Best savings account of the week: Providers offer new market leading accounts as interest rates 'improve week on week'

With savings rates remaining steady, mirroring the base rate, there are some strong deals on offer for those looking to take advantage.

However, analysts are anticipating an interest rate cut this summer which could mean savings rates will dip in the short-term, so savers are urged to take action now.

Among the banks and building societies offering competitive interest rates include Nationwide, the Co-operative, NatWest and TSB.

Rachel Springall, Finance Expert at Moneyfactscompare.co.uk said: “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 accounts.

“Leading the market this week is a one-year fixed bond from Mizrahi Tefahot Bank Ltd through Raisin UK at 5.25 per cent AER, closely followed by SmartSave at 5.24 per cent. The one-year fixed bond market has improved week on week, which is good news for savers looking to lock into a new deal.

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

"Vanquis Bank holds a place as a market-leading rate for a two-year bond, but it lost its market-leading position on a three-year bond to Cynergy Bank and United Trust Bank which pay 4.81 per cent AER.

"This sector of the market remains an attractive place for savings providers to compete on price to secure deposits for their future lending.

“A longer-term fixed bond may appeal to savers who think interest rates might fall over the next year, but they do pay a little less than the best one-year bonds. The top fixed rate bond over a five-year term comes from United Trust Bank at 4.60 per cent.

“Variable rate Cash ISAs remained relatively unchanged in the top rate tables this week on easy access and notice ISAs, Trading 212 leads the market at 5.20 per cent AER, closely followed by Plum at 5.17 per cent AER. The top notice Cash ISA is held by West Brom Building Society at 5.10 per cent AER on its 60-day deal.

Best regular savings accounts

Here is a full list of the best regular savings accounts on offer for the week beginning July 1, 2024:

• 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
• 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 July 1, 2024:

• Mizrahi Tefahot Bank Ltd - 5.24 per cent AER/gross
• SmartSave - 5.24 per cent AER/gross
• Cynergy Bank - 5.23 per cent AER/gross
• Union Bank of India (UK) Ltd - 5.22 per cent AER/gross
• Vanquis Bank - 5.21 per cent AER/gross
• Ziraat Bank - 5.21 per cent AER/gross
• Al Rayan Bank - 5.20 per cent AER/5.11 gross
• Close Brothers Savings - 5.20 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 July 1, 2024:

• Virgin Money - 5.05 per cent AER/gross
• Cynergy Bank - 4.94 per cent AER/gross
• Shawbrook Bank - 4.93 per cent AER/gross
• Castle Trust Bank - 4.91 per cent AER/gross
• Close Brothers Savings - 4.91 per cent AER/gross
• United Trust Bank - 4.90 per cent AER/gross
• Kent Reliance - 4.88 per cent AER/gross
• Charter Savings Bank - 4.88 per cent AER/gross
• Secure Trust Bank - 4.86 per cent AER/gross

Here is a full list of the best cash ISAs with a variable rate attached for the week beginning July 1, 2024:

• Trading 212 - 5.20 per cent AER/ 5.07 per cent gross
• Plum - 5.17 per cent AER/ 5.06 per cent gross
• Chip - 5.10 per cent AER/4.99 per cent
• West Brom BS - 5.10 per cent AER/gross
• Zopa - 5.08 per cent AER / 4.96 per cent gross
• Progressive BS - 5.05 per cent AER/gross
• West Brom BS - Five per cent AER/gross
• Newcastle BS - Five per cent AER/gross
• Paragon Bank - 4.95 per cent AER/gross
• Kent Reliance - 4.87 per cent AER/gross

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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 July 1, 2024:

• Cahoot - 5.20 per cent AER/gross
• Ulster Bank - 5.20 per cent AER/gross
• Oxbury Bank - 5.02 per cent AER/ 4.91 per cent gross
• Monument Bank - 5.01 per cent AER/ 4.90 per cent gross
• Wealthify - 4.91 per cent AER / 4.80 per cent gross
• Paragon Bank - 4.91 per cent AER/gross
• QIB (UK) - 4.90 per cent AER / 4.79 per cent gross
• Aldermore - 4.90 per cent AER/gross
• Close Brothers Savings - 4.90 per cent AER/gross

Here is a full list of the best easy-access savings with a bonus attached for the week beginning July 1, 2024:

• Chase - 5.10 per cent AER / 4.98 per cent gross
• Cynergy Bank - 4.94 per cent AER/gross
• Principality BS - 4.75 per cent AER/gross
• Tesco Bank - 4.66 per cent AER/gross
• Post Office Money - 4.60 per cent AER/gross
• Principality BS - 4.60 per cent AER/gross
• Marcus by Goldman Sachs® - 4.55 per cent AER/ 4.46 per cent gross
• SAGA - 4.55 per cent AER/ 4.46 per cent gross
• Sainsbury's Bank - Four per cent AER/gross