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‘Dramatic’ savings rate rises: The top payers right now for easy access, fixed and ISA deals

Paloma Kubiak
Written By:
Paloma Kubiak
Posted:
Updated:
04/07/2023

Savings interest on accounts across the board continue to climb but with further base rate hikes on the cards, the question now is whether we’re close to the peak. Here are the best paying deals 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 sticky inflation continuing to dampen your spending power, it’s more important than ever to make every penny count.

Savings interest rates have been rising off the back of 13 consecutive Bank of England base rate hikes and according to Anna Bowes, co-founder of Savings Champion, best buy rates across the board have increased too, in some cases “quite dramatically”.

Bowes said: “What a difference a month makes. Short-term fixed term bond rates are now paying over 6% and the top fixed term ISAs are all paying over 5%.

“Once again, the longer-term rates are paying less than the shorter-term, which indicates that although it is widely accepted that there are likely to be more base rate hikes to come, once they peak, they will come down again slightly over the next few years.

“What will happen next is anyone’s guess, although the frenetic activity seen over the last couple of weeks seems to have waned a little, perhaps suggesting that we are close to the top, certainly for fixed term accounts.”

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

Easy access accounts

4.35% The Family Building Society Online Saver (Issue 5) – minimum deposit £100. Apply and access online. Maximum withdrawal of £25,000 per day.

4.30% Principality Building Society Online Double Access (Issue 2) – minimum deposit £1. Apply and access online. Two withdrawals permitted per calendar year – with closure counting as a withdrawal.

4.25% Yorkshire Building Society Internet Saver Plus (Issue 13) – minimum deposit £1. Apply and access online.

4.25% Paragon Bank Triple Access Savings Account (Issue 13) – minimum deposit £1. Apply and access online. If more than three withdrawals are made in a 12-month period, the rate payable will drop to 1.50% from the date of the fourth withdrawal, with the 12 month period resetting on the anniversary of the account opening date.

4.21% Chip Instant Access Account – minimum deposit £1. Apply and access via mobile app or via QR code from the Chip website.

Notice accounts

5.09% BLME 90 Day Notice Account (Issue 5) – minimum deposit £10,000. Apply online. Access online or via email. Withdrawals are subject to 90 days’ notice only; no earlier access is allowed. The rate is not guaranteed, in order to comply with Sharia Law the rates listed are an expected profit rate.

5% FirstSave 90 Day Notice – minimum deposit £100. Apply and access online. Withdrawals are subject to 90 days’ notice or loss of interest.

5% United Trust Bank 180 Day Notice Tracker – minimum deposit £5,000. Apply online. Access online or by post. Withdrawals are subject to 180 days’ notice only; no earlier access is allowed. This account tracks the Bank of England base rate.

4.90% Vanquis 90 Day Notice Account – minimum deposit £1,000. Apply online. Access online, by post or telephone. Withdrawals are subject to 90 days notice; no early access is allowed.

4.85% 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 permitted.

One-year fixed term bonds

6.05% Close Brothers Savings 1 Year Fixed Rate Bond – minimum deposit £10,000. Apply online. No access within the term.

5.93% SmartSave 1 Year Fixed Rate Saver – minimum deposit £10,000. Apply online. No access within the term.

5.92% Allica Bank 12 Month Fixed-Term Personal Savings Account (Issue 46) – minimum deposit £10,000. Apply online or via mobile app. No access within the term.

Two-year fixed term bonds

6.05% Close Brothers Savings 2 Year Fixed Rate Bond – minimum deposit £10,000. Apply online. No access within the term.

5.95% SmartSave 2 Year Fixed Rate Saver – minimum deposit £10,000. Apply online. No access within the term.

5.92% Cynergy Bank 18 Months Fixed Rate Bond – minimum deposit £1,000. Apply online. No access within the term.

Three-year fixed term bonds

5.95% Close Brothers Savings 3 Year Fixed Rate Bond – minimum deposit £10,000. Apply online. No access within the term.

5.85% Raisin UK 3 Year Fixed Term Deposit (provided by Tandem) – minimum deposit £1,000. Apply online. No access within the term. This account is available exclusively through the Raisin UK Savings Marketplace.

5.85% Recognise Bank 3 Year Fixed Rate Account – minimum deposit £1,000. Apply online. No access within the term.

