Best savings accounts of the week: Banks offering 7.5% interest rates in 'positive news' for Britons

In recent years, savers have benefited from the central bank's decision to raise the base rate with the Monetary Policy Committee (MPC) hiking rates to as high as 5.25 per cent.

Last month, MPC members voted to cut the base rate to 4.25 per cent with analysts warning further rate reductions are on their way.

Best regular savings accounts

Here is a list of the best regular savings accounts currently on offer for the week beginning March 2, 2025:

• Principality BS – 7.50 per cent AER / 7.36 per cent Gross
• The Co-operative Bank – Seven per cent AER / Gross
• Nationwide BS – 6.50 per cent AER / Gross
• Virgin Money – 6.50 per cent AER / Gross
• Melton BS – 6.50 per cent AER / Gross
• West Brom BS – Six per cent AER / Gross
• Market Harborough BS – 5.80 per cent AER / Gross
• NatWest - 5.50 per cent AER / Gross
• Royal Bank of Scotland - 5.50 per cent AER / Gross
• Newcastle BS - 5.50 per cent AER / Gross
• Progressive BS - 5.50 per cent AER / Gross.

Best fixed-rate savings accounts

Here is a list of the best savings accounts on offer with a one-year fixed-rate interest rate attached for the week beginning March 2, 2025:

• Hampshire Bank - 4.45 per cent AER / Gross
• Oxbury Bank – 4.45 per cent AER / Gross
• LHV Bank – 4.40 per cent AER / Gross
• ICICI Bank UK - 4.40 per cent AER / Gross
• Habib Bank Zurich plc – 4.40 per cent AER / Gross
• Habib Bank Zurich plc - 4.40 per cent AER / Gross
• Tandem Bank - 4.40 per cent AER / Gross
• Hodge Bank – 4.37 per cent AER / Gross
• Close Brothers Savings - 4.37 per cent AER /Gross
• Chetwood Bank – 4.36 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 for the week beginning March 2, 2025:

• Virgin Money - 4.27 per cent AER / Gross
• Aldermore – 4.21 per cent AER / Gross
• Kent Reliance – 4.26 per cent AER / Gross
• Vida Savings – 4.25 per cent AER / Gross
• Paragon Bank – 4.25 per cent AER / Gross
• Hodge Bank - 4.25 per cent AER / Gross
• Secure Trust Bank – 4.25 per cent AER / Gross
• Hampshire Trust Bank – 4.22 per cent AER / Gross
• Castle Trust Bank – 4.22 per cent AER / Gross
• United Trust Bank – 4.22 per cent AER / Gross.

Here is a full list of the best cash ISAs with a variable interest rate attached currently on offer for the week beginning March 2, 2025:

• Moneybox – 5.46 per cent AER / Gross
• Chip – 4.99 per cent AER / 4.88 per cent Gross
• Plum - 4.85 per cent AER / 4.79 per cent Gross
• Tembo Money – 4.80 per cent AER / 4.69 per cent Gross
• Vida Savings – 4.63 per cent AER / Gross
• Moneybox - 4.60 per cent AER / Gross
• Vida Savings – 4.55 per cent AER / Gross
• Trading 212 – 4.50 per cent AER / 4.41 per cent Gross
• Principality BS – 4.50 per cent AER / Gross
• Harpenden BS - 4.50 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 for the week beginning March 2, 2025:

• cahoot – Five per cent AER / Gross
• Atom Bank – 4.75 per cent AER / 4.65 per cent Gross
• Vida Savings – 4.63 per cent AER / 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
• Harpenden BS – 4.50 per cent AER / Gross
• Kent Reliance – 4.46 per cent AER / Gross
• Close Brothers Savings – 4.45 per cent AER / Gross
• Newcastle BS - 4.40 per cent AER / Gross.

Here is a full list of the best easy access accounts with a bonus attached for the week beginning March 2, 2025:

• Chip – 4.56 per cent AER / 4.47 per cent Gross
• Sidekick – 4.51 per cent AER / 4.43 per cent Gross
• Chase – 4.50 per cent AER / 4.41 per cent Gross
• Principality BS – 4.50 per cent AER / Gross
• Cynergy Bank – 4.30 per cent AER / Gross
• Nottingham BS – 4.25 per cent AER / Gross
• Tesco Bank – 4.11 per cent AER / Gross
• Post Office Money® – 4.05 per cent AER / Gross
• Marcus by Goldman Sachs® – 4.01 per cent AER / 3.94 per cent Gross
• SAGA – 4.01 per cent AER / 3.94 per cent Gross
• Principality BS - 4.50 per cent AER / Gross.

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Rachel Springall, finance Expert at Moneyfacts, said: "Savers may be pleased to find a few new market-leading fixed rate bonds leap into the fray over the past week. Hampshire Trust Bank now lead the one- and two-year fixed sector, with Birmingham Bank taking poll positions across three- and five-year fixed terms.

"This is positive news for those who want a guaranteed return on their hard-earned cash, but they might not want to wait too long to grab the deals. Challenger banks move quickly to market movements, so these top deals might not stay on the shelf for long.

"Aside from fixed bond rates, the rest of the top rate tables felt little movement over the past week, but there were a couple of rate cuts from brands readjusting their market positions.

"Among cash ISAs there remains a plentiful array of top rates, but some providers have passed on cuts since the Bank of England base rate was slashed, which includes the top variable cash ISA deal from Moneybox.

"Regular savings account is a great choice for savers who want to instil the savings habit, and locking into a fixed rate is great for those who feel variable rates are doomed to fall further over the next few months. One brand to slash its regular savings account has been NatWest, no longer offering a variable rate of six per cent gross.

"However, the top regular savings account held firm this week from Principality Building Society at 7.50 per cent AER fixed for six months. 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."