Cash savings rates in the fixed term market continue to fall and could dip below 5% in a matter of days or weeks. But easy access accounts have bucked the trend. Here are the top cash savings accounts on offer, though savers are urged to move quickly.
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 before they were frozen twice in a row to reach 5.25%.
Anna Bowes, co-founder of Savings Champion, said: “The fall in top savings rates has continued for another month – there’s been the odd bright spot, but there have also been some pretty hefty drops, especially in the fixed term market. All the top fixed term bonds have now fallen below 6% and over the five-year term, the top rates are only just hanging onto 5% – so we may see longer-term rates dipping below 5% in the coming days and weeks.
“That’s already happened with the longer-term ISA rates with the top three-year ISA paying just 4.86% (at the time of writing) and the top five-year ISA paying 4.9%.
“The best buy easy access accounts continue to buck the trend but things have slowed here too. Metro Bank has dominated the top spot for a few weeks now, offering 5.22%, shunting Ulster Bank into second place paying 5.2% AER. But no-one else seems to want to challenge them.
“So, with the markets now accepting that the base rate has probably reached its peak, we may not see many more increases. Hopefully things will settle down though and the fixed term bonds will at least stop falling. But if you are thinking of locking some money away, you might want to get a move on.”
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% DF Capital Easy Access Account (Issue 2) – minimum deposit £1,000. Apply online. Access online, email or by telephone. You can make unlimited withdrawals subject to providing one working day’s notice. The cut off time for new instructions is 4:30pm on any working day. There is a minimum withdrawal amount of £1,000
5.2% Ulster Bank Loyalty Saver (Issue 68) – 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.
5.16% Paragon Double Access Account (Issue 4) – minimum deposit £1,000. Apply and access online. Upon third withdrawal within an account year, the rate decreases to 1.5% AER.
5.15% Beehive Money Limited Issue Easy Access (Issue 2) – minimum deposit £1,000. Apply and access online. Rate includes a 2.5% bonus until 30/11/2024.
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.
5.51% Hampshire Trust Bank 95 Day Notice Account (Issue 14) – minimum deposit £1,000. Apply online. Access online, by post or by telephone. Withdrawals are subject to 95 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 telephone. Withdrawals are subject to 90 days’ notice only; no earlier access is allowed.
5.5% Melton Mowbray Online 180 Day Notice – minimum deposit £500. Apply and access online. Withdrawals are subject to 180 days’ notice only; no earlier access is allowed.
5.5% Tipton & Coseley BS 120 Day Notice – minimum deposit £25,000. Apply and access via mobile app or in branch. Withdrawals are subject to 120 days’ notice only; no earlier access is allowed. This is a tiered account paying between 5.3% AER to 5.5% AER, depending on the balance.
ONE-YEAR FIXED TERM BONDS
5.8% Metro Bank Fixed Term Savings Account 1-year – minimum deposit £500. Apply online or in branch. No access within the term.
5.7% 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.
5.7% Al Rayan Bank 12 Month Fixed Term Deposit – minimum deposit £5,000. Apply online, by telephone 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.
TWO-YEAR FIXED TERM BONDS
5.8% Metro Bank Fixed Term Savings Account 18 Months Rate Deposit 2 years – minimum deposit £500. Apply in branch or by post. No access within the term.
5.7% Union Bank of India (UK) Fixed Rate Deposit 2 Years – minimum deposit £1,000. Apply in branch or by post. No access within the term.
5.45% BLME 18 Months Premier Deposit Account – minimum deposit £1,000. Apply online. No access within the term. The rate is not guaranteed, in order to comply with Sharia Law the rate displayed is an expected profit rate. Profit must be paid to a nominated account, it cannot be added to the account.
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.
5.35% BLME 3 Years Premier Deposit Account – minimum deposit £1,000. Apply online. No access within the term. The rate is not guaranteed, in order to comply with Sharia Law the rate displayed is an expected profit rate. Profit must be paid to a nominated account, it cannot be added to the account.
5.25% Newbury BS Fixed Rate Bond (29 July 2026) – minimum deposit £5,000. Apply in branch, by post or online. No access within the term.
FIVE-YEAR FIXED TERM BONDS
5% JN Bank Fixed Term 5 Year – minimum deposit £1,000. Apply online. No access within the term.
5% Union Bank of India (UK) Fixed Rate Deposit 5 Years – minimum deposit £1,000. Apply in branch or by post. No access within the term.
5% BLME 5 Years Premier Deposit Account – minimum deposit £1,000. Apply online. No access within the term. The rate is not guaranteed, in order to comply with Sharia Law the rate displayed is an expected profit rate. Profit must be paid to a nominated account, it cannot be added to the account.
VARIABLE RATE CASH ISAS
5.3% Mansfield BS eSaver 180 Day Notice Cash ISA (Issue 1) – minimum deposit £1. Apply and access online. Withdrawals are subject to 180 days’ notice or loss of interest. Transfers in are not permitted.
5.25% Teachers BS Cash ISA Notice 180 (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.
ONE-YEAR FIXED TERM CASH ISAS
5.71% Metro Bank 1 Year Fixed Rate Cash ISA – minimum deposit £1. Apply in branch. 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.
5.35% Kent Reliance One Year Fixed Rate Cash ISA (Issue 85) – 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
5.32% Zopa 1 Year Fixed Term Smart ISA – minimum deposit £1. Apply via mobile app. Access on closure, subject to a 90 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.
TWO-YEAR FIXED TERM CASH ISAS
5.15% Saffron BS Two Year Fixed Rate Cash ISA – minimum deposit £500. Apply in branch, online or by post. Access on closure only, subject to 180 days’ loss of interest. Transfers in are not allowed. This is not a flexible ISA. This is not a portfolio ISA.
5.12% 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.
5.11% Secure Trust Bank 2 Year Fixed Rate Cash ISA (5 Jan 2026) – 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 5th Jan 2026, Secure Trust make an ‘early access charge’ of 180 days’ interest. The maturity date is 05.01.2026. Transfers in are accepted. This is not a flexible ISA.
THREE-YEAR FIXED TERM CASH ISAS
4.86% Secure Trust Bank 3 Year Fixed Rate Cash ISA (4 Jan 2027) – 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 4th January 2027, Secure Trust make an ‘early access charge’ of 270 days’ interest. The maturity date is 04.01.2027. Transfers in are accepted. This is not a flexible ISA.
4.85% Aldermore 3 Year Fixed Rate Cash ISA – 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.
4.85% Leeds BS 3 Year Fixed Rate Cash ISA (Issue 147) – minimum deposit £100. Apply in branch, by post or online. Withdrawals are allowed, subject to 150 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA. The maturity date is 3 Jan 2027.
FIVE-YEAR FIXED TERM CASH ISAS
4.9% Hinckley & Rugby BS 5 Year Fixed Rate Cash ISA (Issue 5) – 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.
4.81% 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.
4.73% Principality BS 5 Year Fixed Rate Cash ISA (Issue 313) – minimum deposit £500. Apply in branch or online. Access on closure only, subject to 180 days’ loss of interest. Transfers in are allowed. This is not a portfolio ISA. This is not a flexible ISA.
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