Savings experts have named the account that people should consider putting their money into, and it’s not provided by a high street banking chain. There are several well-known banks that hold savings for Brits, including the likes of Lloyds and NatWest. However, there are also savings accounts from brands you might have never heard of, including one that experts say currently has the best Annual Equivalent Rate (AER).
Money experts at the consumer group Which have revealed the common money-saving habits that Brits should adopt in 2026, including looking in unexpected places for their next savings accounts. Experts often advise savers to make their money work harder by switching savings accounts to get the most interest back on what they put in. And according to a Hargreaves Lansdown survey, two-thirds of people plan to do just that in 2026.
“One of the biggest mistakes you can make when looking for the best home for your savings is limiting your search to the high street,” writes Matthew Jenkin, one of Which’s experts.
He explains that the familiarity of a household name such as Lloyds of Natwest might bring some comfort to customers looking to store their money, but they don’t always offer the best product.
In fact, a lesser-known savings account provider could leave you “better off”. Based on rates sourced from Moneyfacts, the best savings account to open at the moment is the Instant Access account from Cahoot.
This account has an impressive interest rate of 5%, which is much higher than many savings accounts offered by more popular banks.
Meanwhile, the provider has a customer score of 61%, while the minimum contribution is £1. Meanwhile, interest is paid both monthly and yearly.
The top five best savings accounts at the moment are all offered by lesser-known brands. In second place is LHV Bank’s 1 Year Fixed Rate, while third place goes to RCI Bank UK’s 2 Year Fixed Rate account.
