Bank customers “need to be vigilant” to make sure they are taking advantage of “market-leading” interest rates attached to savings accounts, according to analysts.
Savers have benefited from recent hikes to the base rate from the Bank of England in its fight to bring inflation down.
While many banks and building societies have started to cut savings rates, some are continuing to provide competitive deals. Experts from Moneyfactscompare have compiled a list of the best savings accounts for this week with Nationwide Building Society, NatWest and Virgin Money among the banks making the cut.
Best regular savings accounts
Here is a full list of the best regular savings accounts on offer for the week beginning December 916 2024:
- Principality BS – Eight per cent AER / 7.85 per cent gross
- The Co-operative Bank – Seven per cent AER/gross
- Principality BS – Seven per cent AER/gross
- Nationwide BS – 6.50 per cent AER/gross
- NatWest – 6.17 per cent AER / Six per cent gross
- Royal Bank of Scotland – 6.17 per cent AER / Six per cent gross
- Melton BS – Six per cent AER/gross
- West Brom BS – Six per cent AER/gross
- Market Harborough BS – Six per cent AER/gross
- TSB – Six per cent AER/gross.
Best fixed-rate savings accounts
Here is a full list of the best savings accounts with a one-year fixed rate for the week December 16, 2024:
- Al Rayan Bank – 4.80 per cent AER / gross
- Ziraat Bank – 4.80 per cent AER / gross
- Habib Bank Zurich – 4.80 per cent AER / gross
- Habib Bank Zurich – 4.80 per cent AER / gross
- Vida Savings – 4.77 per cent AER / gross
- Secure Trust Bank – 4.76 per cent AER / gross
- Close Brothers Savings – 4.75 per cent AER / gross
- Cynergy Bank – 4.75 per cent AER / gross
- SmartSave – 4.74 per cent AER / gross
- Zenith Bank – 4.72 per cent AER / gross
- Oxbury Bank – 4.70 per cent AER / gross.
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Savers are being told to “be vigilant” amid a recent hike in interest rates
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Best cash ISAs
Here is a full list of the best cash ISAs with a one-year fixed rate attached for the week beginning December 16, 2024:
- Virgin Money – 4.52 per cent AER / gross
- Castle Trust Bank – 4.52 per cent AER / gross
- Hampshire Trust Bank – 4.50 per cent AER / gross
- Kent Reliance – 4.50 per cent AER / gross
- Shawbrook Bank – 4.49 per cent AER / gross
- Hodge Bank – 4.49 per cent AER / gross
- Chartered Savings Bank – 4.49 per cent AER / gross
- Close Savings Bank- 4.49 per cent AER / gross
- Cynergy Bank – 4.49 per cent AER / gross
- UBL UK – 4.49 per cent AER / gross.
Here is a full list of the best cash ISAs with a variable rate attached for the week beginning December 9, 2024.
- Plum – 5.18 per cent AER / 5.11 per cent gross
- Moneybox – 5.17 per cent AER / gross
- Trading 212 – 4.90 per cent AER / 4.78 per cent gross
- Principality BS – 4.85 per cent AER / gross
- West Brom BS – 4.85 per cent AER / gross
- Paragon Bank – 4.80 per cent AER / gross
- Monument Bank – 4.76 per cent AER / 4.66 per cent gross
- Mansfield BS – 4.75 per cent AER / gross
- West Brom BS – 4.75 per cent AER / gross
- Chorley Building Society – 4.70 per cent AER / gross
- Vanquis Bank – 4.60 per cent AER / gross.
- Tipton & Cosely BS – 4.60 per cent AER / gross.
Earlier this year, the Bank of England voted to cut interest rates
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Best easy-access savings accounts
Here is a full list of the best easy-access savings accounts without a bonus attached for the week beginning December 16, 2024.
- Atom Bank – 4.85 per cent AER / 4.75 per cent gross
- Gatehouse Bank – 4.75 per cent AER / gross
- cahoot – 4.75 per cent AER / 4.75 per cent gross
- Ulster Bank – 4.75 per cent AER / gross
- Paragon Bank – 4.75 per cent AER / gross
- Chetwood Bank – 4.71 per cent AER / 4.61 per cent gross
- Close Brothers Savings – 4.70 per cent AER / gross
- Secure Trust Bank – 4.65 per cent AER / 4.55 per cent gross
- West Brom BS – 4.65 per cent AER / gross
- Family Building Society – 4.65 per cent AER / gross.
Here is a full list of the best easy-access savings with a bonus attached for the week beginning December 16, 2024:
- GB Bank – 4.86 per cent AER / 4.75 per cent gross
- Sidekick Money – 4.75 per cent / 4.64 per cent gross
- Chase – 4.75 per cent AER / 4.65 per cent gross
- Principality BS – 4.55 per cent AER / gross
- Cynergy Bank – 4.50 per cent AER / gross
- Chip – 4.50 per cent AER / 4.41 per cent gross
- Nottingham BS – 4.50 per cent AER / gross
- Marcus by Goldman Sachs® – 4.30 per cent AER / 4.22 per cent gross
- SAGA – 4.30 per cent AER / 4.22 per cent gross
- Chip – 4.25 per cent AER /
- Principality BS – 4.20 per cent AER/ gross.
Caitlyn Eastell, a finance Expert at Moneyfactscompare.co.uk, broke down the current state of the savings market and reminded Britons to take action to ensure a “guaranteed return” on their accounts.
She explained: “Rate increases took charge this week, with a handful of new market-leading deals entering the scene. Among these changes, challenger banks were most active in adjusting rates in the fixed rate sector, which is ideal for those savers that are looking for a guaranteed return.
LATEST DEVELOPMENTS:
Britons are on the hunt for the best deal when it comes to savings accounts
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“Cash ISAs have been more subdued in comparison to recent weeks, however, there has been a handful of rate reductions so consumers should be proactive in searching for competitive rates to ensure they are not getting a raw deal.
“However, in more positive news there have been a few rate increases across the easy access market, with GB Bank snatching the market-leading rate. Overall product choice has hit a record high despite a volatile market, but average rates are beginning to face a downward trend.
“This week may be notable to consumers with inflation and base rate taking place consecutively and although it is not expected that there will be a drop in interest rates savers should keep a careful eye on the top deals.
“In any case, savers need to be vigilant when comparing deals and if they are uncertain seek independent advice.”
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