Top savings accounts of the week: Savers urged to 'secure guaranteed return' as interest rates hit 7.5%

In recent years, savers have enjoyed competitive rates from high street banks and building societies due to the Bank of England's decision to raise the base rate in its fight against inflation.

With the central bank slashing rates to four per cent, those on the hunt for a competitive savings deal are being urged to take action before high return deals withdraw from the market.

Best regular savings accounts

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

• Principality BS – 7.5 per cent AER / 7.3 per cent Gross
• Zopa – 7.1 per cent AER / 6.9 per cent Gross
• The Co-operative Bank – Seven per cent AER / Gross
• Nationwide BS – Six point five per cent AER / Gross
• Darlington BS – Six per cent AER / Gross
• Monmouthshire BS – Six per cent AER / Gross
• Yorkshire Building Society – Six per cent AER / Gross
• West Brom BS – Six per cent AER / Gross
• Market Harborough BS – Five point eight per cent AER / Gross
• Progressive BS – Five point five 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:

• Castle Trust Bank – 4.5 per cent AER / Gross
  
• Tandem Bank – 4.5 per cent AER / Gross
• OakNorth Bank – 4.5 per cent AER / Gross
• Chetwood Bank – 4.5 per cent AER / Gross
• Habib Bank Zurich plc – 4.4 per cent AER / Gross
• Habib Bank Zurich plc – 4.4 per cent AER / Gross
• JN Bank – 4.4 per cent AER / Gross
• JN Bank – 4.4 per cent AER / Gross
• Atom Bank – 4.4 per cent AER / Gross
• DF Capital – 4.4 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:

• Tembo Money – 4.3 per cent AER / Gross
  
• Vanquis Bank – 4.2 per cent AER / Gross
• Cynergy Bank – 4.2 per cent AER / Gross
• Close Brothers Savings – 4.2 per cent AER / Gross
• Virgin Money – 4.2 per cent AER / Gross
• Hodge Bank – 4.2 per cent AER / Gross
• Skipton BS – 4.2 per cent AER / Gross
• United Trust Bank – 4.2 per cent AER / Gross
• Bath BS – 4.2 per cent AER / Gross
• Paragon Bank – 4.2 per cent AER / Gross

• Plum – 4.4 per cent AER / 4.3 per cent Gross
  
• Harpenden BS – 4.3 per cent AER / Gross
• Family Building Society – 4.3 per cent AER / Gross
• Teachers BS – 4.3 per cent AER / Gross
• Moneybox – 4.3 per cent AER / 4.2 per cent Gross
• Marsden BS – 4.3 per cent AER / Gross
• Aldermore – 4.2 per cent AER / Gross
• Principality BS – 4.2 per cent AER / Gross
• Aldermore – 4.2 per cent AER / Gross
• Ford Money – 4.2 per cent AER / Gross

Best easy-access accounts

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

• Cahoot – Five per cent AER / Gross
  
• Cahoot – 4.4 per cent AER / Gross
• Snoop – 4.4 per cent AER / 4.3 per cent Gross
• Harpenden BS – 4.3 per cent AER / Gross
• Spring – 4.3 per cent AER / 4.2 per cent Gross
• United Trust Bank – 4.3 per cent AER / Gross
• Family Building Society – 4.3 per cent AER / Gross
• Penrith BS – 4.2 per cent AER / Gross
• Secure Trust Bank – 4.2 per cent AER / 4.1 per cent Gross
• Aldermore – 4.2 per cent AER / Gross

Here is a full list of the best easy access accounts with a bonus attached:

• Chip – 4.8 per cent AER / 4.7 per cent Gross
  
• Chase – 4.8 per cent AER / 4.7 per cent Gross
• Sidekick – 4.5 per cent AER / 4.4 per cent Gross
• Shawbrook Bank – 4.3 per cent AER / 4.2 per cent Gross
• Principality BS – 4.3 per cent AER / Gross
• Tesco Bank – 4.2 per cent AER / Gross
• Post Office Money – 4.1 per cent AER / Gross
• Skipton BS – 4.1 per cent AER / Gross
• Chip – 4.1 per cent AER / 4.0 per cent Gross
• Nottingham BS – 4.1 per cent AER / Gross

Adam French Head of News & Communications said: “Savers looking to secure a guaranteed return on their cash will be disappointed to see the loss of some top-paying fixed rate bonds in the top rate tables over the past week. For example, the market-leading rate for a one-year fixed rate bond has fallen from 4.50 per cent AER to 4.46 per cent AER.

“Loyalty does not pay, so it is crucial savers proactively review and switch their savings pots. Some of the best rates on the market come from challenger banks and mutuals, which should not be overlooked. It’s wise for savers to take some time out to sign up to rate alerts or newsletters to keep in the know.

“Locking down a market-leading savings rate is important with inflation remaining at close to 4%. The good news is that inflation beating deals are to be had.”

He continued: “On the flipside, the top fixed rates offered on cash ISAs remain largely unchanged , although the4 top paying variable cash ISA has by 0.03 percentage points, with the top spot now being taken by Plum offering 4,37 per cent AER – although this account does include an introductory bonus.

“There was little movement to the top easy access accounts this week, however, existing customers would be wise to check their account as many providers have cut rates on easy access savings accounts in recent weeks, so customers could find their account is no longer paying a decent return. One of the best rates on the market comes from cahoot, which pays an inflation-busting five per cent AER.

“Those who want to instil a regular savings habit may want to grab a regular savings account, and the top rate deal has held firm over the past week. Principality Building Society continues to pay a rate of 7.50 per cent AER fixed for six months on its regular savings account, ideal for those want to carefully plan towards a specific goal.“