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