Best savings accounts of the week: Savers urged to be 'vigilant' as interest rates hit 8%

Here is a full list of the best savings interest rates for the week beginning July 15, 2024:

Best Regular Savings Accounts

• Principality BS - eight per cent interest rate
• The Co-operative Bank - seven per cent interest rate
• Nationwide BS - 6.50 per cent interest rate
• NatWest - 6.17 per cent interest rate
• Royal Bank of Scotland - 6.17 per cent interest rate
• Principality BS - six per cent interest rate
• West Brom BS - six per cent interest rate
• TSB - six per cent interest rate
• Saffron BS - 5.75 per cent interest rate
• Principality BS - 5.50 per cent.

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Best one-year fixed rate accounts

• Union Bank of India (UK) Ltd - 5.40 per cent interest rate
• Union Bank of India (UK) Ltd - 5.40 per cent interest rate
• Mizrahi Tefahot Bank Ltd - 5.25 per cent interest rate
• Ziraat Bank - 5.25 per cent interest rate
• SmartSave - 5.21 per cent interest rate
• GB Bank - 5.20 per cent interest rate
• Close Brothers Savings - 5.20 per cent interest rate
• Cynergy Bank - 5.16 per cent interest rate
• StreamBank - 5.16 per cent interest rate
• MBNA - 5.15 per cent interest rate.

• Virgin Money - 5.05 per cent interest rate
• Kent Reliance - 4.94 per cent interest rate
• Castle Trust Bank - 4.94 per cent interest rate
• Close Brothers Savings - 4.94 per cent interest rate
• Cynergy Bank - 4.93 per cent interest rate
• Shawbrook Bank - 4.93 per cent interest rate
• Charter Savings Bank - 4.93 per cent interest rate
• United Trust Bank - 4.90 per cent interest rate
• OakNorth Bank - 4.84 per cent interest rate
• Paragon Bank - 4.83 per cent interest rate.

​Best easy access account without bonus attached

• cahoot - 5.20 per cent interest rate
  
• Ulster Bank - 5.20 per cent interest rate
• Monument Bank - 5.03 per cent interest rate
• Oxbury Bank - 5.02 per cent interest rate
• Oxbury Bank - 4.94 per cent interest rate
• Wealthify - 4.91 per cent interest rate
• GB Bank - 4.91 per cent interest rate
• Monument Bank - 4.91 per cent interest rate
• Paragon Bank - 4.91 per cent interest rate
• Secure Trust Bank - 4.90 per cent interest rate.

• Chase - 5.10 per cent interest rate
• Principality BS - five per cent interest rate
• Cynergy Bank - 4.94 per cent interest rate
• Tesco Bank - 4.66 per cent interest rate
• Principality BS - 4.60 per cent interest rate
• Post Office Money - 4.60 per cent interest rate
• Marcus by Goldman Sachs - 4.55 per cent interest rate
• SAGA - 4.55 per cent interest rate
• Post Office Money - 4.10 per cent interest rate
• Sainsbury's Bank - four per cent interest rate.

Rachel Springall, Finance Expert at Moneyfactscompare.co.uk explained: “Competition within the short-term fixed rate bond market has fired up week-on-week. However, some deals that were sitting high up in the top rate tables have also been withdrawn, making it essential for savers to be vigilant.

“Leading the market this week is a one-year fixed bond from, Union Bank of India (UK) Ltd which pays 5.40 per cent AER, knocking Mizrahi Tefahot Bank Ltd through Raisin UK off the top spot. Ziraat Bank increased its rate to 5.25 per cent AER and GB Bank increased its rate to 5.20 per cent AER.

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"Overall, the one-year fixed bond market has been volatile week on week, with some challenger banks withdrawing or reducing rates on bonds.

"Both SmartSave and Al Rayan Bank reduced rates, but Secure Trust Bank and Family Building Society withdrew their bonds entirely.

“Those savers who want to fix their cash for longer will find a slight shuffle in the top two-year fixed bond rate tables.

"Close Brothers Savings now holds the market-leading position for a two-year bond priced at 5.06 per cent AER, as Secure Trust Bank withdrew its top rate deal. GB Bank increased its rate to five per cent AER and Hodge Bank reduced its rate."