Best savings accounts of the week: Britons urged to swap to 8% interest rates if bank 'loyalty not rewarded'

Best regular savings accounts

Here is a full list of the best regular savings accounts on offer for the week beginning December 9, 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

• 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
• Oxbury Bank - 4.70 per cent AER / gross
• BACB - 4.70 per cent AER / gross.

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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 9, 2024:

• Virgin Money - 4.52 per cent AER / gross
• Castle Trust Bank - 4.52 per cent AER / gross
• Secure Trust Bank - 4.51 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.

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
• 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.

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 9, 2024.

• Atom Bank - 4.85 per cent AER / 4.75 per cent gross
• Monument Bank - 4.81 per cent AER / 4.71 per cent gross
• cahoot - 4.75 per cent AER / 4.75 per cent gross
• Ulster 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
• Family Building Society - 4.65 per cent AER / gross
• Vanquis Bank - 4.65 per cent AER / gross
• Gatehouse Bank - 4.60 per cent AER / gross.

Here is a full list of the best easy-access savings with a bonus attached for the week beginning December 2:

• Principality BS - 4.70 per cent AER / gross
• Cynergy Bank - 4.55 per cent AER / gross
• Chip - 4.50 per cent AER / 4.41 per cent gross
• Nottingham BS - 4.50 per cent AER / gross
• Sidekick Money - 4.48 per cent AER / 4.38 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
• Principality BS - 4.20 per cent AER/ gross
• Post Office Money® - 4.10 per cent AER / gross
• Tesco Bank - 4.10 per cent AER / gross

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Rachel Springall, a finance expert at Moneyfactscompare, reminded savers to be "vigilant" when navigating the savings market and to switch accounts "if their loyalty is not being rewarded" by banks.

She explained: "Leading the charge this week across many of the top rate tables were challenger banks, where rate improvements resulted in a few new market-leading fixed deals. Those savers looking for a guaranteed return on their cash may then be pleased to see some fresh competition.

“One of the top deals to enter the one-year fixed bond market comes from Vida Savings, which launched onto the market last week with a competitive rate of 4.77 per cent. It will be interesting to see the launch of even more products by Vida Savings next year, which will hopefully inject more competition into the savings market.

“An inevitable change in the market has been cuts to variable savings rates in the aftermath of last month’s base rate reduction by the Bank of England. Easy access accounts have taken a hit which makes it vital for savers to shop around to find a new deal if their loyalty is not being rewarded.

"However, savers need to be vigilant when comparing deals some may have restrictions on withdrawals or carry a bonus that expires after a year."