Best savings accounts of the week: Britons told to 'grab competitive' 8% interest rates

In the height of the cost of living crisis, inflation in the UK soared to 11.1 per cent in October 2022.

As a result of this, the central bank raised rates to a 16-year high of 5.25 per cent.

The Bank's Monetary Policy Committee (MPC) recently slashed this to five per cent as the consumer price index (CPI) eased closer to its two per cent target.

Experts are urging bank customers to take advantage of "competitive" deals while they still have a chance.

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Best regular savings accounts

Here is a full list of the best regular savings accounts for the week beginning October 7, 2024:

• Principality Building Society - eight per cent interest rate
• The Co-operative Bank - seven per cent interest rate
• Nationwide Building Society - 6.50 per cent interest rate
• NatWest - 6.17 per cent interest rate
• Royal Bank of Scotland - 6.17 per cent interest rate
• Melton Building Society - six per cent interest rate
• West Brom Building Society - six per cent interest rate
• TSB - six per cent interest rate
• Principality Building Society - 5.75 per cent interest rate
• Saffron Building Society - 5.50 per cent interest rate.

Here is a full list of the best one-year fixed rate savings accounts for the week beginning October 7, 2024:

• Union Bank of India (UK) Ltd - 4.95 per cent interest rate
  
• Monument Bank - 4.81 per cent interest rate
  
• Al Rayan Bank - 4.80 per cent interest rate
  
• BPI Europe PLC - 4.80 per cent interest rate
  
• SmartSave - 4.76 per cent interest rate
  
• Vanquis Bank - 4.75 per cent interest rate
• Rova - 4.75 per cent interest rate
  
• ICICI Bank UK - 4.75 per cent interest rate
  
• GB Bank - 4.75 per cent interest rate.

Best ISAs

Here is a full list of the best cash ISAs with a one-year fixed interest rate attached for the week beginning October 7, 2024:

• Punjab National Bank (International) Limited - 4.60 per cent interest rate
  
• Aldermore - 4.56 per cent interest rate
  
• Charter Savings Bank - 4.55 per cent interest rate
  
• United Trust Bank - 4.55 per cent interest rate
  
• Scottish BS - 4.52 per cent interest rate
  
• Close Brothers Savings - 4.52 per cent interest rate
  
• Kent Reliance - 4.51 per cent interest rate
  
• Zopa - 4.50 per cent interest rate
  
• Cynergy Bank - 4.50 per cent interest rate.
  
• Virgin Money - 4.61 per cent interest rate.

• Trading 212 - 5.10 per cent interest rate
• Plum - 4.92 per cent interest rate
• West Brom Building Society - 4.85 per cent interest rate
• Chip - 4.84 per cent interest rate
• Cynergy Bank - 4.82 per cent interest rate
• Zopa - 4.80 per cent interest rate
• Coventry Building Society - 4.80 per cent interest rate
• Principality Building Society - 4.75 per cent interest rate
• West Brom Building Society - 4.75 per cent interest rate
• Newcastle Building Society - 4.75 per cent.

Best easy-access savings

Here is a full list of the best easy access savings accounts without a bonus attached for the week beginning October 7, 2024:

• Ulster Bank - 5.20 per cent interest rate
• cahoot - five per cent interest rate
• Monument Bank - 4.87 per cent interest rate
• Oxbury Bank - 4.87 per cent interest rate
• Vanquis Bank - 4.85 per cent interest rate
• Coventry BS - 4.83 per cent interest rate
• OakNorth Bank - 4.82 per cent interest rate
• Monument Bank - 4.81 per cent interest rate
• QIB (UK) - 4.80 per cent interest rate
• Chorley Building Society - 4.80 per cent interest rate.

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Caitlyn Eastell, spokesperson at Moneyfactscompare.co.uk, shared: "Re-pricing has remained brutal across the board, with majority of the moves taking place within the ISA market. There has been a handful of new alluring market-leading deals, and it is reassuring that we are seeing lots if competition, especially by challenger banks.

"Savers would be wise to grab a competitive rate while they can, with many of the top rates being provided by smaller banks and building societies may mean that the shelf-life for these rates are shorter than average, therefore it could be withdrawn or reduced quickly.

“The gap between top short-term and long-term is closing as rates are slashed. For example, this week DF Capital has launched new three and five-year bonds. However, it is still a long way off from returning to a traditional savings market.

"It is possible that the savings market could be facing more uncertain times ahead, with the fast-approaching Autumn Budget and volatile repricing, which may cause providers to drop rates further.”