Top savings accounts of the week: Britons urged to lock in 7.5% interest rate ahead of Bank of England decision

Rachel Springall, Finance Expert at Moneyfactscompare.co.uk said: "Savers searching for a new fixed rate deal may be delighted to see some much-needed competition across the top rate tables across bonds and ISAs over the past week, which includes some new market-leading offers.

"Those savers who are concerned rates may fall in the future may prefer to grab a longer-term fixed deal, and thankfully a variety of providers have improved rates on bonds with terms of three- to five-years.

"As another Bank of England Base Rate decision day looms this week, it is imperative savers take time out to assess their pots and switch if they are getting a raw deal.

"Loyalty doesn’t pay, so it’s up to savers to ask if their savings accounts are working hard enough for them."

Customers with savings pots that earn a variable rate may have seen a rate cut since last month, and this is likely a result of the Bank of England Base Rate cut in May.

However, its important they make sure their pots are working hard enough for them, particularly as a couple of providers improved their easy access accounts over the past week.

A fixed rate regular savings account could be an attractive choice for savers who want to instil a regular savings habit.

Principality Building Society continues to pay a top rate of 7.50 per cent AER fixed for six months on its regular savings account.

Morrissey said: "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."

Here are the lists for the best savings accounts currently on offer for the week beginning June 16, 2025.

Best regular savings accounts:

• Principality BS - 7.50 per cent AER / 7.36 Gross
• The Co-operative Bank - Seven per cent AER / Gross
• Nationwide BS - 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 / 5.37 per cent Gross
• Royal Bank of Scotland - 5.50 per cent AER / 5.37 Gross
• Progressive BS - 5.50 per cent AER / Gross
• Halifax - 5.50 per cent AER / Gross

Best fixed-rate savings accounts

• Cynergy Bank – 4.5 per cent AER / Gross
  
• Chetwood Bank – 4.45 per cent AER / Gross
• LHV Bank – 4.45 per cent AER / Gross
• Oxbury Bank – 4.45 per cent AER / Gross
• Cynergy Bank – 4.42 per cent AER / Gross
• Habib Bank Zurich plc – 4.4 per cent AER / Gross
• Habib Bank Zurich plc – 4.4 per cent AER / Gross
• Investec Bank plc – 4.4 per cent AER / Gross
• Family Building Society – 4.39 per cent AER / Gross
• Tandem Bank – 4.38 per cent AER / Gross

Best cash ISAs

- one year fixed interest rate attached

• Paragon Bank – 4.28 per cent AER / 4.27 per cent Gross
  
• Vanquis Bank – 4.26 per cent AER / Gross
• Castle Trust Bank – 4.26 per cent AER / Gross
• Vida Savings – 4.25 per cent AER / Gross
• Kent Reliance – 4.25 per cent AER / Gross
• Hodge Bank – 4.25 per cent AER / Gross
• United Trust Bank – 4.25 per cent AER / Gross
• Secure Trust Bank – 4.25 per cent AER / Gross
• Charter Savings Bank – 4.23 per cent AER / Gross
• Cynergy Bank – 4.2 per cent AER / Gross

- a variable interest rate attached

• Moneybox – 5.46 per cent AER / Gross
  
• Plum – 4.85 per cent AER / 4.79 per cent Gross
• Chip – 4.82 per cent AER / 4.72 per cent Gross
• Tembo Money – 4.8 per cent AER / 4.69 per cent Gross
• Vida Savings – 4.63 per cent AER / Gross
• Moneybox – 4.6 per cent AER / Gross
• Vida Savings – 4.55 per cent AER / Gross
• Trading 212 – 4.5 per cent AER / 4.41 per cent Gross
• Principality BS – 4.5 per cent AER / Gross
• Teachers BS – 4.5 per cent AER / Gross

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 – 4.6 per cent AER / 4.5 per cent Gross
• cahoot – 4.55 per cent AER / Gross
• Coventry BS – 4.5 per cent AER / Gross
• Teachers BS – 4.5 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 – 4.4 per cent AER / Gross

- with a bonus attached

• Chase – Five per cent AER / 4.89 per cent Gross
  
• Chip – 4.56 per cent AER / 4.47 per cent Gross
• Sidekick – 4.51 per cent AER / 4.43 per cent Gross
• Principality BS – 4.5 per cent AER / Gross
• Cynergy Bank – 4.3 per cent AER / Gross
• Nottingham BS – 4.25 per cent AER / Gross
• Skipton BS – 4.11 per cent AER / Gross
• Tesco Bank – 4.11 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

Savings rates and product choice have shifted notably this month, with savers now facing falling returns despite a record number of deals, the Moneyfacts UK Savings Trends Treasury Report data shows.

The number of available savings products rose to 2,235, including 639 cash ISAs – both new highs – while the number of providers climbed to a record 153.

However, rates are falling. The average easy access rate dropped to 2.71 per cent, its lowest since July 2023. Notice accounts now pay 3.67 per cent on average, a 0.96 point premium over easy access. ISA rates also fell, with easy access ISAs averaging 2.98 per cent and notice ISAs paying 3.55 per cent.

Fixed-term rates declined too. The average one-year fixed bond now offers 4.01 per cent, while longer-term bonds average 3.90 per cent. One-year fixed ISAs pay 3.94 per cent, with longer-term ISAs at 3.82 per cent.