We round up the best savings rates on the market in 2022 and explain how to pick the right account for you.

Which are the best and worst savings providers?

We know that customer service is an important factor for many people when choosing a savings account. But how do you find a bank or building society that combines great rates with top-notch customer service?

Which? is here to help. We’ve asked thousands of savers to rate their bank or building society, enabling us to create unique customer scores for all the major providers.

We’ve also analysed thousands of savings products and given each provider an overall product score, highlighting which companies offer consistently competitive rates. The full results from our 2021 analysis are as follows:

Best and worst savings providers

Which? Recommended Providers for savings, 2021-22

Each year, we name the very best savings providers as ‘Which? Recommended Providers’ (WRPs). To win this award, the bank or building society must:

  • achieve a customer score of 66% or above;
  • achieve an above-average product score;
  • be fully covered by the UK Financial Services Compensation Scheme (FSCS); and
  • offer products which are available nationally and are not tied to the purchase of another product with the same provider.

This year, our WRPs are:

Coventry Building Society

Coventry Building Society achieved a customer score of 66%, with customers giving it high ratings for its customer service, application process, regular communications, and transparency of charges and penalties. Its online banking service also proved popular.

Among the savings accounts on offer, Coventry Building Society’s unrestricted instant-access cash Isa and savings account both pay 0.5% AER.

Marcus by Goldman Sachs

Marcus by Goldman Sachs received a 68% customer score. Savers gave it top marks for its application process, clarity of statement and online banking service. The provider’s transparency of fees and charges was also rated highly.

Marcus currently offers an instant-access savings account and cash Isa that both pay a competitive variable rate of 0.7% AER for the first 12 months; after that time the rate will drop to 0.6% AER.

About Which?’s savings account research

Scores and star ratings are based on a survey of 4,479 UK savings account holders in September 2021.

Which? Customer Score

This is Which?’s rating for customer satisfaction, based on feedback from real customers. The score is calculated based on customers’ overall satisfaction with the brand, and how likely they are to recommend it to others.

Product score

We analyse nine key elements of savings accounts, from account management and restrictions to how often interest is paid, in order to calculate a product rating score.

Providers must also offer an account sitting within the top half of at least one category.

This ensures that the providers we endorse offer consistently good rates along with excellent customer service.

How to find the best sustainable savings account

When you deposit money into a savings account, it doesn’t just sit there until you’re ready to withdraw it again.

Instead, it’s put to use by your bank or building society, which will lend those deposits to fund things like mortgage loans, or use them to make investments. These could include fossil fuels, arms, or other industries you may disagree with.

If you’re curious about what your money is being used for, or looking for a provider that matches your values, try the following:

  • Which? ratings: In July 2021 we rated 18 leading providers of savings accounts on their sustainable credentials. Find their scores here.
  • Provider websites: Look for the ‘about us’ page, which should discuss environmental issues, with the best listing what they currently invest in.
  • Environmental reports: Some providers publish dedicated reports about their emissions and target for reducing them.
  • Lending criteria: Sometimes called an ethical policy, this should show which industries the bank will and won’t lend money to.
  • Annual reports: These often list emissions and other environmental impacts and plans to reduce these impacts.

If you’re saving for more than five years, you could earn higher returns through investing. This also allows you to exercise more control over what your money is being