Five-year fixed term bonds

5.70% United Trust Bank 5 Year Bond – minimum deposit £5,000. Apply online. No access within the term.

5.70% Close Brothers Savings 5 Year Fixed Rate Bond – minimum deposit £10,000. Apply online. No access within the term.

5.65% Cynergy Bank – minimum deposit £1,000. Apply online. No access within the term.

Easy access cash ISAs

4.25% Teachers Building Society Cash ISA Notice 120 (Issue 1) – minimum deposit £1,000. Apply via post. Access online or by post. Withdrawals subject to 120 days’ notice or loss or interest. Transfers in are allowed. This is not a flexible ISA.

4.05% Paragon Triple Access ISA (Issue 13) ‒ minimum deposit £1. Apply and access online. Transfers in are allowed. This is a flexible ISA and a portfolio ISA. If more than three withdrawals are made in a 12-month period, the rate will drop to 0.75% from the date of the fourth withdrawal.

4% Gatehouse Bank Easy Access Cash ISA – minimum deposit £1. Apply and access online. Easy access. In order to comply with Sharia Law the rates listed are an expected profit rate. Transfers in accepted from other cash ISAs at the time of application. This is not a Flexible ISA.

4% Skipton Building Society 60 Day Notice Cash ISA (Issue 1) ‒ minimum deposit £1. Apply and access in branch, by post or telephone. Withdrawals are allowed, subject to 60 days’ notice only; no earlier access is allowed. Transfers in are permitted. This is a flexible ISA.

3.90% Principality Building Society Online ISA ‒ minimum deposit £1. Apply and access online. Rate includes a 0.40% bonus for the first 12 months. Transfers in are allowed. This ISA is flexible.

One-year fixed term cash ISAs

5.21% Zopa 1 Year Fixed Term Smart ISA – minimum deposit £1. Apply via mobile app. No access within the term. Transfers in are not permitted. This is a flexible ISA.

5.20% Charter Savings Bank 1 Year Fixed Rate Cash ISA – minimum deposit £5,000. Apply via mobile app. No access within the term. Transfers in are not permitted. This is a flexible ISA.

5.10% Kent Reliance One Year Fixed Rate Cash ISA (Issue 74) – minimum deposit £1. Apply online. 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.

Two-year fixed term cash ISAs

5.25% Leeds Building Society Limited Issue 18 Month Fixed Rate Cash ISA (Issue 2) – minimum deposit £5,000. Apply online, by post or in branch. Withdrawals are allowed, subject to 105 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA. The maturity date is 02/03/2025.

5.25% Close Brothers Savings 2 Year Fixed Rate Cash ISA – minimum deposit £10,000. Apply 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.

5.22% Zopa 2 Year Fixed Term Smart ISA – minimum deposit £1. Apply via mobile app. Access within the term on closure only subject to a penalty of 180 days’ loss of interest. 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.

Three-year fixed term cash ISAs

5.25% Close Brothers Savings 3 Year Fixed Rate Cash ISA – minimum deposit £10,000. Apply online. Withdrawals are allowed, subject to 270 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

5.23% Zopa 3 Year Fixed Term Smart ISA (Issue 588) – minimum deposit £1. Apply online. No access within the term. Interest is paid into the account on a monthly basis. Transfers in are not permitted. This is a flexible ISA.

5.20% Coventry Building Society Fixed Rate ISA (Issue 220) – minimum deposit £1. Apply in branch, online, by post or telephone. No access within the term, closure is subject to a charge equal to 180 calendar days’ interest. The maturity date is 30/09/2025. Interest is paid on 31 May each year or on the last day of each month. Transfers in are allowed.

Five-year fixed term cash ISAs

5.15% Zopa 5 Year Fixed Term Smart ISA – minimum deposit £1. Apply via mobile app. Access within the term on closure only subject to a penalty of 365 days’ loss of interest. 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.

5.15% Close Brothers Savings 5 Year Fixed Rate Cash ISA – minimum deposit £10,000. Apply online. Withdrawals are allowed, subject to 365 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

5.13% United Trust Bank Cash ISA 5 Year Bond – minimum deposit £5,000. Apply online. Withdrawals on closure only, subject to an interest penalty. Transfers in are allowed. This is not a flexible ISA.

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