What are typical bank savings interest rates in the UK?

As of January 2018, typical savings interest rates on standard easy access accounts in the UK are as follows:

- High street banks: 0.05% - 0.20% variable AER*

- Building societies: 0.50% - 1.65% variable AER

- National Savings and Investments (NS&I): 1.00% - 1.50% fixed AER

*AER stands for Annual Equivalent Rate and represents the annualised rate of return based on the compounded interest.

However, it's important to note that these rates can change at any time and vary from bank to bank, so it's always advisable to compare current offers and terms before choosing a savings account.

Also, some accounts may have restrictions or conditions attached to them, such as minimum or maximum deposit amounts, withdrawal limits, or account opening fees, so be sure to read the terms and conditions carefully.

To get the best savings rate, it's recommended to consider opening an account with a challenger bank or an online provider as they often offer more competitive interest rates compared to traditional high street banks. Additionally, some accounts may offer bonus rates for new customers or for meeting certain criteria.