Best savings accounts of the week: Britons told to 'act quickly' as banks offering 10.38% interest rate

Woman looking at savings interest

The pool of savings accounts paying a guaranteed return of over five per cent is getting smaller

GETTY
Temie Laleye

By Temie Laleye


Published: 27/08/2024

- 12:38

The pool of savings accounts paying a guaranteed return of over five per cent is getting smaller following the Bank of England's latest decision to lower the base rate

Although the Bank of England chose to cut the base rate at their last meeting, experts have shown there are still good deals for savers to grab while they can to make the most out of their money.

Savers are urged to "act quickly" to secure rates over five per cent as many providers and pulling their top deals.

The Bank of England cut the interest rate from 5.25 per cent to five per cent following seven consecutive decisions to freeze it. Before this, there had been 14 consecutive base rate hikes since December 2021.

As the base rate falls, many providers about pulling their best rates from the market.

Fixed-rate bonds and Cash ISAs faced more cuts over the past week, as well as a couple of providers making cuts to some of the top variable savings rates, such as easy access, notice and their ISA equivalents.

Britons are urged to secure high rates while they can.

Savings accountsSavers are losing money to low interest accounts GETTY

Rachel Springall, finance expert at Moneyfactscompare.co.uk said: "The pool of savings accounts paying a guaranteed return of over five per cent is getting smaller, with some of the top rate deals not lasting on the shelf for long.

"The severity of rate cuts to top rate deals has calmed this week, but savers must not be complacent and ensure they act quickly to secure a decent return on their hard-earned cash.

"As we edge closer to September, savers with a variable rate deal would be wise to review the rate and switch if it is due to be reduced in response to the 0.25 per cent base rate cut.

"There are still some attractive deals out there, and savers would be wise to compare deals online to keep on top of any rate changes."

Best regular savings accounts

Here is a full list of the best regular savings accounts on offer for the week beginning August 27, 2024:

  • Virgin Money - 10.38 per cent AER/ 10 per cent gross
  • Principality BS - Eight per cent AER / 7.85 per cent gross
  • The Co-operative Bank - 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.
  • Principality BS - Six per cent AER/gross
  • West Brom BS - Six per cent AER/gross
  • TSB - Six per cent AER/gross
  • Saffron BS - 5.75 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 August 27, 2024:
  • Union Bank of India (UK) Ltd - 5.25 per cent AER / gross
  • Union Bank of India (UK) Ltd - 5.25 per cent AER / gross
  • Mizrahi Tefahot Bank Ltd - 5.05 per cent AER / gross
  • ICICI Bank UK - Five per cent AER / gross
  • Al Rayan Bank - Five per cent AER / gross
  • GB Bank - Five per cent AER / gross
  • HBL Bank UK - Five per cent AER / gross
  • Habib Bank Zurich plc - Five per cent AER / gross
  • Habib Bank Zurich plc5 - Five per cent AER / gross
  • Close Brothers Savings - Five 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 August 27, 2024:

  • Virgin Money - 5.05 per cent AER / gross
  • Punjab National Bank (International) Limited - 4.80 per cent AER / gross
  • Close Brothers Savings - 4.70 per cent AER / gross
  • Beehive Money - 4.66 per cent AER / gross
  • Nottingham BS - 4.66 per cent AER / gross
  • Melton BS - 4.65 per cent AER / gross
  • United Trust Bank - 4.65 per cent AER / gross
  • Kent Reliance - 4.63 per cent AER / gross
  • Santander - 4.62 per cent AER / gross
  • UBL UK - 4.61 per cent AER / gross

Here is a full list of the best cash ISAs with a variable rate attached for the week beginning August 27, 2024:

  • Trading 212 - 5.20 per cent AER / 5.07 per cent gross
  • Progressive BS - 5.05 per cent AER / gross
  • Tipton & Coseley BS - 5.01 per cent AER / gross
  • Principality BS - Five per cent AER / gross
  • Newcastle 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
  • Chip - 4.84 per cent AER / 4.74 per cent gross
  • Cynergy Bank - 4.82 per cent AER / gross

LATEST DEVELOPMENTS:

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 August 27, 2024:

  • cahoot - 5.20 per cent AER / gross
  • Ulster Bank - 5.20 per cent AER / gross
  • cahoot - 4.85 per cent AER / gross
  • Family Building Society - 4.82 per cent AER / gross
  • Secure Trust Bank - 4.81 per cent AER / 4.71 per cent gross
  • Chorley Building Society - 4.80 per cent AER / gross
  • Monument Bank - 4.77 per cent AER / 4.67 per cent gross
  • Family Building Society - 4.76 per cent AER / gross
  • Ford Money - 4.75 per cent AER / gross
  • Dudley BS - 4.75 per cent AER / gross
Here is a full list of the best easy-access savings with a bonus attached for the week beginning August 27, 2024:
  • Cynergy Bank - 4.80 per cent AER / gross
  • Principality BS - 4.75 per cent AER / gross
  • Tesco Bank - 4.61 per cent AER / gross
  • Principality BS - 4.60 per cent AER / gross
  • Beehive Money - 4.60 per cent AER / gross
  • Post Office Money® - 4.55 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
  • Sainsbury's Bank - Four per cent AER / gross

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