Leaving your cash languishing in a low-paying savings or current account means you could be missing out on valuable interest from the higher-for-longer rates. With the cost-of-living crisis still impacting households 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 the bank paused its rate-hiking cycle, leaving it to stand at 5.25%.
But with the latest inflation figure veering closer to target, rates could stick higher for a while yet ahead of a Bank of England base rate cut.
Anna Bowes, co-founder of Savings Champion, says: “The latest inflation figures confirmed that the Consumer Prices Index [CPI] fell to 2.3% in the 12 months to April 2024 – much closer to the Government target, but still higher than predicted.
“This means that the date for the anticipated Bank of England base rate cut is likely to be pushed back again. Whilst bad news for borrowers, this is great news for savers, because savings rates are staying higher for longer and we’ve even seen increases to the best rates available across most categories. So make hay while the sun shines; take advantage of these rates while they are available, especially if you can lock some of your cash away with a fixed rate, as a base rate cut will happen at some stage, we just don’t know when.”
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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% Ulster Bank Loyalty Saver – minimum deposit £5,000. Apply and access in branch, online, mobile banking and phone. Available to existing Ulster Bank customers who hold a current account. Interest drops to 2.25% below £5,000 balance.
5.07% Flagstone Instant Access (provided by SmartSave) – minimum deposit £10,000. Apply and access online. This account is available exclusively through the Flagstone Investment Management platform.
5.02% Oxbury Easy Access Account (Limited Edition 1) – minimum deposit £20,000. Apply and access online. If the balance falls below £20,000, no interest will be paid.
5.01% Monument Easy Access Savings – minimum deposit £25,000. Apply and access via mobile banking app.
4.96% Kent Reliance Easy Access Savings account (Issue 70) – minimum deposit £1,000. Apply and access online or in branch.
NOTICE ACCOUNTS
5.25% Oxbury 90 Day Notice Base Rate Tracker (Issue 2) – minimum deposit £1,000. Apply online, access via mobile and online. Withdrawals are subject to 90 days’ notice only; no earlier access is allowed. This account tracks the Bank of England base rate plus or minus a margin.
5.25% Investec 90-Day Notice Saver – minimum deposit £5,000. Apply and access online. Withdrawals are subject to 90 days’ notice only; no earlier access is allowed.
5.25% Charter Savings Bank 95 Day Notice (Issue 63) – minimum deposit £5,000. Apply and access online. Withdrawals are subject to 95 days’ notice only; no earlier access is allowed.
5.25% Hinckley and Rugby Building Society 180 Day Notice – minimum deposit £2,500. Apply and access in branch or by post. Withdrawals are subject to 180 days’ notice only; no earlier access is allowed.
5.25% United Trust Bank 180 Day Notice Base Rate Tracker – minimum deposit £5,000. Apply online, access online and by post. Withdrawals are subject to 180 days’ notice only; no earlier access is allowed. This account tracks the Bank of England base rate. Interest is paid annually.
ONE-YEAR FIXED TERM BONDS
5.22% Raisin 1 Year Fixed Term Deposit (provided by National Bank of Egypt UK Ltd) – minimum deposit £10,000. Apply online. No access within the term. This account is available exclusively through the Raisin UK Savings Marketplace.
5.21% Raisin 1 Year Fixed Term Deposit (provided by Ziraat Bank) – minimum deposit £1,000. Apply online. No access within the term. This account is available exclusively through the Raisin UK Savings Marketplace.
5.2% The Access Bank UK Sensible Savings – 1 Year Fixed Rate Bond – minimum deposit £5,000. Apply online or by post. No access within the term.
TWO-YEAR FIXED TERM BONDS
5.05% The Access Bank UK Sensible Savings – 2 Year Fixed Rate Bond – minimum deposit £5,000. Apply online or by post. No access within the term.
4.96% SmartSave 2 Year Fixed Rate Saver – minimum deposit £10,000. Apply online. No access within the term.
4.95% Close Brothers 2 Year Fixed Rate Bond – minimum deposit £10,000. Apply online. No access within the term.
THREE-YEAR FIXED TERM BONDS
4.8% The Access Bank UK Sensible Savings – 3 Year Fixed Rate Bond – minimum deposit £5,000. Apply online or by post. No access within the term.
4.75% Raisin 3 Year Fixed Term Deposit (provided by Işbank) – minimum deposit £1,000. Apply online. No access within the term. This account is available exclusively through the Raisin UK Savings Marketplace.
4.73% Shawbrook Bank 3 Year Fixed Rate Bond 71 – minimum deposit £1,000. Apply online. No access within the term.
FIVE-YEAR FIXED TERM BONDS
4.75% Raisin 5 Year Fixed Term Deposit (provided by Işbank) – minimum deposit £1,000. Apply online. No access within the term. This account is available exclusively through the Raisin UK Savings Marketplace.
4.57% Shawbrook Bank 5 Year Fixed Rate Bond (Issue 49) – minimum deposit £1,000. Apply online. No access within the term.
4.56% Hodge 5 Year Fixed Rate Bond (online only) – minimum deposit £1,000. Apply online. No access within the term.
