Savers are being urged to act quickly to lock in interest rates as returns fall month-on-month. Research by Moneyfactscompare shows savings interest rates are on a downward trend following the Bank of England’s Base Rate cut in February, with easy access accounts now averaging 2.84%. However, data from the Bank of England shows as much as £300billion is sitting in UK current or savings accounts earning no interest whatsoever.
Rachel Springall, finance expert at Moneyfacts, said: “Whichever account savers choose, it’s imperative they review their pots as, worryingly, £300billion is sitting in UK current or savings accounts earning no interest whatsoever. Savers must ensure they choose a deal which pays a competitive rate of interest but also provides a real return against the eroding impact of inflation, which is expected to rise this year.”
Some providers are offering up to 8% interest on savings accounts, and up to 5.25% on Cash ISAs. 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
- Monument Bank – 4.75% AER / 4.65% gross
- Principality Building Society – 4.7% AER/ gross
- West Brom – 4.65% AER / gross
- Vida Savings – 4.63% AER / gross
- Atom Bank – 4.6% AER / 4.51% gross
- Sidekick Money – 4.59% AER
- Chip – 4.58% AER / gross
- Charter Savings Bank – 4.57% AER / 4.48% gross
- Kent Reliance – 4.56% AER / gross
Best regular savings
Here are the top 10 regular savings accounts this week:
- Principality BS – 8% AER / 7.85% gross
- First direct – 7% AER/ gross
- The Co-operative Bank – 7% AER/gross
- Nationwide BS – 6.50% AER/gross
- Vernon Building Society – 6.50% AER/ gross
- Lloyds Bank – 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
- TSB Bank – 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:
- Close Brothers Savings – 4.58% AER / gross
- Smartsave – 4.56% / gross
- Zopa – 4.55% / 4.45% gross
Two-year fixes:
- Birmingham Bank – 4.53% AER / gross
- Oxbury Bank – 4.53% AER / gross
- Hodge Bank – 4.64% AER / gross
Three-year fixes:
- Birmingham Bank – 4.63% AER / gross
- Oxbury Bank – 4.63% AER/ gross
- Close Brothers Savings – 4.52% AER / gross
Best Cash ISAs
Here are the top 10 easy access cash ISAs this week:
- Chip – 5.25% AER / gross
- Moneybox – 4.77% AER / gross
- Monument Bank – 4.76% AER / 4.66% gross
- Plum – 4.76% AER
- Trading 212 – 4.76% AER
- Principality BS – 4.70% AER
- Kent Reliance – 4.56% AER/ gross
- Charter Savings Bank – 4.55% AER / 4.46% gross
- Family Building Society – 4.55% AER / gross
- Tembo – 4.55% AER
Here are the top 10 Cash ISAs with a one-year fixed rate this week:
- Vida Savings – 4.46% AER
- Close Brothers Savings – 4.45% AER / gross
- Hampshire Trust Bank – 4.41% AER
- OakNorth Bank – 4.41% AER
- UBL UK – 4.41% AER
- Charter Savings Bank – 4.4% AER / gross
- Hodge Bank – 4.4% AER / gross
- Zopa – 4.4% AER
- Castle Trust Bank – 4.39% AER
- Kent Reliance – 4.39% AER / gross.
