Savers are urged to go quick to bag top deals as fixed term bonds and ISAs have fallen in the past month. Here are the best cash savings products on the market right now.
Leaving your money languishing in a low-paying savings or current account means you could be missing out on valuable interest. With the cost-of-living crisis continuing and inflation still dampening your spending power, it’s more important than ever to make every penny count.
Savings interest rates had been rising off the back of 14 consecutive Bank of England base rate hikes before they were frozen three times in a row which means rates stand firm at 5.25%.
This, together with forecasts on base rate movements in 2024 are impacting rates offered on cash savings products.
Anna Bowes, co-founder of Savings Champion, says: “The top fixed term bonds and ISA rates have continued to fall over the last month, due to market expectations that there will be at least a couple of base rate cuts over the course of 2024.
“While not so long ago you could still find several five-year bonds paying 5%, now the top rate is 4.75%. And the top one-year bond has dropped from 5.8% to 5.5%. You’ll need to move fast if you want to grab these rates as they could well fall further.”
Bowes adds that variable rate accounts remain more stable with Metro Bank still heading up the easy access table with its Instant Access Savings (Limited Edition) account paying 5.22% AER.
“And you can still earn a little more if you are prepared to give notice in order to gain access. United Trust Bank has the best rate of 5.58% AER on its 200 Day Notice Account Issue 2 – but you can earn 5.5% on a 90 Day Notice Account (Issue 2) with Vanquis. So not a lot less but with half the notice period.”
Below, Savings Champion lists all the top paying accounts from easy access savings to fixed rate bonds, notice accounts to ISAs:
Easy access accounts
5.22% Metro Bank Instant Access Savings (Limited Edition) – minimum deposit £500. Apply online or in branch. Access online, in branch or by telephone.
5.2% Ulster Bank Loyalty Saver – minimum deposit £5,000. Apply and access in branch or by post, although if you don’t live in Northern Ireland, the account can only be opened online.
5.15% Earl Shilton Bonus One – minimum deposit £5,000. Apply and access in branch, by post or phone. The rate includes a bonus of 3.05% which applies as long as no more than one withdrawal is made per year (1 March to end February).
5.12% Cahoot Simple Saver (Issue 2) – minimum deposit £1. Apply and access online. Easy Access. This is a 12 month variable rate account. On maturity the money will be transferred to a Cahoot Savings Account available at the time.
5.1% Cynergy Bank Online Easy Access Account (Issue 69) – minimum deposit £1. Apply and access online. Easy access. Rate includes a 1.15% bonus for the first 12 months.
Notice accounts
5.58% United Trust Bank 200 Day Notice Account (Issue 2) – minimum deposit £5,000. Apply and access online. Withdrawals are subject to 200 days’ notice only; no earlier access is allowed.
5.5% Vanquis 90 Day Notice Account (Issue 2) – minimum deposit £1,000. Apply online. Access online, by post or by phone. Withdrawals are subject to 90 days’ notice only; no earlier access is allowed.
5.5% Melton BS Online 180 Day Notice – minimum deposit £500. Apply and access online. Withdrawals are subject to 180 days’ notice only; no earlier access is allowed.
5.45% Buckinghamshire BS Gold 195 Day Cash Notice – minimum deposit £20,000. Apply and access online in branch or by post. Withdrawals are subject to 195 days’ notice or loss of interest. If the balance falls below £20,000, a variable rate of 0.10% Gross/AER will be paid.
5.4% FirstSave 90 Day Notice – minimum deposit £1,000. Apply and access online. Withdrawals are subject to 90 days’ notice only; no earlier access is allowed.
One-year fixed term bonds
5.5% Reliance Bank Fixed Term Deposit 1-Year – minimum deposit £1,000. Apply by post. No access within the term.
5.5% Al Rayan Bank 12 Month Fixed Term Deposit – minimum deposit £5,000. Apply online, by phone or mobile app. No access within the term. The rate is not guaranteed, in order to comply with Sharia Law the rates listed are an expected profit rate.
5.35% Union Bank of India (UK) Union Premier Bond 1 Year – minimum deposit £5,000. Apply online. No access within the term.
Two-year fixed term bonds
5.25% Reliance Bank Fixed Term Deposit 2-year – minimum deposit £1,000. Apply by post. No access within the term.
5.25% Hanley Economic BS 2 Year Fixed (Issue 227) – minimum deposit £1,000. Apply by post or in branch. No access within the term.
5.15% Loughborough BS Two Year Fixed Rate Bond (Issue 132) – minimum deposit £1,000. Apply in branch or by post. No access within the term.
Three-year fixed term bonds
5.35% Hanley Economic BS 3 Year Fixed (Issue 228) – minimum deposit £1,000. Apply in branch or by post. No access within the term.
5% Hinckley & Rugby BS (Issue 9) – minimum deposit £5,000. Apply in branch or by post. No access within the term.
5% Post Office Money 3 Year Growth Bond (Issue 57) – minimum deposit £500. Apply in branch or by post. No access within the term.
Five-year fixed term bonds
4.75% UBL UK Fixed Term 5 Year – minimum deposit £2,000. Apply online, by post or in branch. No access within the term.
