Savers are urged to go quick to bag top deals as fixed rate bonds have continued to fall over the past month. Here are the best cash savings products on the market 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 before they were frozen twice in a row which means rates stand firm at 5.25%.
Anna Bowes, co-founder of Savings Champion, said: “Another pause in the Bank of England base rate hikes has exacerbated the feeling that rates have peaked – top fixed term bond rates have continued to fall. So it’s time to get a move on for those keen to tie up some of their cash for both the short- and the long-term.”
She added that the NS&I one-year bond paying 6.20% AER which closed last month “appeared to have artificially inflated the short-term bond market” but “it’s withdrawal has clearly had a negative impact”.
Bowes said: “Top rates have been falling, and while there were 29 one- to two-year bonds paying 6% or more at the beginning of September just after the NS&I bond was launched, at the time of writing, there are now just two!
“On the positive news front, we’ve seen some new top cash ISA rates launched recently and all of the top five variable rate ISAs are now paying 5% or more. And the average of the top five non-ISA easy access accounts has improved too – from 5.13% to 5.17%, although the best rate currently available is still 5.20% AER with Ulster Bank and Paragon. Hopefully competition between providers will help maintain if not increase further, the best rates on offer.”
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 or by post, although if you don’t live in Northern Ireland, the account can only be opened online.
5.2% 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 1.50% AER
5.15% Cynergy Bank Online Easy Access Account (Issue 68) – minimum deposit £1. Apply and access online. Rate includes a 1.15% bonus for the first 12 months.
5.15% Nottingham BS Beehive Money Easy Access Savings – minimum deposit £1,000. Apply online. Rate includes a 2.50% bonus until 30/11/2024.
5.15% Close Brothers Savings Easy Access Account (Issue 1) – minimum deposit £10,000. Apply online. Access online, by post or via telephone.
Notice accounts
5.65% Chorley BS 200 Day Notice Account – minimum deposit £1. Apply and access in branch, online or by post. Withdrawals are subject to 200 days’ notice only; no earlier access is allowed.
5.59% Oxbury 180 Day Notice Account (Issue 15) – minimum deposit £1,000. Apply online. Access via mobile app. Withdrawals are subject to 180 days’ notice only; no earlier access is allowed.
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.
5.56% Shawbrook 120 Day Notice Personal Account (Issue 54) – minimum deposit £1,000. Apply online. Access online, by telephone or via email. Withdrawals are subject to 120 days’ notice only; no earlier access is allowed.
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.
One-year fixed term bonds
6.05% 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.
6.03% Habib Bank AG Zurich 12 Month Fixed Rate eDeposit – minimum deposit £5,000. Apply online. No access within the term.
5.9% Gatehouse Bank 1 Year Term Woodland Saver – minimum deposit £1,000. Apply online. 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
6% 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.
5.95% 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.
5.8% JN Bank Fixed Term 2 Year – minimum deposit £1,000. Apply online. No access within the term.
Three-year fixed term bonds
5.9% JN Bank Fixed Term 3 Year – minimum deposit £1,000. Apply online. No access within the term.
5.7% NS&I Green Savings Bond (Issue 5) – minimum deposit £100. Apply online. No access within the term.
5.7% Vanquis 3 Year Fixed Rate Bond – minimum deposit £1,000. Apply online. No access within the term.
Five-year fixed term bonds
5.6% JN Bank Fixed Term 5 Year – minimum deposit £1,000. Apply online. No access within the term.
5.5% Hanley Economic BS 5 Year Online Fixed Rate Bond (Issue 230) – minimum deposit £1,000. Apply online. No access within the term.
5.5% Gatehouse Bank 5 Year Fixed Term Woodland Saver – minimum deposit £1,000. Apply online. 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.
Variable rate cash ISAs
5.5% Mansfield BS Double Access Cash ISA (Issue 1) – minimum deposit £1. Apply and access in branch or by post. Two penalty free withdrawals allowed per tax year and can be by cash (in branch only) and/or cheque (either in branch or by post).
5.3% Mansfield BS Double Access Cash ISA (Issue 1) – minimum deposit £1. Apply and access in branch or by post. Withdrawals are subject to 180 days’ notice or loss of interest.
5.25% WebSave 60 Day Notice ISA – 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.
One-year fixed term cash ISAs
5.61% Zopa 1 Year Fixed Term Smart ISA – minimum deposit £1. Apply and access via mobile app. Access on closure, subject to a 90 days’ interest penalty. Transfers in are not permitted. This is a flexible ISA.
5.6% 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.
5.59% Co-op Bank 1 Year Fixed Rate Cash ISA – minimum deposit £5,000. Apply and access online by post and in branch. Withdrawals are allowed, subject to a withdrawal charge equivalent to 180 days’ interest. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.
Two-year fixed term cash ISAs
5.61% 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.
5.55% The Tipton & Coseley BS Fixed Rate ISA to 31/12/25 – minimum deposit £1,000. Apply and access in branch or by post. Withdrawals may be made without notice. All withdrawals are subject to a charge of 90 days’ interest on the amount withdrawn. The maturity date is 31/12/2025. Transfers in are not allowed.
5.5% UBL UK 2 Year Fixed Rate Cash ISA – minimum deposit £2,000. Apply and access online. Apply in branch, online, by post or via mobile app. Access on closure or full transfer out only, subject to 180 days’ loss of interest. Transfers in accepted. Interest paid on maturity.
Three-year fixed term cash ISAs
5.37% 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.
5.3% Principality BS 3 Year Fixed Rate Cash ISA (Issue 309) – 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.
5.15% Cynergy Bank 3 Year Fixed Rate Cash ISA – minimum deposit £500. Apply online. Withdrawals are allowed, subject to a withdrawal charge equivalent to 180 days’ interest. Transfers in are allowed.
Five-year fixed term cash ISAs
5.05% 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 (06/12/28) – 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 the 31st 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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