
Savers are being urged to move quickly to lock in interest rates now as returns fall month-on-month.
Research by Moneyfactscompare shows savings interest rates are on a downward trend following the Bank of England’s second Base Rate cut in November 2024, with one-year fixes now averaging 4.08%.
However, data from the Bank of England shows as much as £252 billion is sitting in UK current or savings accounts, earning no interest whatsoever.
Rachel Springall, finance expert at Moneyfacts said: “It will be up to consumers to make time to move their hard-earned cash into an account which not just pays interest, but also provides a real return against the eroding impact of inflation, which is expected to stay above 2% for some time yet.”
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:
- Chase - 5% AER / 4.89% gross
- Atom Bank - 4.85% AER / 4.75% gross
- Chip - 4.85% AER
- Monument Bank - 4.75% AER / 4.65% gross
- Sidekick Money - 4.75% AER
- Ulster Bank - 4.75% AER / gross
- Chip - 4.7% AER
- Close Brothers Savings - 4.7% AER / gross
- Principality Building Society - 4.7% AER/ gross
- Chetwood Bank - 4.66% AER / 4.56% 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:
- Vida Savings - 4.77% / gross
- Family Building Society - 4.76% / 4.66% gross
- Close Brothers - 4.75% AER / gross
Two-year fixes:
- Close Brothers Savings 4.7% AER / gross
- Zenith Bank - 4.65% AER / gross
- Hodge Bank - 4.64% AER / gross
Three-year fixes:
- Birmingham Bank - 4.63% AER / gross
- Oxbury Bank - 4.62% AER/ gross
- Close Brothers Savings - 4.61% AER / gross
Best Cash ISAs
Here are the top 10 easy-access cash ISAs this week:
- Trading 212 - 5.16% AER / gross
- Chip - 5.15% AER / gross
- Moneybox - 5.11% AER / gross
- Plum - 5.01% AER
- Tembo - 4.80% AER
- Monument Bank - 4.76% AER / 4.66% gross
- Principality BS - 4.70% AER
- Charter Savings Bank - 4.57% AER / 4.48% gross
- Kent Reliance - 4.56% AER/ gross
- Coventry Building Society - 4.55% AER
Here are the top 10 Cash ISAs with a one-year fixed rate this week:
- Close Brothers Savings - 4.55% AER / gross
- Kent Reliance - 4.52% AER / gross
- Secure Trust Bank - 4.52% AER / gross
- Charter Savings Bank - 4.50% AER / gross
- United Trust Bank - 4.50% AER
- Hodge Bank - 4.49% AER / gross
- Cynergy Bank - 4.45% AER / gross
- Vida Savings - 4.45% AER
- UBL UK - 4.41% AER / gross
- Aldermore - 4.40% AER / gross.