Best savings accounts of the week: Britons must 'be quick to grab' top 10.38% interest rate

Here is a full list of the best savings accounts for the week beginning August 12, according to Moneyfactscompare:

Best regular savings accounts

• Virgin Money - 10.38 per cent
• Principality BS - eight per cent
• The Co-operative Bank - seven per cent
• Nationwide BS - 6.50 per cent
• NatWest - 6.17 per cent
• Royal Bank of Scotland - 6.17 per cent
• Principality BS - six per cent
• West Brom BS - six per cent
• TSB - six per cent
• Saffron BS - 5.75 per cent.

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Best fixed-rate savings accounts

• Union Bank of India (UK) Ltd - 5.25 per cent
• Mizrahi Tefahot Bank Ltd - 5.25 per cent
• Union Bank of India (UK) Ltd - 5.25 per cent
• Isbank - 5.17 per cent
• MBNA - 5.15 per cent
• National Bank of Egypt (UK) Limited - 5.12 per cent
• SmartSave - 5.11 per cent
• Close Brothers Savings - 5.10 per cent
• BPI Europe PLC - 5.05 per cent
• Investec Bank plc - 5.04 per cent.

Best cash ISAs

Here is a full list of the providers offering a competitive cash ISA with a fixed rate ISA:

• Virgin Money - 5.05 per cent
• Cynergy Bank - 4.85 per cent
• Beehive Money - 4.85 per cent
• Nottingham BS - 4.80 per cent
• Punjab National Bank - 4.80 per cent
• Secure Trust Bank - 4.80 per cent
• United Trust Bank - 4.80 per cent
• Ford Money - 4.75 per cent
• UBL UK - 4.75 per cent
• Zopa -4.70 per cent.

Here is a full list of the providers offering a competitive cash ISA with a variable interest rate attached:

• Trading 212 - 5.07 per cent
• Plum - 5.06 per cent
• Progressive BS - 5.05 per cent
• Marsden BS - 5.05 per cent
• Tipton & Coseley BS - 5.01 per cent
• Principality BS - five per cent
• Newcastle BS - five per cent
• Paragon Bank - 4.95 per cent
• Chorley Building Society - 4.85 per cent
• Teachers BS - 4.85 per cent.

Best easy-access savings accounts

Here is a full list of the best easy-access accounts with a bonus attached:

• Principality BS - five per cent
• Cynergy Bank - 4.80 per cent
• Tesco Bank - 4.61 per cent
• Principality BS - 4.60 per cent
• Post Office Money - 4.60 per cent
• Marcus by Goldman Sachs - 4.30 per cent
• SAGA - 4.30 per cent
• Post Office Money - 4.10 per cent
• Sainsbury's Bank - four per cent
• TSB - 2.92 per cent.

Here is a full list of the easy-access accounts without a bonus attached:

• cahoot - 5.20 per cent
• Ulster Bank - 5.20 per cent
• Paragon Bank - 4.91 per cent
• QIB (UK) - 4.90 per cent
• Close Brothers Savings - 4.90 per cent
• UBL UK - 4.87 per cent
• cahoot - 4.85 per cent
• Scottish BS - 4.81 per cent
• Monmouthshire BS - 4.80 per cent
• Leeds BS - 4.80 per cent.

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Rachel Springall, a finance Expert at Moneyfactscompare.co.uk, outlined why bank customers need to take action following the Bank of England's decision to cut the base rate.

She explained: "Over the past week there have been over a dozen savings providers cutting top fixed savings rates, which has had a notable impact.

"Savers looking for a fixed rate bond or ISA will find they can now only earn a guaranteed return of 5% or more on a one-year deal.

"There are some variable rate accounts paying five per cent, but these may be up for cuts in the coming weeks as the 0.25 per cent base rate cut slowly trickles through the market. Savers will have to be quick off the mark to grab a top rate."