In November, the Bank of England’s Monetary Policy Committee (MPC) voted to cut the base rate from 5% to 4.75%, but there are many offers – particularly in the ISA market – that have stayed above that level.
The next base rate review takes place on 19 December and the MPC has said there will be a “gradual” approach to any further reductions.
So with it not being clear whether interest rates will decline further, there’s still time to take advantage of inflation-busting savings deals, some of which have in fact risen since last month.
Anna Bowes, co-founder of Savings Champion, said: “After last month’s base rate cut, many of the highest savings rates have predictably started to decline, with several providers announcing reductions set to take effect in the coming days and weeks. However, there have been some unexpected highlights, particularly among ISA rates, which continue to shine across various categories.
“Interestingly, some of the top easy-access cash ISA rates have risen due to increased competition among newer app-based providers like Plum, Trading 212, and Moneybox. As a result, although some rate cuts have already occurred, with more being announced, the overall trend for easy-access ISA rates has been surprisingly resilient so far.
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“In contrast, non-ISA easy-access accounts have seen their best rates decline, and further reductions are on the horizon.”
Bowes added: “Surprisingly, top fixed-term ISA rates have climbed across all terms in the past month. This presents excellent opportunities for those who have already maxed out their Personal Savings Allowance (PSA) but have yet to take full advantage of their ISA allowance. If this applies to you, now might be the time to act and capitalise on this rare anomaly while it lasts.”
Here are best buys across easy-access, notice, fixed rate and ISA cash accounts, with data from Savings Champion:
EASY-ACCESS ACCOUNTS
4.85% Principality Building Society Online Bonus Triple Access Issue 4 – minimum deposit £1. Apply and access online. Three withdrawals can be made from the account every calendar year – closing the account counts as a withdrawal. Interest rate includes a 1.5% bonus for the first 12 months. Interest is paid annually. This rate will change to 4.7% on 5 December.
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%) is paid in any month where a withdrawal is made or the account is closed.
4.81% Monument Easy Access Savings – minimum deposit £25,000. Apply and access via mobile app.
4.75% Ulster Bank – 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.
4.71% Chetwood Bank – minimum deposit £1. Apply and access online.
NOTICE ACCOUNTS
5.23% 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 Financial Services Compensation Scheme (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.
5.1% Prosper/Santander International 95 Day Notice Tracker – minimum deposit £20,000. Apply and access via mobile app. Withdrawals are subject to 95 days’ notice; no earlier access is allowed. 4.78% gross/4.9% AER interest will be paid by GB Bank daily. An additional 0.2% gross/0.2% AER boost will be paid by Prosper on each anniversary of the account opening. This rate is changing to 4.99% AER on 28 January 2025. The account is available exclusively through the Prosper app, provided by GB Bank. GB Bank is covered by the FSCS, so funds deposited are protected up to £85,000. Be aware that any funds that you already hold with GB Bank will also count towards this limit.
5.1% Market Harborough 195 Day Notice Account – minimum deposit £10,000. Apply and access online. Withdrawals are subject to 195 days’ notice only; no earlier access is allowed. New customers must apply in branch only. Interest is paid monthly.
5.01% Monument 60 Day Notice Account – minimum deposit £25,000. Apply and access online. 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 on immediate access.
ONE-YEAR FIXED TERM BONDS
4.8% Ziraat Bank via Raisin 1 Year Fixed Term Deposit – minimum deposit £1,000. Apply via Raisin UK online. No access within the term.
4.8% Al Rayan Bank via Raisin 12 Month Fixed Term (Sharia fixed-term account) – minimum deposit £1,000. Apply via Raisin UK online. No access within the term. The rate is not guaranteed; in order to comply with Sharia law, the rate displayed is an expected profit rate.
4.77% Smart Save 1 Year Fixed Rate Saver – Apply online. No access within the term.
TWO-YEAR FIXED-TERM BONDS
4.61% United Trust Bank 2 Year Bond – minimum deposit £5,000. Apply online. No access within the term.
4.6% Atom – minimum deposit £50. Apply online. No access within the term.
4.52% Bank of Ceylon via Raisin – minimum deposit £1,000. Apply via Raisin UK online. No access within the term.
THREE-YEAR FIXED-TERM BONDS
4.6% Atom 5 Year Saver – minimum deposit £50. Apply via app. No access within the term.
4.6% JN Bank Fixed Term 3 Year – minimum deposit £1,000. Apply online. No access within the term.
4.6% Al Rayan Bank via Raisin– minimum deposit £1,000. Apply via Raisin UK online. No access within the term. The rate is not guaranteed; in order to comply with Sharia law, the rate displayed is an expected profit rate.
FIVE-YEAR FIXED-TERM BONDS
4.6% Atom 5 Year Fixed Saver – minimum deposit £50. Apply via app. No access within the term.
4.52% Birmingham Bank 5 Year Fixed Rate Bond – Issue 8 – minimum deposit £5,000. 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.
VARIABLE-RATE 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.
ONE-YEAR FIXED-TERM CASH ISAS
4.52% Castle Trust Bank 1 Year Fixed Rate e-Cash ISA – minimum deposit £1,000. Apply online. Withdrawals are allowed, subject to a withdrawal charge equivalent to 90 days’ interest. Transfers in are allowed.
4.51% Secure Trust Bank 1 Year Fixed Rate Cash ISA (24 December 2025) – minimum deposit £1,000. Apply online. Withdrawals allowed, subject to a 90-day interest penalty. The maturity date is 24 December 2025. Transfers in are accepted.
4.5% HTB 1 Year ISA Bond (Issue 35) – minimum deposit £1. Apply online. Access on closure, subject to a 90-day interest penalty. Transfers in are accepted.
TWO-YEAR FIXED-TERM CASH ISAS
4.4% 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.
4.39% Secure Trust Bank 2 Year Fixed Rate Cash ISA (24 December 2026) – minimum deposit £1,000. Apply online. Withdrawals allowed, subject to a 180-day interest penalty. The maturity date is 24 December 2026. Transfers in are accepted.
4.39% Close Brothers 2 Year Fixed Rate Cash ISA – minimum deposit £10,000. Apply online. Withdrawals allowed, subject to a 150-day interest penalty. Transfers in are accepted.
THREE-YEAR FIXED-TERM CASH ISAS
4.36% Secure Trust Bank 3 Year Fixed Rate Cash ISA (24 December 2027) – 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.
4.36% 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.
4.34% Shawbrook 3 Year Fixed Rate Cash ISA Issue 60 – minimum deposit £1,000. Apply online. Withdrawals allowed, subject to a 270-day interest penalty. Transfers in are accepted.
FIVE-YEAR FIXED-TERM CASH ISAS
4.18% United Trust Bank Cash ISA 5 Year Bond – minimum deposit £5,000. Apply online. Withdrawals are allowed, subject to a withdrawal charge equivalent to 365 days’ interest. Interest can be withdrawn annually without penalty. Transfers in are allowed.
4.17% Castle Trust Bank 5 Year Fixed Rate e-Cash ISA – minimum deposit £1,000. Apply online. Withdrawals are allowed, subject to a withdrawal charge equivalent to 360 days’ interest. Transfers in are allowed.
4.17% Secure Trust Bank 5 Year Fixed Rate Cash ISA (24 December 2029) – minimum deposit £1,000. Apply online. Withdrawals allowed, subject to a 365-day interest penalty. The maturity date is 24 December 2029. Transfers in are accepted.
Rates correct as of 3 December 2024
