Best savings accounts of the week: 'Good news' for savers as providers offer 'new market-leading' rates up to 8%

New analysis from experts has determined the best savings accounts for the week beginning December 2, 2024.

Since August, the Bank of England has already reduced its key interest rate twice, bringing it down from 5.25 per cent to 4.75 per cent.

The BoE is likely to reduce borrowing costs gradually in the coming months, though it will remain “vigilant” for signs of an economic slowdown that could require more decisive action.

As we enter the last month of the year, savers are warned that more savings rate cuts could be around the corner, with providers catching up to the BOE cut. However, this should not discourage Britons from shopping around.

Rachel Springall, Finance Expert atMoneyfactscompare.co.uksaid: “There was some good news for savers this week as a few fixed rate bonds took market-leading positions from their rivals.

"These lucrative offers come from challenger banks who have shown a fair mix of pricing flexibility in recent weeks. The volatility across the market makes it essential for savers to act quickly if they want to secure a decent guaranteed return on their cash.

"One-year fixed bonds are currently paying more than the longer-term bonds, but the latter may become a more popular choice in the months ahead if rates are doomed to fall. However, there will be mixed opinions across savers who may feel they are too much of a commitment.

“In positive news there have been a few rate increases across fixed Cash ISAs week-on-week, ideal for those looking to secure guaranteed return and wish to utilise their ISA allowance. There is also a new market-leading variable rate Cash ISA, after Plum increased its rate.

“As the end of the year gets closer, it’s a great time for savers to proactively check their existing pots and switch if they are getting a poor return on their hard-earned cash. Variable rates can get hit hard in the aftermath of interest rate cuts by the Bank of England, but this should not discourage savers from shopping around.”

Best regular savings accounts

Here is a full list of the best regular savings accounts on offer for the week beginning December 2:

• 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

Here is a full list of the best savings accounts with a one-year fixed rate for the week December 2:

• Al Rayan Bank - 4.80 per cent AER / gross
• Ziraat Bank - 4.80 per cent AER / gross
• SmartSave - 4.77 per cent AER / gross
• Secure Trust Bank - 4.76 per cent AER / gross
• Cynergy Bank - 4.75 per cent AER / gross
• Habib Bank Zurich plc - 4.75 per cent AER / gross
• Habib Bank Zurich plc - 4.75 per cent AER / gross
• Close Brothers Savings - 4.75 per cent AER / gross
• Oxbury Bank - 4.70 per cent AER / gross
• BACB - 4.70 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 December 2:

• 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
• Shawbrook Bank - 4.49 per cent AER / gross
• Close Brothers Savings - 4.49 per cent AER / gross
• Cynergy Bank - 4.48 per cent AER / gross
• Kent Reliance - 4.48 per cent AER / gross
• Virgin Money - 4.46 per cent AER / gross
• Charter Savings Bank - 4.45 per cent AER / gross
• UBL UK - 4.41 per cent AER / gross

• 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 2:

• cahoot - Five per cent AER / gross
• Atom Bank - 4.85 per cent AER / 4.75 per cent gross
• Monument Bank - 4.81 per cent AER / 4.71 per cent gross
• Ulster Bank - 4.75 per cent AER / gross
• Chetwood Bank - 4.71 per cent AER / 4.61 per cent gross
• Penrith BS - 4.71 per cent AER / gross
• Earl Shilton BS - 4.70 per cent AER / gross
• Close Brothers Savings - 4.70 per cent AER / gross
• Secure Trust Bank4.65 per cent AER / 4.55 per cent gross
• Family Building Society - 4.65 per cent AER / gross