Since then, savers have been regularly urged to act swiftly in order to bag the best possible deal for their funds, as cuts to interest rates have been expected to be on the horizon for a while.
The base rate froze in December and the first base rate announcement of the new year will be on 6 February.
However, there could be room for optimism, according to Anna Bowes, formerly of Savings Champion and now savings expert at The Private Office, who said the top savings rates have remained “fairly steady” and, in many cases, even increased slightly.
Bowes said: “Fixed rate cash ISAs have been the most resilient and the top rates on offer across all terms have increased very slightly over the last month; great news for those who have not yet used their ISA allowance.”
With ISA season kicking off next month, Bowes believes it will be a mixed bag for savers looking for the best deals on the market.
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Bowes said: “Traditionally, the ISA season tends to be in full swing from late February, so hopefully we’ll see even more competition over the next few months – although if it looks like the base rate will be cut sooner rather than later, that could still mean that top savings rates start to fall too.
“And remember, it’s not just the headline rates you want to compare, as on the face of it, it looks as though fixed-term bonds are paying more than the equivalent ISAs.
“But you need to calculate how much interest you would take home from a bond, versus a cash ISA. If you are a non-taxpayer, or you don’t currently fully utilise your Personal Savings Allowance (PSA), then a cash ISA may not be the best choice.”
She added: “However, many more savers do now use their PSA and therefore the tax-free rate of the cash ISA can still be considerably more than the interest earned after tax has been deducted on the taxable non ISA bond equivalents.”
Here are best buys across easy-access, notice, fixed rate and ISA cash accounts, with data from The Private Office.
EASY-ACCESS ACCOUNTS
4.86% NuWealth GB Bank Easy Access – minimum deposit £500. Apply and access via banking app. Includes a bonus for 12 months. 0.46% AER boost on top of the 4.4% rate (first 12 months) up to the first £25,000. Interest is paid daily. This savings account is powered by the provider’s partner, GB Bank. GB Bank is covered by the Financial Services Compensation Scheme (FSCS), so funds deposited are protected up to £85,000, subject to eligibility. Be aware that any funds that you already hold with GB Bank will also count towards this limit.
4.85% Atom Bank Instant Saver Reward – minimum deposit £1. Apply and access via mobile app. Easy-access. The reward rate (4.75%) gross is paid monthly where a withdrawal is not made and the account is not closed. The withdrawal rate (3.2% monthly/3.25% AER) is paid in any month where a withdrawal is made or the account is closed.
4.75% Gatehouse Bank Easy Access Account – minimum deposit £1. Apply and access online.
4.75% Ulster Bank Loyalty Saver – minimum deposit £5,000. Apply and access in branch, online, by telephone, in branch and mobile app. Easy-access. Available to existing Ulster Bank current account customers or those who open an Ulster Bank current account.
4.75% Sidekick High Yield Cash Reserve – minimum deposit £1,000. Apply and access via mobile app. Rate includes a 0.45% savings bonus (4.3% bonus payable on the first £35,000 of savings). After 12 months, the interest rate will revert to 4.3% AER variable/4.21% gross. This savings account is powered by the provider’s partner, OakNorth Bank. OakNorth Bank is covered by the FSCS, so funds deposited are protected up to £85,000 subject to eligibility. Be aware that any funds that you already hold with OakNorth Bank Limited will also count towards this limit.
NOTICE ACCOUNTS
4.95% Prosper/Santander International 365 Day Notice Tracker – minimum deposit £20,000. Withdrawals are subject to 365 days’ notice; no earlier access is allowed. Rate tracks the Bank of England base rate. The account is available exclusively through the Prosper app, powered by the Akoni cash savings platform, and provided by Santander International. Santander International is covered by the FSCS, so funds deposited are protected up to £85,000. Be aware that any funds that you already hold with Santander International will also count towards this limit.
