Perenna savings rates — compare every account, plus switch offers and guides

Who they are

Perenna was established in 2018 to build a Danish-style mortgage bank using covered bonds - a funding model that is common across Europe but largely absent from the UK. The bank was founded to address the lack of long-term fixed-rate mortgages in this country. It obtained its banking licence from the FCA in 2022 and has since been growing steadily as a mortgage lender. Perenna describes its goal as helping to create a nation of happy homeowners and confident savers.

Perenna is authorised by the PRA and regulated by the FCA, and your savings are protected up to £120,000 under the Financial Services Compensation Scheme (FSCS). Based on the FCA register, Perenna holds its own banking licence with no other brands sharing that limit - so the full £120,000 applies to Perenna alone.

Savings accounts

Perenna does offer savings accounts, but it distributes them through deposit marketplaces rather than directly. You can save with Perenna through the trusted UK savings platforms Raisin and Flagstone. Products include fixed-term accounts for longer-term saving, as well as notice accounts, which are currently only available through Raisin.

Our DepositScout data does not currently show any live Perenna savings products listed with us. Rates change frequently, so the live figures shown on this page are always the most reliable place to check what Perenna is offering right now.

Is it right for you?

Perenna is a newer, specialist bank rather than a household name, which means it is worth understanding what you are signing up for. The savings side of the business is essentially a funding mechanism for its mortgage lending - that is a perfectly normal model for smaller banks, but it does mean the product range may be narrower than at a larger high street name.

If you are comfortable managing savings through a platform like Raisin or Flagstone and want FSCS-protected deposits with a UK-licensed bank, Perenna is a legitimate option to consider. As always, compare the live rates shown on this page before deciding whether Perenna's current terms beat what else is available.