4.55% Bank of Ceylon (via Raisin) 5 Year Fixed Term Deposit – minimum deposit £1,000. Apply online. No access within the term.
4.5% Ikano Bank Fixed 5 Year Saver Account – minimum deposit £1,000. Apply online. No access within the term.
Variable rate cash ISAs
5.25% Teachers BS Cash ISA Notice 190 (Issue 1) – minimum deposit £1,000. Apply online. Access online or by telephone. Withdrawals subject to 180 days’ notice or loss or interest. Transfers in are allowed. This is not a flexible ISA.
5.11% Metro Bank Instant Access Cash ISA (Limited Edition) – minimum deposit £500. Apply in branch. Access online, by post, by telephone or in branch. Transfers in are allowed. This is a flexible ISA.
5.09% Moneybox Cash ISA – minimum deposit £500. Apply and access via mobile app. Up to three withdrawals can be made within a 12-month period from the date of opening the Cash ISA without affecting the interest rate. If four or more withdrawals are made, a lower rate of 0.75% will be applied for the remainder of the 12-month period. Rate includes a 0.85% bonus rate for the first 12-months. Cash ISA transfers in are accepted. Interest is accrued daily but paid on account open anniversary. This is not a flexible ISA.
5.08% Zopa Easy Access ISA – minimum deposit £1. Apply and access via mobile app.
5.06% Principality BS Online Bonus ISA – minimum deposit £1. Apply and access online. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA. The maturity date is 01/02/2026. On maturity, the account is transferred to the Maturity Access ISA.
One-year fixed term cash ISAs
5.01% Shawbrook Bank 1 Year Fixed Rate Cash ISA Bond (Issue 86) – minimum deposit £1,000. Apply online. Withdrawals are allowed, subject to 90 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.
5% Kent Reliance One Year Fixed Rate Cash ISA (Issue 89) – minimum deposit £1,000. Apply online or in branch. Withdrawals are allowed, subject to 90 days’ loss of interest. Transfers in are allowed within 30 days of account opening. This is not a flexible ISA. This is a portfolio ISA – so you can open more than one type of cash ISA with the provider (e.g. fixed and variable) in the same tax year
4.95% Paragon 1 Year Fixed Rate Cash ISA – minimum deposit £500. Apply online. Withdrawals are allowed, subject to 90 days’ loss of interest. Transfers in are allowed. This is a portfolio ISA. This is a flexible ISA.
Two-year fixed term cash ISAs
4.95% Melton BS Fixed Rate ISA to 21 Jan 2026 – minimum deposit £1,000. Apply in branch, or by post. Early withdrawals are not permitted during the fixed rate period but full transfers out are allowed subject to a penalty of the loss of 150 days’ interest.
4.9% Post Office Money 2 Year Fixed Rate Cash ISA (Issue 42) – minimum deposit £500. Apply in branch or by post. Access on closure only, subject to 180 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.
4.85% Ford Money Fixed Cash ISA 2 Year – minimum deposit £500. Apply online. Early withdrawals are allowed subject to 180 days’ notice or loss or interest. This is a portfolio ISA. This is not a flexible ISA. Transfers in are allowed.
Three-year fixed term cash ISAs
5% Hinckley & Rugby BS 30 Month Fixed Rate Cash ISA (Issue 6) – minimum deposit £500. Apply by post or in branch. During the fixed rate term you may withdraw or transfer all or part of your investment but if you do so you will lose a sum equivalent to 180 days’ gross interest on the amount withdrawn. Transfers in are not accepted.
4.65% UBL UK 3 Year Fixed Rate Cash ISA – minimum deposit £2,000. Apply in branch, online, by post or via mobile app. Access on closure or full transfer out only, subject to 270 days loss of interest. Transfers in accepted. Interest is paid on maturity, annually, quarterly or monthly. Interest must be paid to a nominated account, it cannot be added to the account unless it is paid on maturity.
4.5% TSB 3 Year Fixed Rate Cash ISA – minimum deposit £1. Apply in branch, or online. Withdrawals are allowed, subject to 180 days’ loss of interest. Transfers in are allowed. This is a flexible ISA. This is not a portfolio ISA.
Five-year fixed term cash ISAs
4.5% UBL UK 5 Year Fixed Rate Cash ISA – minimum deposit £2,000. Apply in branch, online, by post or via mobile app. Access on closure or full transfer out only, subject to 365 days loss of interest. Transfers in accepted. Interest is paid on maturity, annually, quarterly or monthly. Interest must be paid to a nominated account, it cannot be added to the account unless it is paid on maturity.
4.45% Hinckley & Rugby BS 5 Year Fixed Rate Cash ISA (Issue 6) – minimum deposit £500. Apply in branch or by post. During the fixed rate term you may withdraw all or part of your investment (this includes an ISA transfer to
another organisation), but if you do so you will lose a sum equivalent to 365 days’ gross interest on the amount withdrawn. Transfers in are not permitted
4.35% Castle Trust Bank 5 Year Fixed Rate e-Cash ISA – minimum deposit £1,000. Apply online. Full withdrawals are allowed, subject to 360 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.
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