Best savings accounts of the week: Britons told to 'review and switch' to deals with 7.5% interest rates

In recent years, bank customers have benefited from the Bank of England's decision to raise the base rate to as high as 5.25 per cent in an effort to ease inflation.

However, with the central bank cutting rates to 4.25 per cent, savers are being told to shop around for the best possible deal before high street financial institutions

Best regular savings accounts:

Here is a list of the best regular savings accounts currently on offer for the week with interest rates attached:

 
• Principality BS – 7.50 per cent AER / 7.36 per cent Gross
• Zopa – 7.10 per cent AER / 6.87 per cent Gross
• The Co-operative Bank – Seven per cent AER / Gross
• Nationwide BS – 6.5 per cent AER / Gross
• Melton BS – 6.5 per cent AER / Gross
• West Brom BS – Six per cent AER / Gross
• Market Harborough BS – 5.8 per cent AER / Gross
• NatWest – 5.5 per cent AER / 5.37 per cent Gross
• Royal Bank of Scotland – 5.5 per cent AER / 5.37 per cent Gross
• Progressive BS – 5.5 per cent AER / Gross.

Best fixed-rate savings accounts

Here is a list of the best savings accounts offering a one-year fixed interest rate:

 
• GB Bank - 4.58 per cent AER / Gross
• Marcus by Goldman Sachs® – 4.55 per cent AER / Gross
• Cynergy Bank – 4.52 per cent AER / Gross
• Vanquis Bank – 4.51 per cent AER / Gross
• Castle Trust Bank – 4.51 per cent AER / Gross
• LHV Bank – 4.5 per cent AER / Gross
• Zenith Bank (UK) Ltd – 4.47 per cent AER / Gross
• Union Bank of India (UK) Ltd – 4.457per cent AER / Gross
• Union Bank of India (UK) Ltd – 4.47 per cent AER / Gross
• Oxbury Bank– 4.45 per cent AER / Gross
• Close Brothers Savings - 4.45 per cent AER / Gross.

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Best cash ISAs

Here is a list of the best cash ISAs with a one year fixed interest rate attached currently on offer:

• Hodge Bank – 4.32 per cent AER / Gross
• Close Brothers Savings – 4.32 per cent AER / Gross
• Castle Trust Bank – 4.31 per cent AER / Gross
• Vanquis Bank – 4.30 per cent AER / Gross
• Vida Savings – 4.25 per cent AER / Gross
• Kent Reliance – 4.25 per cent AER / Gross
• United Trust Bank – 4.25 per cent AER / Gross
• Marsden BS – 4.25 per cent AER / Gross
• Gatehouse Bank - 4.25 per cent AER / Gross
• Charter Savings Bank - 4.17 per cent AER / Gross.

Here is a full list of the best cash ISAs with a variable interest rate attached currently on offer:

• Plum – 4.98 per cent AER / 4.86 per cent Gross
• Moneybox – 4.65 per cent AER / Gross
• Tembo Money – 4.64 per cent AER / 4.54 per cent Gross
• Trading 212 – 4.50 per cent AER / 4.41 per cent Gross
• Marsden - 4.50 per cent AER / Gross
• Moneybox – 4.45 per cent AER / Gross
• Charter Savings Bank – 4.40 per cent AER / Gross
• Principality BS - 4.40 per cent / Gross
• Aldermore – 4.40 per cent AER / Gross
• Kent Reliance – 4.38 per cent AER / Gross.

Best easy access savings accounts

Here is a full list of the best easy access savings accounts without a bonus attached:

• Cahoot – Five per cent AER / Gross
• Atom Bank – 4.75 per cent AER / 4.65 per cent Gross
• Snoop – 4.60 per cent AER / 4.50 per cent Gross
• Cahoot – 4.55 per cent AER / Gross
• Coventry BS – 4.50 per cent AER / Gross
• Kent Reliance – 4.46 per cent AER / Gross
• Secure Trust Bank – 4.45 per cent AER / 4.36 per cent Gross
• Close Brothers Savings – 4.45 per cent AER / Gross
• Newcastle BS – 4.40 per cent AER / Gross
• Hodge Bank – 4.40 per cent AER / 4.31 per cent Gross

• Chase – Five per cent AER / 4.89 per cent Gross
• Sidekick – 4.51 per cent AER / 4.43 per cent Gross
• Skipton BS – 4.50 per cent AER / Gross
• Chip – 4.33 per cent AER / 4.25 per cent Gross
• Chip – 4.33 per cent AER / 4.24 per cent Gross
• Cynergy Bank – 4.30 per cent AER / Gross
• Principality BS – 4.25 per cent AER / Gross
• Tesco Bank – 4.15 per cent AER / Gross
• Nottingham BS – 4.05 per cent AER / Gross
• Marcus by Goldman Sachs – 4.01 per cent AER / 3.94 per cent Gross

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Adam French, a consumer expert at Moneyfactscompare, said: "Savers may need to act fast to snap up the best rates as we lost several market leading deals across fixed rate bonds and ISAs in the past week.

"It isn’t all about the top rates however, and picking the right savings account does come down to someone’s individual circumstances, and aside from chasing the top rates, it’s important to ensure they stay within their Personal Savings Allowance (PSA) and take advantage of their ISA allowance to protect their hard-earned cash from tax.

"It’s a good idea to regularly review and switch savings pots. Some of the best rates on the market come from challenger banks and digital providers, which should not be overlooked.

"Taking time out to check any old savings accounts against the latest competition could be one of the easiest ways to boost your wealth, as is signing up to rate alerts or newsletters to keep in the know."