Save, make, understand money


This week's best savings rates

This week's best savings rates
Emma Lunn
Written By:
Emma Lunn

There’s a new leader at the top of the easy access chart, with Paragon Bank paying 5.25%.

It’s one of several accounts paying more than 5%, although the rate is lower than last week’s best buy from Chorley Building Society which was offering 5.3% – this product has now been withdrawn.

Easy access savings accounts

According to Moneyfacts, Paragon Bank’s Double Access Savings Account – Issue 3 is the best easy access account available. It pays 5.25% AER either monthly or on anniversary on a minimum deposit of £1,000.

This account can be opened and managed online but only permits two penalty-free withdrawals per year – if you make subsequent withdrawals, a lower rate of 1.50% AER is applied.

Beehive Money and Ulster Bank both pay 5.20% AER on their respective easy access accounts.

Beehive’s Limited Issue Easy Access account includes a bonus of 2.55% until 31 October 2024. A minimum initial deposit of £1,000 is needed to open and manage this account online or by mobile banking app. Further additions to and withdrawals from this amount are permitted via a nominated account.

Ulster Bank’s Loyalty Saver requires a minimum deposit of £5,000 to get the 5.2% rate; balances below this will receive 2.25% AER.

Close Brothers Savings pays 5.15% on its Easy Access Account, but you need a minimum deposit of £10,000.

Cynergy Bank also pay 5.15% on its Online Easy Access Account (Issue 68), including a 1.15% bonus included for the first 12 months. This online-only account requires you to use the Cynergy Bank Authenticator App or Digipass to access online banking.

Fixed rate bonds

The Union Bank of India (UK) Ltd offers the top rates on both one and two-year fixed rate bonds. Its one-year Fixed Rate Deposit pays 6.11% AER on maturity, while its two-year Fixed Rate Deposit offers a slightly lower rate of 6.05% AER either on anniversary or on maturity.

Both of these accounts can be opened and managed with a minimum deposit of £1,000 by post or in branch.

When it comes to the best rates for a three and five-year fixed bond, JN Bank leads these markets for another week, according to Moneyfacts. However, as its three and five-year Fixed Term Savings Accounts pay 5.97% AER and 5.80% AER respectively, keep in mind you can get a higher rate with a shorter-term bond.

Notice accounts

FirstSave continues to offer the top rate for a 30-day notice account with its 30-Day Notice Account (Oct23) paying 5% AER. Interest is received on anniversary on a minimum deposit of £100, but if you make a deposit of £5,000 or more you’ll have the added option of receiving interest monthly.

This account can be opened online, then additionally managed by post or telephone. While 30 days’ notice is needed before making a withdrawal, earlier access can be gained subject to a 30-day loss of interest penalty.

Dudley Building Society is in top spot in the 60-day notice market, paying 5.40% AER. The account has the option of being opened in branch or by post with a minimum deposit of £1,000. As standard, you will need to give notice before making a withdrawal, but earlier access is permitted subject to a 60-day loss of interest penalty.

Dudley also offers an online counterpart, which can be opened and managed online, called the 60 Day Notice Online, which offers the same rate and conditions.

If you’re happy to give 90 days’ notice to access your money, Oxbury Bank’s Personal 90 Day Notice Account (Issue 10) offers the best rate, paying 5.51% AER monthly on a minimum deposit of £1,000. This account can be opened via Oxbury Bank’s website but the Oxbury App is required in order to access online banking.