4.94% BLME 90 Day Notice Account – Issue 7 – minimum deposit £10,000. Apply and access online. Withdrawals are subject to 90 days’ notice; no earlier access is allowed.
4.9% Oxbury 90 Day Notice Base Rate Tracker (Issue 6) – minimum deposit £10,000. Apply and access online. Withdrawals are subject to 90 days’ notice only; no earlier access is allowed.
4.8% Moneybox 95 Day Notice Savings Account (Provided by Investec) – minimum deposit £1. Apply and access via mobile app. Withdrawals are subject to 95 days’ notice only; no earlier access is allowed. Interest is calculated daily and paid into your account each month. Powered by the provider’s partner, Investec. Investec is covered by the FSCS, so funds deposited are protected up to £85,000. Be aware that any funds that you already hold with Investec will also count towards this limit.
4.76% Raisin 32 Day Notice Account (Provided by Investec) – minimum deposit £1,000. Apply and access online via Raisin UK. You can withdraw the full deposit only, subject to 32 days’ notice only; no earlier access is allowed.
FIXED BONDS
One-year fixed-term bonds
4.77% Vida Savings 1 Year Fixed Rate Bond – minimum deposit £100. Apply online. No access within the term.
4.76% Secure Trust Bank 1 Year Fixed Rate Bond (19.Feb.26) – minimum deposit £1,000. Apply online. No access within the term. Maturity date is 19 February 2026.
4.76% Smart Save 1 Year Fixed Rate Saver – Apply online. No access within the term.
Two-year fixed-term bonds
4.65% Tandem 2 Year Fixed Saver – minimum deposit £1,000. Apply online. No access within the term.
4.65% Secure Trust Bank 2 Year Fixed Rate Bond (19.Feb.27) – minimum deposit £1,000. Apply online. No access within the term. Maturity date is 19 February 2027.
4.65% United Trust Bank 2 Year Bond – minimum deposit £5,000. Apply online. No access within the term.
Three-year fixed-term bonds
4.6% JN Bank Fixed Term 3 Year – minimum deposit £1,000. Apply online. No access within the term.
4.56% Smart Save 3 Year Fixed Rate Saver – minimum deposit £5,000. Apply online. No access within the term.
4.56% United Trust Bank – minimum deposit £5,000. Apply with app. No access within the term.
Five-year fixed-term bonds
4.51% Hodge 5 Year Fixed Rate Saver – minimum deposit £1,000. Apply online. No access within the term.
4.5% Smart Save 5 Year Fixed Rate Saver – minimum deposit £10,000. Apply online. No access within the term.
4.49% JN Fixed Term 5 Year – minimum deposit £1,000. Apply online. No access within the term.
CASH ISAS
Easy-access cash ISAs
5.18% Plum/Citibank Plum Cash ISA – minimum deposit £100. Apply and access via app. The rate of 5.18% AER includes a bonus of 1.39% for the first 12 months, providing the following conditions are met: The account balance is kept at £100 or more and you make no more than three withdrawals in a single year. Should you make a fourth withdrawal or your balance drop below £100, the interest rate will drop to 2.5% AER. Transfers of existing ISA funds are allowed, but these receive the basic rate of 3.79% AER. The basic rate of interest of 3.79% is paid monthly, and the Plum bonus rate of 1.39% will be added at the end of the first year. This savings account is powered by the provider’s partner, Citibank. Citibank is covered by the FSCS, so funds deposited are protected up to £85,000, subject to eligibility.
5.17% Moneybox Cash ISA – minimum deposit £500. Apply and access via online banking app. Easy-access. Transfers in are accepted. Up to three withdrawals can be made within a 12-month period from the date of opening the cash ISA without affecting the interest rate. If four or more withdrawals are made, rate drops to 0.75% for the remainder of the 12-month period. Rate includes a 0.45% bonus rate for the first 12 months. Moneybox Cash ISA funds are currently deposited with Santander UK plc and HSBC Bank plc, with 50% of your deposit held with each.