VARIABLE RATE CASH ISAS
5.17% Plum Cash ISA – minimum deposit £100. Apply and access via mobile app. The rate of 5.17% AER includes a bonus of 0.88% for the first 12 months, providing the following conditions are met: The account balance is kept at £100 or more and you have no more than three withdrawals in a single year. A fourth withdrawal or your balance dropping below £100 will result in the interest rate dropping to 3% AER. Transfers of existing ISA funds are allowed, but these receive the basic rate of 4.29% AER. The basic rate of interest of 4.29% is paid monthly, and the Plum bonus rate of 0.88% will be added at the end of the first year. This is not a flexible ISA.
5.1% Chip Cash ISA – minimum deposit £1. Apply and access via mobile app. Transfers in are not accepted currently. This is a flexible ISA. This savings account is powered by the provider’s partner, ClearBank Limited. ClearBank Limited is covered by the FSCS, so funds deposited are protected up to £85,000 subject to eligibility.
5.1% The West Brom BS WebSave 60 Day Notice ISA Account (Issue 2) – minimum deposit £1. Apply and access online. You can make withdrawals by giving 60 days’ notice, or you can withdraw earlier at a charge equivalent to 60 days loss of interest. Transfers in are allowed. This is not a flexible ISA.
5.08% Zopa Easy Access ISA – minimum deposit £1. Apply and access via mobile app. Rate includes a 0.5% AER bonus that runs till 6 April 2025. Transfers in are accepted from other providers. This is a flexible ISA.
5% Newcastle Building Society Single Access ISA (Issue 1) – minimum deposit £1. Apply online or in branch, access online, in branch, by post or phone. One withdrawal allowed on each anniversary year. The rate drops to 2.9% for second or subsequent withdrawal. Transfers in are allowed. This is a flexible ISA.
ONE-YEAR FIXED TERM CASH ISAS
5.05% Virgin Money 1 Year Fixed Rate Cash ISA Exclusive (Issue 12) – minimum deposit £1. Apply online or in branch. You need to have a current account with Virgin Money that was opened on or after 4 December 2019, or you originally opened your current account with Clydesdale Bank, Yorkshire Bank or B. The maturity date is 30/04/25. Full and partial withdrawals are permitted during the term, but you will be charged 60 days’ interest on the amount taken out.
4.8% Shawbrook Bank 1 Year Fixed Rate Cash ISA Bond (Issue 97) – minimum deposit £1,000. Apply online. Withdrawals are allowed, subject to 90 days’ loss of interest. Transfers in are allowed.
4.77% OakNorth Bank 12 Month Fixed Rate Cash ISA – minimum deposit £1. Apply online and mobile app. Withdrawals are allowed, subject to 90 days’ loss of interest. Transfers in are allowed.
TWO-YEAR FIXED TERM CASH ISAS
4.63% OakNorth 24 Month Fixed Rate Cash ISA – minimum deposit £1. Apply online and via mobile app. Withdrawals are allowed, subject to 180 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.
4.63% Shawbrook 2 Year Fixed Rate Cash ISA Bond (Issue 85) – minimum deposit £1,000. Apply online, manage via email, mobile, online, post or telephone. Withdrawals are allowed, subject to 180 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.
4.63% Secure Trust Bank 2 Year Fixed Rate Cash ISA (09 Jul 26) – minimum deposit £1,000. Apply online, manage online, via mobile or phone. You may withdraw the whole balance by closing the account. If you decide to close the account before it matures, Secure Trust makes an ‘early access charge’ of 180 days’ interest. The maturity date is 9 July 2026. Transfers in are accepted. This is not a flexible ISA.
THREE-YEAR FIXED TERM CASH ISAS
4.44% Shawbrook Bank 3 Year Fixed Rate Cash ISA Bond (Issue 56) – minimum deposit £1,000. 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.
4.43% Secure Trust Bank 3 Year Fixed Rate Cash ISA (09 Jul 27) – minimum deposit £1,000. Apply online, manage online, via mobile or phone. You may withdraw the whole balance by closing the account. If you decide to close the account before it matures, Secure Trust makes an ‘early access charge’ of 270 days’ interest. The maturity date is 9 July 2027. Transfers in are accepted. This is not a flexible ISA.
4.42% Principality Building Society 3 Year Fixed Rate Cash ISA (Issue 337) – minimum deposit £500. Apply online or in branch, manage in branch, online or by post. Access on closure only, subject to 270 days’ loss of interest. Transfers in are allowed. This is not a portfolio ISA. This is not a flexible ISA.
FIVE-YEAR FIXED TERM CASH ISAS
4.11% Shawbrook Bank 5 Year Fixed Rate Cash ISA Bond Issue 47 – minimum deposit £1,000. Apply online. Withdrawals are allowed, subject to 360 days’ loss of interest. Transfers in are allowed.
4.09% Secure Trust Bank 5 Year Fixed Rate Cash ISA (09 Jul 29) – minimum deposit £1,000. Apply online, manage via mobile, online or phone. You may withdraw the whole balance by closing the account. If you decide to close the account before it matures, Secure Trust makes an ‘early access charge’ of 365 days’ interest. The maturity date is 9 July 2029. Transfers in are accepted. This is not a flexible ISA.
4.08% Principality Building Society 5 Year Fixed Rate Cash ISA (Issue 338) – minimum deposit £500. Apply online or in branch, manage online, in branch or by post. Access on closure only, subject to 360 days’ loss of interest. Transfers in are allowed. This is not a portfolio ISA. This is not a flexible ISA.
Rates correct as of 4 June 2024
