Best savings accounts of the week: Britons can secure 'attractive' 8% interest as providers remain 'competitive'

Despite the consumer price index (CPI) easing to two per cent, the central bank has held interest rates at 5.25 per cent since August 2023.

Since then the base rate has remained the same, with savings rates having largely held steady and some strong deals on offer for those looking to take advantage

However, analysts predict a rate cut is on the horizon which could mean savings rates will dip in the short-term, so savers are urged to take action now.

Among the banks and building societies offering competitive interest rates include Nationwide, the Co-operative, NatWest and TSB.

Rachel Springall, finance expert at Moneyfactscompare.co.uk said: "Challenger banks led the way to improve savings rates within the top rate tables over the past week, but some market-leaders held firm despite fierce competition.

“Vanquis Bank holds a place as a market-leading rate for a one-year bond, but this is now joint held with Ziraat at 5.21 per cent AER. This sector of the market remains an attractive place for savings providers to compete on price, such as with SmartSave increasing its rate to 5.17 per cent AER.

“Those savers who want to fix their cash for longer will find the top two-year fixed bond market is led by Vanquis Bank and SmartSave which pay 5.06 per cent AER. A longer-term fixed bond may appeal to savers who think rates might come down over the next year, but they do pay a little less than the best one-year bonds. The top fixed rate bond over a five-year term comes from United Trust Bank at 4.60 per cent.

“Variable rate Cash ISAs remained stable this week on easy access and notice ISAs, Trading 212 leads the market at 5.20 per cent AER, closely followed by Plum at 5.17 per cent AER.

“There was healthy amount of competition across one-year fixed Cash ISAs in our top rates this week. However, the market-leader was held firm by Virgin Money at 5.05 per cent AER. Castle Trust Bank, Cynergy Bank, United Trust Bank, Close Brothers and Secure Trust Bank now pay better rates on their one-year fixed Cash ISAs than a week ago."

Best regular savings accounts

Here is a full list of the best regular savings accounts on offer for the week beginning June 24, 2024:

• Principality BS - Eight per cent AER/ 7.85 per cent gross
• The Co-operative Bank - Seven per cent AER/gross
• Nationwide BS - 6.50 per cent AER/gross
• NatWest - 6.17 per cent AER / six per cent gross
• Royal Bank of Scotland - 6.17 per cent
• West Brom BS - Six per cent AER/gross
• TSB - Six per cent AER/gross
• Saffron BS - 5.75 per cent AER/gross

Best fixed-rate savings accounts

Here is a full list of the best savings accounts with a one-year fixed rate for the week beginning June 24, 2024:

• Vanquis Bank - 5.21 per cent AER/gross
• Ziraat Bank - 5.21 per cent AER/gross
• Al Rayan Bank - 5.20 per cent AER/5.11 gross
• Close Brothers Savings - 5.17 per cent AER/gross
• SmartSave - 5.17 per cent AER/gross
• MBNA - 5.15 percent AER/gross
• Union Bank of India (UK) Ltd - 5.15 per cent AER/gross
• Zenith Bank (UK) Ltd - 5.15 per cent AER/gross

Best cash ISAs

Here is a full list of the best cash ISAs with a one-year fixed rate attached for the week beginning June 24, 2024:

• Virgin Money - 5.05 per cent AER/gross
• Castle Trust Bank - 4.91 per cent AER/gross
• Cynergy Bank - 4.90 per cent AER/gross
• Shawbrook Bank - 4.89 per cent AER/gross
• United Trust Bank - 4.87 per cent AER/gross
• Close Brothers Savings - 4.87 per cent AER/gross
• Secure Trust Bank - 4.86 per cent AER/gross
• OakNorth Bank - 4.84 AER/ 4.74 per cent gross
• Paragon Bank - 4.83 per cent AER/gross
• Punjab National Bank (International) Limited - 4.80 per cent AER/gross

Here is a full list of the best cash ISAs with a variable rate attached for the week beginning June 24, 2024:

• Trading 212 - 5.20 per cent AER/ 5.07 per cent gross
• Plum - 5.17 per cent AER/ 5.06 per cent gross
• Chip - 5.10 per cent AER/4.99 per cent
• West Brom BS - 5.10 per cent AER/gross
• Zopa - 5.08 per cent AER / 4.96 per cent gross
• Progressive BS - 5.05 per cent AER/gross
• West Brom BS - Five per cent AER/gross
• Newcastle BS - Five per cent AER/gross
• Paragon Bank - 4.95 per cent AER/gross
• Kent Reliance - 4.86 per cent AER/gross

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Best easy-access savings accounts

Here is a full list of the best easy-access savings accounts without a bonus attached for the week beginning June 24, 2024:

• cahoot - 5.20 per cent AER/gross
• Ulster Bank - 5.20 per cent AER/gross
• Oxbury Bank - 5.02 per cent AER/ 4.91 per cent gross
• Monument Bank - 5.01 per cent AER/ 4.90 per cent gross
• Wealthify - 4.91 per cent AER / 4.80 per cent gross
• Paragon Bank - 4.91 per cent AER/gross
• QIB (UK) - 4.90 per cent AER / 4.71 per cent gross
• Aldermore - 4.90 per cent AER/gross
• Close Brothers Savings - 4.90 per cent AER/gross

Here is a full list of the best easy-access savings with a bonus attached for the week beginning June 24, 2024:

• Chase - 5.10 per cent AER / 4.98 per cent gross
• Cynergy Bank - 4.91 per cent AER/gross
• Principality BS - 4.75 per cent AER/gross
• Tesco Bank - 4.66 per cent AER/gross
• Post Office Money - 4.60 per cent AER/gross
• Principality BS - 4.60 per cent AER/gross
• Marcus by Goldman Sachs® - 4.55 per cent AER/ 4.46 per cent gross
• SAGA - 4.55 per cent AER/ 4.46 per cent gross
• Sainsbury's Bank - Four per cent AER/gross