Top savings account this week: Britons can secure a 'guaranteed return' of 8% ahead of Bank of England interest rate decision

The Bank of England's base rate decision is set to be made this Thursday, September 19.

Markets expect, on balance, that the Bank of England will keep rates on hold before cutting them again in November.

With looming rate cuts predicted, savers are urged to get the best deals possible as longer-term fixed savings rates have dipped below four per cent.

The average longer-term fixed bond rate (with a term of more than 550 days) on the market fell to 3.99 per cent at the start of September, down from 4.13 per cent in early August, Moneyfacts found.

Variable and fixed savings rates on standard savings accounts and ISAs also fell in August, the first time this has happened since January.

Rachel Springall, finance expert at Moneyfactscompare.co.uk said: “The savings market has seen a few market-leading fixed rates cut over the past week, showing how essential it is for savers to act quickly to secure a top guaranteed return.

"There were also some rate moves to Cash ISAs which sit in the top end of the market, as well as some rate competition on easy access accounts, with Chip improving its rate, bucking the rate cutting trend.

“Challenger banks continue to hold many top rate positions within the fixed bond and ISA sectors. As these brands can change their rates in response to either market movements or from their peers, the deals don’t always last on the shelf for too long.

"However, this also means a brand can go against the rest of the market if they need to raise deposits or improve their market position, such as Hodge Bank this week, increasing its longer-term fixed bond rates.

“Economists do not predict that there will be a Bank of England base rate cut this week, but regardless of any change it is always wise for savers to review their accounts as there have been variable rate cuts on easy access accounts, variable rate cash ISAs and notice accounts since the August cut.”

Best regular savings accounts

Here is a full list of the best regular savings accounts on offer for the week beginning September 16, 2024:

• Principality BS - Eight per cent AER / 7.85 per cent gross
• Yorkshire Building Society - Eight per cent AER / gross
• The Co-operative Bank - Seven per cent AER / gross
• Nationwide BS - 6.50 per cent AER / gross
• Coventry BS -6.25 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
• 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 beginning September 16, 2024:

• Mizrahi Tefahot Bank Ltd - Five per cent AER / gross
• Union Bank of India (UK) Ltd - 4.95 per cent AER / gross
• Union Bank of India (UK) Ltd - 4.95 per cent AER / gross
• QIB (UK) - 4.90 per cent AER / gross
• Isbank - 4.87 per cent AER / gross
• SmartSave - 4.86 per cent AER / gross
• Atom Bank - 4.85 per cent AER / gross
• Ford Money - 4.85 per cent AER / gross
• Gatehouse Bank - 4.85 per cent AER / gross
• Ziraat Bank - 4.85 per cent AER / gross

Best Cash ISAs

Here is a full list of the best cash ISAs with a one-year fixed rate attached for the week beginning September 16, 2024:

• Punjab National Bank (International) Limited - 4.80 per cent AER / gross
• Charter Savings Bank - 4.67 per cent AER / gross
• Secure Trust Bank - 4.64 per cent AER / gross
• Kent Reliance - 4.63 per cent AER / gross
• Santander - 4.62 per cent AER / gross
• Close Brothers Savings - 4.62 per cent AER / gross
• Virgin Money - 4.61 per cent AER / gross
• UBL UK - 4.61 per cent AER / gross
• Zopa - 4.60 per cent AER / 4.50 per cent gross
• Castle Trust Bank - 4.60 per cent AER / gross

Here is a full list of the best cash ISAs with a variable rate attached for the week beginning September 16, 2024:

• Trading 212 - Five per cent AER / 4.88 per cent gross
• The Stafford BS - Five per cent AER / gross
• Plum - 4.92 per cent AER / 4.82 per cent gross
• Chorley Building Society - 4.85 per cent AER / gross
• West Brom BS - 4.85 per cent AER / gross
• Marsden BS - 4.85 per cent AER / gross
• Chip - 4.84 per cent AER / 4.74 per cent gross
• Cynergy Bank - 4.82 per cent AER / gross
• Zopa - 4.80 per cent AER / 4.69 per cent gross
• Coventry BS - 4.80 per cent AER / gross

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 September 16, 2024:

• Ulster Bank - 5.20 per cent AER / gross
• cahoot - Five per cent AER / gross
• West Brom BS - 4.90 per cent AER / gross
• Oxbury Bank - 4.87 per cent AER / 4.76 per cent gross
• cahoot - 4.85 per cent AER / gross
• GB Bank - 4.85 per cent AER / 4.75 gross
• OakNorth Bank - 4.82 per cent AER / 4.72 per cent gross
• Monument Bank - 4.81 per cent AER / 4.71 per cent gross
• Yorkshire Building Society - 4.80 per cent AER / gross
• QIB (UK) - 4.80 per cent AER / 4.70 per cent gross

Here is a full list of the best easy-access savings with a bonus attached for the week beginning September 16, 2024:

• Chip - 4.84 per cent AER / 4.74 per cent gross
• Cynergy Bank - 4.80 per cent AER / gross
• Principality BS - 4.75 per cent AER / gross
• Beehive Money - 4.60 per cent AER / gross
• Tesco Bank - 4.56 per cent AER / gross
• Post Office Money® - 4.55 per cent AER / gross
• Principality BS - 4.35 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
• Post Office Money® - 4.10 per cent AER / gross