Experts are reminding bank customers to take advantage of the best savings deals available as more accounts offer accounts with interest rates north of six per cent.
Savers have benefited in recent years from the Bank of England’s decision to raise the base rate, which banks and building societies passed on to customers.
Moneyfactscompare financial expert Rachel Springall reminds Brits why they need to make sure they’re taking advantage of this week’s best savings accounts.
She explained: “Savers who have a simple, easy access account may want to check that they are getting a decent return from their bank as rates have improved due to competition from providers.
“The average ease of access rate rose to 3.12 percent, the first increase since March 2024.
“The average rate is more than three per cent, but the best deals pay much more, so it’s clear there are many easy access accounts that pay poor returns.”
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Here’s a breakdown of the best savings accounts of the week, according to Moneyfactscompare:
The best current savings accounts
- Cooperative bank – seven percent interest rate
- National building savings bank – interest rate 6.50%.
- NatWest – 6.17 percent interest rate
- Royal Bank of Scotland – 6.17 percent interest rate
- Principality Building Society – six per cent interest rate
- West Brom Building Society – six per cent interest rate
- TSB – Six percent interest rate
- Saffron Building Society – 5.75 per cent interest rate
- Principality Building Society – 5.50 per cent interest rate
- Halifax – 5.50 percent interest rate.
The best fixed rate savings accounts
- Vanquis Bank – 5.21 percent interest rate
- Al Rayan Bank – 5.20 percent interest rate
- National Bank of Egypt (UK) Limited – Interest rate 5.18%.
- Hodge Bank – 5.16 percent interest rate
- SmartSave – 5.16 percent interest rate
- Atom Bank – 5.15 percent interest rate
- MBNA – 5.15 percent interest rate
- Union Bank of India (UK) Ltd – 5.15 percent interest rate
- FCMB Bank (UK) – 5.15 percent interest rate
- Mizrahi Tefahot Bank Ltd – 5.15 percent interest rate.
The best cash ISA
- Virgin Money – 5.05 percent interest rate
- Shawbrook Bank – 4.89 percent interest rate
- Castle Trust Bank – 4.87 percent interest rate
- United Trust Bank – 4.85 percent interest rate
- OakNorth Bank – 4.84 percent interest rate
- Paragon Bank – 4.83 percent interest rate
- Cynergy Bank – 4.83 percent interest rate
- Secure Trust Bank – 4.82 percent interest rate
- Punjab National Bank (International) Limited – 4.80 percent interest rate
- UBL UK – 4.77 percent interest rate.
LATEST DEVELOPMENTS:
The Bank of England’s base rate has held interest rates at a 16-year high since last August, when they were raised to 5.25 percent. GB NEWS
The best savings accounts with easy access
Here is a complete list of the best savings products with easy access without a bonus attached:
- cahoot – 5.20 percent interest rate
- Ulster Bank – 5.20 percent interest rate
- Oxbury Bank – 5.02 percent interest rate
- Monument Bank – 5.01 percent interest rate
- Oxbury Bank – 4.94 percent interest rate
- Wealthify – 4.91 percent interest rate
- Paragon Bank – 4.91 percent interest rate
- Secure Trust Bank – 4.90 percent interest rate
- Aldermore – 4.90 per cent interest rate
- Close Brothers Savings – 4.90 percent interest rate.
Here is a complete list of the best easy access savings products with a bonus attached:
- Chase – 5.10 percent interest rate
- Cynergy Bank – 4.91 percent interest rate
- Principality Building Society – 4.75% interest rate
- Tesco Bank – interest rate of 4.66 percent
- Postal money – 4.60 percent interest rate
- Principality Building Society – 4.60 per cent interest rate
- Marcus from Goldman Sachs – 4.55 percent interest rate
- SAGA – 4.55 percent interest rate
- Postal money – 4.10 percent interest rate
- Sainsbury’s Bank – four per cent interest rate.