
December saw the biggest drop in averaged fixed savings rates in more than a decade, with average fixes priced at 4.62% – a dip from 5.44% last October.
Considering the current state of the savings sector, James Hyde, spokesperson at Moneyfacts, said it “remains as essential as ever” for savers to shop around for the best rates.
So here are the best savings rates this week, according to Moneyfacts data.
Easy access accounts
The Loyalty Saver from Ulster Bank pays 5.20% AER on balances exceeding £5,000, but any less sees the rate fall to 2.25% AER. A current account with the provider is required to secure the rate, which can be opened by phone, app, or online, and can then be managed in a branch.
Coventry Building Society’s online-only Triple Saver (Online) (2) is the next-best deal on the market (5.15% AER). This only requires £1 as a deposit, but only permits three withdrawals per year with no penalty, with a 50-day loss of interest applied if any more occur.

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The third-best rate in the market is offered by three providers this week. Close Brothers Savings’ Easy Access Account (Issue 2), Leeds Building Society’s Limited Issue Online Access Account (Issue 55), and Cynergy Bank’s Online Easy Access Account (Issue 69) all offer 5.10% AER.
Close Brothers requires a £10,000 deposit, whereas Leeds needs £1,000, and Cynergy’s offer can begin with just £1 in the account. Cynergy also offers a bonus (1.10%) for the 12 months.
Fixed-bond rates
SmartSave is still leading the way with its 1 Year Fixed Rate Saver account, which stands at 5.16% AER, which is paid on maturity, with interest compounded yearly. It requires a hefty £10,000 deposit and early access is not accepted, but further additions are permitted within the first fortnight of the account opening.
The 5.10% rate on iFAST Global Bank’s Fixed Term Deposit is the next best in the two-year fixed market and needs no minimum deposit. Early access is not permitted and no further additions are accepted on this online/mobile app account. Interest is paid on maturity.
Close Brothers Savings’ 3-Year Fixed Rate Bond pays 4.60% AER with interest paid yearly. There needs to be a sizeable deposit of £10,000 to open, and additions are accepted within 10 days of funds entering the account.
Atom Bank is the champion five-year fixed provider, due to its 4.50% AER offer on its 5 Year Fixed Saver. An investment of £50 is needed to open and additions can be made a week after the account’s opening.
The Sharia Law-compliant provider Isbank, through Raisin UK, shares the same rate, but needs a larger £1,000 and no additional funds are permitted after opening.
Notice accounts
For another week, FirstSave stays on top of the tree for 30- and 90-day notice accounts with its 30 Day Notice Account (Oct 23) and 90 Day Notice Account (Oct 23). Both pay interest on anniversary, and rates are at 5.00% AER and 5.40% AER respectively. An initial investment of £100 is needed and there are no restrictions on further deposits. As is standard, a 30- and 90-day loss of interest comes if you withdraw your funds before the appropriate notice period.
For yet another week, the West Brom Building Society provides the best value for savers who are happy to wait 60 days before accessing their funds. Its online-only 60 Day Notice Account pays 5.25% AER either monthly or yearly and needs just a £1 deposit to get going.