Best savings accounts of the week: Savers urged to secure 'competitive return' with 'top' 7.5% interest rate

The central bank's Monetary Policy Committee (MPC) has raised the base rate to as high as 5.25 per cent to mitigate the impact of soaring inflation.

However, with the consumer price index (CPI) easing, the Bank has slashed rates to 4.5 per cent with further cuts expected later in the year.

As such, savers are being urged to take advantage of competitive deals before they are withdrawn from the market.

Best regular savings accounts

Here is a full list of the best regular savings accounts for the week beginning March 24:

• Principality BS – 7.50 per cent AER / 7.36 per cent Gross
• The Co-operative Bank – 7.00 per cent AER / 7.00 per cent Gross
• Nationwide BS – 6.50 per cent AER / 6.50 per cent Gross
• Melton BS – 6.50 per cent AER / 6.50 per cent Gross
• NatWest – 6.17 per cent AER / 6.00 per cent Gross
• Royal Bank of Scotland – 6.17 per cent AER / 6.00 per cent Gross
• West Brom BS – 6.00 per cent AER / 6.00 per cent Gross
• Market Harborough BS – 6.00 per cent AER / 6.00 per cent Gross
• TSB – 6.00 per cent AER / 6.00 per cent Gross
• Progressive BS – 5.75 per cent AER / 5.75 per cent Gross

Here is a full list of the best one-year fixed-rate savings for the week beginning March 24:

• Cynergy Bank - 4.65 per cent AER / 4.65 per cent Gross
• Gatehouse Bank - 4.65 per cent AER / 4.65 per cent Gross
• Vanquis Bank – 4.60 per cent AER / 4.60 per cent Gross
• Secure Trust Bank – 4.60 per cent AER / 4.60 per cent Gross
• Birmingham Bank – 4.60 per cent AER / 4.60 per cent Gross
• Cynergy Bank - 4.59 per ecnt AER / 4.59 per cent Gross
• Shawbrook Bank - 4.58 per cent AER / 4.58 per cent Gross
• Close Brothers Savings – 4.58 per cent AER / 4.58 per cent Gross
• Chetwood Bank – 4.58 per cent AER / 4.58 per cent Gross
• Hodge Bank - 4.58 per cent AER / 4.58 per cent Gross
• Close Brothers Savings - 4.58 per cent AER / 4.58 per cent Gross

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Best Cash ISAs

Here is a full list of the best cash ISAs with a one-year fixed interest rate attached currently on offer for the week beginning March 24:

• Vanquis Bank - 4.51 per cent AER / 4.51 per cent Gross
• OakNorth Bank – 4.50 per cent AER / 4.51 per cent Gross
• Shawbrook Bank - 4.50 per cent / 4.50 per cent Gross
• UBL UK – 4.45 per cent AER / 4.45 per cent Gross
• Cynergy Bank - 4.49 per cent AER / 4.49 per cent Gross
• Castle Trust Bank - 4.49 per cent AER / 4.49 per cent Gross
• Charter Savings Bank – 4.42 per cent AER / 4.42 per cent Gross
• Kent Reliance - 4.41 per cent AER / 4.41 per cent Gross
• Zopa - 4.40 per cent AER / 4.31 per cent Gross
• Paragon Bank - 4.40 per cent AER / 4.39 per cent Gross

Here is a full list of the best cash ISAs with a variable interest rate attached currently on offer for the week beginning March 24:

• Chip – 5.26 per cent AER / 5.14 per cent Gross
• Moneybox - 5.25 per cent AER / 5.25 per cent Gross
• Plum – 4.81 per cent AER / 4.74 per cent Gross
• Tembo Money – 4.80 per cent AER / 4.69 per cent Gross
• Moneybox – 4.78 per cent AER / 4.78 per cent Gross
• Monument Bank – 4.76 per cent AER / 4.66 per cent Gross
• Kent Reliance – 4.56 per cent AER / 4.56 per cent Gross
• Charter Savings Bank – 4.55 per cent AER / 4.46 per cent Gross
• Family Building Society – 4.55 per cent AER / 4.55 per cent Gross
• Marsden BS – 4.55 per cent AER / 4.55 per cent Gross

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Best east access savings accounts

Here is a full list of the best easy access accounts without a bonus attached for the week beginning March 24:

• Atom Bank – 4.75 per cent AER / 4.65per cent Gross
• Monument Bank – 4.75 per cent AER / 4.65 per cent Gross
• Vida Savings – 4.63 per cent AER / 4.63 per cent Gross
• GB Bank – 4.60 per cent AER / 4.60 per cent Gross
• Charter Savings Bank - 4.59 per cent AER / 4.59 per cent Gross
• Kent Reliance – 4.59 per cent AER / 4.59 per cent Gross
• Oxbury Bank – 4.58 per cent AER / 4.49 per cent Gross
• Charter Savings Bank – 4.53 per cent AER / 4.53 per cent Gross
• Chetwood Bank – 4.52 per cent AER / 4.43 per cent Gross
• Family Building Society – 4.50 per cent AER / 4.50 per cent Gross
• Ulster Bank – 4.50 per cent AER / 4.50 per cent Gross

Here is a full list of the best easy access accounts with a bonus attached for the week beginning March 24:

• Chase – 4.75 per cent AER / 4.65 per cent Gross
• Chip – 4.60 per cent AER / 4.51 per cent Gross
• Sidekick – 4.59 per cent AER / 4.49 per cent Gross
• Principality BS – 4.50 per cent AER / 4.50 per cent Gross
• Post Office Money® – 4.40 per cent AER / 4.40 per cent Gross
• Tesco Bank – 4.31 per cent AER / 4.31 per cent 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
• Cynergy Bank – 4.30 per cent AER / 4.30 per cent Gross
• Nottingham BS – 4.25 per cent AER / 4.25 per cent Gross

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Rachel Springall, a finance expert at Moneyfactscompare.co.uk said: "There are very few days left before the new tax-year arrives in April and as time ticks down there has been increased competition among providers to entice savers deposits.

"Over the past week several savings providers have improved the rates offered on cash ISAs, so much so that there are new market-leading rates available.

"Those brands to improve their fixed ISA rates over the past week include Vanquis Bank, OakNorth Bank, Shawbrook Bank, UBL UK, Cynergy Bank, Charter Savings Bank, Hodge Bank and Kent Reliance, all of which sit in the top rate tables.

"Those savers who prefer to keep their cash at hand will find new table topping cash ISA rates this week, with Chip leading the market, closely followed by Moneybox.

"Those looking for a competitive return on a regular savings account will find Principality Building Society holding the top spot, offering 7.50 per cent AER fixed for six months.

"This could be an ideal choice for savers looking to instill the savings habit.

"Whichever account savers decide on, it is imperative to ensure they stay within their Personal Savings Allowance (PSA) and take advantage of their ISA allowance to protect their hard-earned cash from tax.

"It’s vital savers take time out to check any existing pots against the market to ensure they are getting a decent return on their hard-earned cash."