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Cash savings interest rates are starting to fall: All the top payers revealed

Cash savings interest rates are starting to fall: All the top payers revealed
Paloma Kubiak
Written By:
Paloma Kubiak
Posted:
04/10/2023
Updated:
04/10/2023

There has been fierce competition in the best buy savings tables but with the pause in the Bank of England base rate, there's a noticeable slowdown in deals. Here are the top payers 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 raging on and inflation continuing to dampen 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 since December 2021 but the base rate was frozen at 5.25% last month.

Anna Bowes, co-founder of Savings Champion, said: “With a surprise pause in the Bank of England base rate hikes, there is a feeling that things may have peaked, certainly for the time being. Of course, whether this is a peak or a pause we’ll have to wait and see but best buy rate increases have definitely continued to slow down – although there is still the odd bright spot.

“We’ve seen some new top cash ISA rates launched recently and all of the top five non-ISA easy access accounts are paying 5% or more – hopefully competition between providers will help maintain if not increase further, the best rates on offer.

“But if you were hoping to lock some of your cash up for the longer-term, to try and beat inflation in the future for at least some of the term, assuming inflation continues to fall, then you might want to move quickly as rates appear to have peaked and are actually beginning to fall a little.”

Below Savings Champion lists all the top paying accounts from easy access savings to fixed rate bonds, notice accounts to ISAs:

Easy access accounts

5.2% Coventry BS Triple Access Saver (Online) – minimum deposit £1. Apply and access online. You can take money out of your account up to three times a year without having to pay a charge. From the fourth withdrawal onwards, you’ll receive a charge equal to 50 days’ interest based on the amount you’re withdrawing.

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.

5.11% Shawbrook Easy Access Account (Issue 36) – minimum deposit £1,000. Apply and access online.

5.1% The Nottingham Limited Issue Easy Access – minimum deposit £1,000. Apply and access online. Interest rate includes a bonus of 2.45% until 31/10/2024.

5.05% Paragon Double Access Account (Issue 2) – minimum deposit £1,000. Apply and access online. Upon third withdrawal within an account year, the rate decreases to 1.50% AER.

Notice accounts

5.75% Stafford Railway BS Notice 120 – minimum deposit £5,000. Apply online, in branch or by post. Access in branch or by post. Withdrawals require 120 days’ notice: no early access is available.

5.6% RCI Bank 95 Day Notice Savings Account – minimum deposit £1,000. Apply and access online. Withdrawals are subject to 95 days’ notice only; no earlier access is allowed.

5.59% Oxbury 180 Day Notice Account (Issue 15) – minimum deposit £1,000.

5.55% Cynergy Bank Online Notice Saver 120 Day Notice (Issue 8) – minimum deposit £500. Apply and access online. Withdrawals subject to 120 days’ notice only; no earlier access is allowed.

5.53% Oxbury 120 Day Notice Account (Issue 23) – minimum deposit £1,000. Apply online. Access via mobile app. Withdrawals are subject to 120 days’ notice only; no earlier access is allowed.

One-year fixed term bonds

6.2% NS&I Guaranteed Growth Bonds one-year term (Issue 72) – minimum deposit £500. Apply online. No access within the term.

6.11% Union Bank of India UK Fixed Rate Deposit 1 Year – minimum deposit £1,000. Apply in branch or by post. No access within the term.

6.11% Oxbury Personal 1 Year Bond Account (Issue 32) – minimum deposit £1,000. Apply online.

Two-year fixed term bonds

6.05% Ford Money Fixed Saver 18 Month – minimum deposit £500. Apply online. No access within the term.

6.05% Union Bank of India UK Fixed Rate Deposit 18 Months – minimum deposit £1,000. Apply in branch or by post. No access within the term.

6.05% Ford Money Fixed Saver 2 Year – minimum deposit £500. Apply online. No access within the term.

Three-year fixed term bonds

5.97% JN Bank UK Fixed Term 3 Year – minimum deposit £1,000. Apply online. No access within the term.

5.95% Cynergy Bank 3 Year Fixed Rate Bond – minimum deposit £1,000. Apply online. No access within the term.

5.95% FirstSave 3 Year Bond (Issue Jul 23) – minimum deposit £1,000. Apply online. No access within the term.

Five-year fixed term bonds

5.8% JN Bank UK Fixed Term 5 Year – minimum deposit £1,000. Apply online. No access within the term.

5.75% Cynergy Bank 5 Year Fixed Rate Bond – minimum deposit £1,000. Apply online. No access within the term.

5.65% Raisin 5 Year Fixed Term Deposit (Provided by Tandem) – minimum deposit £1,000.

Variable rate cash ISAs

5.25% Stafford Railway BS Cash ISA 60 Day Notice Account – minimum deposit £100. Apply online, in branch or by post. Withdrawals subject to 60 days’ notice, no earlier access is allowed. Transfers in are allowed. This is not a flexible ISA.

