a savings account where your money can earn interest which isn’t subject to tax, regardless of how much is paid out to you each year. As a reminder, this is the final tax year in which everybody can put £20,000 fully into their cash ISA – from next year, it’s a £12,000 limit with the remainder reserved for investing and elsewhere.
Right now, the best cash ISA rate available is with Trading 212, where you can get 4.61 per cent including a bonus for The Independent readers, using an exclusive code. The bonus lasts 12 months and the account is a flexible one – meaning you can take money out and replace it in the same tax year without it impacting your overall allowance.
In addition, Sidekick are offering the same 4.61 per cent – though the bonus there is only for six months and only applies to new deposits, in other words, current tax-year money put into your ISA. It is also a flexible ISA and Sidekick are additionally offering a bonus of between £100-£500 for moving your ISA from another provider – the exact amount you received depends how much you transfer.
Get a free fractional share worth up to £100.
Capital at risk.
Terms and conditions apply.
ADVERTISEMENT
Get a free fractional share worth up to £100.
Capital at risk.
Terms and conditions apply.
ADVERTISEMENT
Very close behind, Chip’s smart cash ISA offers 4.6 per cent including a 12-month bonus, and as with the two above the offer is only for new clients. Unlimited withdrawals are allowed and it is again a flexible ISA.
Beyond that top three – which often change by adding or removing fractions of a percent to battle for top spot – the next top options include Plum at 4.26 per cent, Tesco Bank offering 4.2 per cent and Coventry Building Society’s one-year ISA at 4.25 per cent – with a maximum of four allowed withdrawals.
.jpeg)
Best easy access savings accounts in September
An easy access account is just what it sounds like – you can put money in and take it out as you need. Sometimes you may need a current account with the same provider to access the savings account, but there’s no obligation to use the current account and only ones which are free to open and maintain are included here.
The best rates right now offer 5 per cent, but each of them have different restrictions.
Cahoot, which owned by Santander, offer 5 per cent on balances up to £3,000, but nothing on balances above that level. The account lasts for 12 months and you link it to another account of yours to pay money in or withdraw it.
Spring Savings offer 5 per cent on their Accelerate Saver account, which is for balances up to £5,000. The offer is stated for a limited time, but there is no fixed date it will be open for applications until.
And Lemfi offer a 5 per cent savings account which includes a bonus lasting for six months – then it drops to just over 3 per cent.
So if you have a bigger balance available you could split it across multiple accounts to get the best rate – or look for a lower rate to keep your cash in one place if you prefer.
Beyond those top earners, the highest rates for September are Tembo’s 4.55 per cent, though this increases to 5.55 per cent if you buy a home with your savings and use Tembo’s mortgage services, followed by First Active also at 4.55 per cent. This is a new offering owned by NatWest.
Tesco Bank offer 4.53 per cent and Chase continue to offer their long-standing 4.5 per cent for new customers, who can also earn 2 per cent cashback from using the associated current account.
Will interest rates go up in September?
The Monetary Policy Committee (MPC) decide on interest rates every few weeks, with the BoE group meeting mid-month.
Factors including the latest inflation figures, the UK economy, job data and wage growth will all go into the decision, as well as the wider geopolitical picture.
Andrew Bailey and his fellow members will also doubtless have one eye on the domestic situation, with Andy Burnham and John Healey set to present the Budget in October – which may lead some voters to hold off making a change until afterwards, given there is another MPC vote in the first week in November.
As ever it is a delicate juggling act, with the base rate remaining at 3.75 per cent since just December 2025 – but even if it doesn’t change this time, it doesn’t mean savings accounts won’t alter their rates on offer, so ensure your cash is in the best place to earn interest and give you the access you need to your money.
