Savers can secure a guaranteed return of up to eight per cent on their savings – but experts warn deals will not last for long.
Savings interest rates have remained competitive for bank customers despite recent cuts from the Bank of England, but cuts may be looming.
New analysis from experts has determined the best savings accounts for the week beginning November 04, 2024.
In recent years, savers have benefited from high interest rates following the Bank of England’s decision to hike the base rate. At 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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Rachel Springall, Finance Expert at Moneyfactscompare.co.uk said: “There is some good and bad news for savers looking for a guaranteed return on their investment, as the fixed bond market felt a mix of cuts and rises to market-leading rates week-on-week.
“Savers waved goodbye to the only one-year fixed bond that paid five per cent, but the good news is those looking to save for two years will find better returns are available. There has been little change to variable rates, but there were a couple of easy-access cash Isas improving their offers in the top rate tables.
“It remains that many of the top rate positions in the market are held by challenger banks, who should not be overlooked in favour of the more familiar household brands.
“Savers will no doubt be concerned of another base rate cut this week, and should this occur, it could have devastating repercussions on savings rates. Consumers would be wise to keep a close eye on their pots and switch if they are not being rewarded for their loyalty.
“Outside of the Bank of England base rate, there appears to be some swap rate activity over recent days, so providers will no doubt be monitoring this closely to see how this might impact their pricing on interest rates over the next couple of weeks.”
Best regular savings accounts
Here is a full list of the best regular savings accounts on offer for the week beginning November 4, 2024:
- Principality BS – Eight per cent AER / 7.85 per cent gross
- The Co-operative Bank – Seven per cent AER / gross
- Principality BS – Seven per cent AER / gross
- Nationwide BS – 6.50 per cent AER / gross
- NatWest – 6.17 per cent AER / six per cent
- Royal Bank of Scotland 6.17 per cent AER / six per cent gross
- Melton BS – Six per cent AER / gross
- West Brom BS – Six per cent AER / gross
- Market Harborough BS – Six per cent AER / gross
- TSB – Six per cent AER / gross
Best fixed-rate savings accounts
Here is a full list of the best savings accounts with a one-year fixed rate for the week beginning November 4:
- Isbank – 4.85 per cent AER / gross
- Ahli United Bank (UK) plc – 4.80 per cent AER / gross
- Union Bank of India (UK) Ltd – 4.80 per cent AER / gross
- Union Bank of India (UK) Ltd – 4.80 per cent AER / gross
- SmartSave – 4.76 per cent AER / gross
- ICICI Bank UK – 4.75 per cent AER / gross
- GB Bank – 4.75 per cent AER / gross
- Habib Bank Zurich plc – 4.75 per cent AER / gross
- Habib Bank Zurich plc – 4.75 per cent AER / gross
- Beehive Money – 4.71 per cent AER / gross
Best Cash ISAs
Here is a full list of the best cash ISAs with a one-year fixed rate attached for the week beginning November 4:
- Punjab National Bank (International) Limited – 4.60 per cent AER / gross
- Virgin Money – 4.51 per cent AER / gross
- Mansfield BS – 4.50 per cent AER / gross
- Nottingham BS – 4.50 per cent AER / gross
- Cynergy Bank – 4.46 per cent AER / gross
- Kent Reliance – 4.46 per cent AER / gross
- Hampshire Trust Bank – 4.45 per cent AER / gross
- Charter Savings Bank – 4.45 per cent AER / gross
- United Trust Bank – 4.45 per cent AER / gross
- Close Brothers Savings – 4.45 per cent AER / gross
Here is a full list of the best cash ISAs with a variable rate attached for the week beginning November 4:
- Trading 212 – 5.15 per cent AER / 5.02 per cent gross
- Moneybox – 5.15 per cent AER / gross
- Plum4.92 per cent AER / 4.82 per cent gross
- Paragon Bank – 4.87 per cent AER / gross
- Principality BS – 4.85 per cent AER / gross
- West Brom BS – 4.85 per cent AER / gross
- Chip4.84 per cent AER / 4.74 per cent gross
- Zopa – 4.80 per cent AER / 4.69 per cent gross
- Coventry BS – 4.80 per cent AER / gross
- Mansfield BS – 4.75 per cent AER / gross
LATEST DEVELOPMENTS:
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 November 4:
- cahoot – Five per cent AER / gross
- Monument Bank – 4.87 per cent AER / 4.76 per cent gross
- Oxbury Bank – 4.87 per cent AER / 4.76 per cent gross
- Chetwood Bank – 4.86 per cent AER / 4.75 per cent gross
- Atom Bank 0 4.85 per cent AER / 4.75 per cent gross
- Vanquis Bank – 4.85 per cent AER / gross
- Coventry BS – 4.83 per cent AER / gross
- OakNorth Bank – 4.82 per cent AER / 4.72 per cent gross
- Monument Bank – 4.81 per cent AER / 4.71 per cent gross
- Ford Money – 4.75 per cent AER / gross
Here is a full list of the best easy-access savings with a bonus attached for the week beginning November 4:
- Chip – Five per cent AER / 4.89 per cent gross
- Sidekick Money – 4.89 per cent AER / 4.77 per cent gross
- Principality BS – 4.85 per cent AER / gross
- Cynergy Bank – 4.60 per cent AER gross
- Beehive Money – 4.60 per cent AER gross
- Post Office Money® – 4.40 per cent AER /gross
- Principality BS – 4.35 per cent AER /gross
- Marcus by Goldman Sachs®4.30 per cent AER / 4.22 per cent gross
- SAGA4.30 per cent AER / 4.22 per cent gross
- Tesco Bank – 4.30 per cent AER /gross