5.05% Chorley BS 150 Day Notice Cash ISA – minimum deposit £1. Apply online, in branch or by post. Withdrawals are subject to 150 days’ notice, no earlier access is allowed. Transfers in are allowed. This is not a flexible ISA.

5% Moneybox Cash ISA – minimum deposit £500. Apply and access via mobile app. Transfers in allowed. Easy Access. Up to three penalty free withdrawals per annum. 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. Because Moneybox is not a bank, funds they hold on behalf of customers are currently deposited with Santander UK Plc and HSBC Bank PLC. Be aware that any funds that you already hold with Santander UK Plc or HSBC Bank PLC will also count towards your FSCS limit. This is not a flexible ISA.

5% Teachers BS Cash ISA Notice 180 (Issue 1) ‒ minimum deposit £1,000. Apply online. Access by telephone or online. Withdrawals subject to 180 days’ notice or loss or interest. Transfers in are allowed. This is not a flexible ISA. Interest paid annually on 5 April.

4.9% Skipton BS Bonus Cash ISA Saver (Issue 15) ‒ minimum deposit £1. Apply and access online, in branch, by post or telephone. Easy access. Rate includes a bonus of 1% for the first 12 months. Transfers in are allowed. This is a flexible ISA.

One-year fixed term cash ISAs

5.86% UBL UK 1 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 90 days’ loss of interest. Transfers in accepted. Interest paid on maturity.

5.78% Charter Savings Bank 1 Year Fixed Rate Cash ISA – minimum deposit £5,000. Apply online. Withdrawals are allowed, subject to 90 days’ loss of interest. Transfers in are allowed. Interest is paid annually or monthly.

5.75% OakNorth Bank 12 Month Fixed Rate Cash ISA – minimum deposit £1. Apply online or via mobile. Withdrawals are allowed, subject to 90 days’ loss of interest. Transfers in are allowed. Interest is paid monthly into the account.

Two-year fixed term cash ISAs

5.66% Zopa 2 Year Fixed Term Smart ISA – minimum deposit £1. Apply via mobile app. Access on closure, subject to a 180 days’ interest penalty. Interest is paid into the account on a monthly basis. Transfers in are not permitted. To open a Smart ISA, you’ll need to have open a Zopa Smart Saver account and deposit a minimum of £1. You can do this in the Smart Savings Hub.

5.6% Monmouthshire BS 2 Year Fixed Rate Cash ISA (Issue 25) – minimum deposit £1,000. Apply online or in branch. Access on closure only, subject to 180 days’ loss of interest. Transfers in are allowed. Interest is paid on the 31st of March each year and on maturity.

5.6% SecureTrust Bank 2 Year Fixed Rate Cash ISA – minimum deposit £1,000. Apply online. You may withdraw the whole balance by closing the account. If you decide to close the account before it matures on 3 November 2025, Secure Trust make an ‘early access charge’ of 180 days’ interest. Transfers in are accepted. Interest is paid annually.

Three-year fixed term cash ISAs

5.61% Zopa 3 Year Fixed Term Smart ISA – minimum deposit £1. Apply via mobile app. Access on closure, subject to a 270 days’ interest penalty. Interest is paid into the account on a monthly basis. Transfers in are not permitted. To open a Smart ISA, you’ll need to have open a Zopa Smart Saver account and deposit a minimum of £1. You can do this in the Smart Savings Hub.

5.5% Principality BS 3 Year Fixed Rate Cash ISA (Issue 305) – minimum deposit £500. Apply in branch or online. Access on closure only, subject to 270 days’ loss of interest. Transfers in are allowed. Interest is paid annually or monthly.

5.45% United Trust Bank Cash ISA 3 Year Bond – minimum deposit £5,000. Apply online. Withdrawals are allowed, subject to a withdrawal charge equivalent to 270 days’ interest. Interest can be withdrawn annually without penalty. Transfers in are allowed. Interest is paid annually.

Five-year fixed term cash ISAs

5.26% Zopa 5 Year Fixed Term Smart ISA – minimum deposit £1. Apply via mobile app. Access on closure, subject to a 365 days’ interest penalty. Interest is paid into the account on a monthly basis. Transfers in are not permitted. To open a Smart ISA, you’ll need to have open a Zopa Smart Saver account and deposit a minimum of £1. You can do this in the Smart Savings Hub.

5.01% Secure Trust Bank 5 Year Fixed Rate Cash ISA – minimum deposit £1,000. Apply online. You may withdraw the whole balance by closing the account. If you decide to close the account before it matures on 8 November 2028, Secure Trust make an ‘early access charge’ of 365 days’ interest. The maturity date is 08.11.2028. Transfers in are accepted. Interest is paid annually on 31 December and on maturity.

5.01% 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.

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