Savers are being urged to act quickly to lock in higher interest rates as returns continue to fall. Research from Moneyfactscompare reveals a downward trend in savings rates following the Bank of England’s base rate cut in February, with easy access accounts now averaging 2.77%, down from 2.84% the previous month.
However, some providers are still offering up to 7.5% on savings accounts and up to 5.6% on Cash ISAs, though many savers are missing out. New research from Yorkshire Building Society found nearly 6.9 million instant access Cash ISA accounts in the UK are earning 1.50% or less.
Harry Walker, senior savings manager at Yorkshire Building Society, said: “It’s surprising to see such a large amount still sitting in low-paying ISA accounts after a period of significant increases to savings interest in the last two years. This data follows on from our analysis earlier in the year calling for consumers to take time to review their finances.”
He added: “The start of a new financial year gives the perfect opportunity to review finances and make the switch from low-paying accounts. Savers should take action and think about how they can make their hard-earned cash go as far as possible.”
Here is a list of the savings accounts offering the highest interest rates at the time of writing, according to Moneyfacts data.
Best easy-access savings accounts
Here are the top 10 easy-access savings accounts this week:
- Revolut Ultra – 5% AER / gross
- Chip – 4.76% AER / gross
- Atom Bank – 4.75% AER / 4.65% gross
- Chase – 4.75% AER / 4.65% gross
- Monument Bank – 4.75% AER / 4.65% gross
- Kent Reliance – 4.64% AER / gross
- Vida Savings – 4.63% AER / gross
- Charter Savings Bank – 4.59% AER / 4.5% gross
- Sidekick Money – 4.59% AER
- Oxbury Bank – 4.58% AER / 4.49% gross
Best regular savings
Here are the top 10 regular savings accounts this week:
- Principality BS – 7.5% AER / 7.36% gross
- First direct – 7% AER/ gross
- The Co-operative Bank – 7% AER/gross
- Melton BS – 6.5% AER / gross
- Nationwide BS – 6.50% AER/gross
- Lloyds Bank – 6.25% AER/gross
- Vernon Building Society – 6.25% AER/ gross
- NatWest – 6.17% AER / 6% gross
- Royal Bank of Scotland – 6.17% AER / 6% gross
- Market Harborough BS – 6% AER/gross
Best fixed-rate savings accounts
Here are the top three savings accounts with a one, two and three-year fixed rate this week:
One-year fixes:
- Al Rayan Bank – 4.7% Expected Profit Rate (EPR)
- DF Capital – 4.7% AER / gross
- Family Building Society – 4.67% AER / gross
Two-year fixes:
- Gatehouse Bank – 4.65% EPR
- Secure Trust Bank – 4.59% AER / gross
- Birmingham Bank – 4.58% AER / gross
Three-year fixes:
- Gatehouse Bank – 4.65% EPR
- Secure Trust Bank – 4.58% AER / gross
- Birmingham Bank – 4.57% AER / gross
Best Cash ISAs
Here are the top 10 easy access cash ISAs this week:
- Plum – 5.6% AER
- Trading 212 – 5.6% AER
- Moneybox – 5.56% AER / gross
- Chip – 5.55% AER / gross
- Tembo Money – 4.8% AER
- Monument Bank – 4.76% AER / 4.66% gross
- Moneybox – 4.57% AER / gross
- Kent Reliance – 4.56% AER/ gross
- Charter Savings Bank – 4.55% AER / 4.46% gross
- Buckinghamshire Building Society – 4.53% AER
Here are the top 10 Cash ISAs with a one-year fixed rate this week:
- UBL UK – 4.53% AER
- Charter Savings Bank – 4.51% AER / gross
- Vanquis Bank – 4.51% AER / gross
- Aldermore – 4.45% AER
- Kent Reliance – 4.41% AER / gross.
- United Trust Bank – 4.41% AER
- Castle Trust Bank – 4.4% AER
- Hodge Bank – 4.4% AER
- LHV Bank – 4.4% AER
- Paragon Bank – 4.4% AER.