4.9% Trading 121 Cash ISA – minimum deposit £1. Apply online and access online and via mobile app. Transfers of existing ISA funds are allowed. Trading 212 uses a broad range of banks for its cash ISA, and the proportion of money held with each bank can vary over time. The three banks in question are Barclays, NatWest and JPMorgan Chase. Please contact Trading 212 directly for any specific questions on who your money is held with.
4.85% Principality Building Society Online Bonus 5 Access Cash ISA Issue 2 – minimum deposit £1. Apply and access online. Five withdrawals permitted each tax year, but the ISA can be closed or transferred at any time. Rate includes a variable 1.55% bonus for the first 12 months. Transfers in are allowed. This ISA is flexible.
4.85% The West Brom 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 rate is reducing to 4.6% on 17 December.
FIXED-TERM CASH ISAS
One-year fixed-term cash ISAs
4.53% Shawbrook 1 Year Fixed Rate Cash ISA Bond Issue 112 – minimum deposit £1,000. Apply online. Withdrawals are allowed, subject to a withdrawal charge equivalent to 90 days’ interest. Transfers in are allowed.
4.52% Virgin Money 1 Year Fixed Rate Cash E-ISA Issue 654 – minimum deposit £1. Apply online. Withdrawals are allowed, subject to 60 days’ loss of interest. The maturity date is 24 December 2026. Transfers in are allowed. Current account with the provider required.
4.52% Secure Trust Bank 1 Year Fixed Rate Cash ISA (19.Feb.26) – minimum deposit £1,000. Apply online. Early closure/transfer allowed, subject to a 90-day interest penalty. Transfers in are accepted. Maturity date is 19 February 2026.
Two-year fixed-term cash ISAs
4.43% Hodge 2 Year Fixed Rate Cash ISA – minimum deposit £1,000. Apply online. Withdrawals allowed, subject to a 180-day interest penalty. Transfers in are accepted.
4.42% Kent Reliance Two Year Fixed Rate Cash ISA – Issue 86 – minimum deposit £1,000. Apply online. Withdrawals allowed, subject to a 180-day interest penalty. Transfers in are accepted.
4.42% Secure Trust Bank 2 Year Fixed Rate Cash ISA (19.Feb.27) – minimum deposit £1,000. Apply online. Early closure/transfer allowed, subject to a 180-day interest penalty. Transfers in are accepted. Maturity date is 19 February 2027.
Three-year fixed-term cash ISAs
4.37% Hodge 3 Year Fixed Rate Cash ISA (Online Only) – minimum deposit £1,000. Apply online. Withdrawals allowed, subject to a 180-day interest penalty. The maturity date is 24 December 2027. Transfers in are accepted.
4.37% UBL UK 3 Year Fixed Rate Cash ISA – minimum deposit £2,000. Apply online, in branch, by post or mobile banking app. Access on closure only, subject to 270 days’ loss of interest. Transfers in accepted.
4.36% Secure Trust Bank 3 Year Fixed Rate Cash ISA (21.Feb.26) – minimum deposit £1,000. Apply online. Early closure/transfer allowed, subject to a 270-day interest penalty. Transfers in are accepted. Maturity date is 21 February 2028.
Five-year fixed-term cash ISAs
4.19% Close Brothers 5 Year Fixed Rate Cash ISA – minimum deposit £10,000. Apply online. Withdrawals allowed, subject to a 365-day interest penalty. Transfers in are accepted.
4.18% Hodge 5 Year Fixed Rate Cash ISA (Online Only) – minimum deposit £1,000. Apply online. Withdrawals allowed, subject to a 365-day interest penalty. Transfers in are not accepted.
4.18% UBL UK 5 Year Fixed Rate Cash ISA – minimum deposit £2,000. Apply online, in branch, by post or mobile banking app. Access on closure only, subject to 365 days’ loss of interest. Transfers in accepted.
Rates correct as of 9 January 2025
