Best savings accounts of the week: Savers urged to ‘switch’ as banks offering 7% interest rates

Among the banks and building societies with high interest rates attached to regular accounts on the market include Nationwide, NatWest and the Co-operative Bank.

However, customers can also secure favourable rates with fixed rate, easy access and ISA deals.

Savers have been forced to contend with high inflation in recent years which has eroded returns for many.

However, with the Consumer Price Index (CPI) easing to 2.3 per cent in April, Brits could secure the best possible deal, Moneyfacts’ finance expert Rachel Springall claims.

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Regular savings accounts

She explained: “If savers wish to kick-start the savings habit with a regular savings account, seven per cent AER is the leading top rate from a regular saver from The Co-operative Bank this week.

“The fluctuation of savings rates across the top rate tables should encourage consumers to review and switch their account if they are not being rewarded for their loyalty.”

Here is a full list of the best regular savings accounts this week:

• 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
  
• Principality BS - 5.50 per cent
  
• Halifax - 5.50 per cent.
  
• The Co-operative Bank - Seven per cent

Fixed rate savings accounts

While the top fixed rate account is less than what the Co-op is providing, customers will be able to benefit from the same interest rate without fear of it being slashed.

Springall added: “Leading the one-year fixed bond market is National Bank of Egypt (UK) Limited, which pays 5.22 per cent AER, but it has some competition this week.

“Ziraat Bank increased its rate to 5.21 per cent, Vanquis Bank increased to 5.15 per cent, MBNA increased to 5.10 per cent and Close Brothers Savings launched a new bond paying 5.10 per cent.”

Here is a full list of the best one-year fixed savings accounts this week:

• Ziraat Bank - 5.21 per cent
  
• Al Rayan Bank - 5.20 per cent
  
• Union Bank of India (UK) Ltd - 5.15 per cent
  
• Vanquis Bank - 5.15 per cent
  
• Union Bank of India (UK) Ltd - 5.15 per cent
  
• SmartSave - 5.13 per cent
  
• Tandem Bank - 5.12 per cent
  
• MBNA - 5.10 per cent
  
• Close Brothers Savings - 5.10 per cent
  
• National Bank of Egypt (UK) Limited - 5.22 per cent.

Cash ISAs

Many savers opt to use cash ISAs when looking to bolster their savings as these types of accounts offer tax-free interest.

According to Springall, interest rates on these savings products have remained “stable” in recent weeks.

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Here is a full list of the best cash ISAs with a variable interest rate attached for this week:

• Plum - 5.17 per cent
• Chip - 5.10 per cent
• West Brom BS - 5.10 per cent
• Zopa - 5.08 per cent
• Newcastle BS - Five per cent
• Earl Shilton BS - Five per cent
• Charter Savings Bank - 4.97 per cent
• Kent Reliance - 4.86 per cent
• Tipton & Coseley BS - 4.85 per cent
• Teachers BS - 4.85 per cent.

Easy access savings accounts

Here is a full list of the best easy access savings accounts with a bonus attached this week:

• Cynergy Bank - 4.85 per cent
• Tesco Bank - 4.76 per cent
• Principality BS - 4.75 per cent
• Post Office Money - 4.75 per cent
• Principality BS - 4.60 per cent
• Marcus by Goldman Sachs - 4.55 per cent
• SAGA - 4.55 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 best easy access savings accounts without a bonus attached this week:

• cahoot - 5.20 per cent
• Ulster Bank - 5.20 per cent
• Oxbury Bank - 5.02 per cent
• Monument Bank - 5.01 per cent
• Kent Reliance - 4.96 per cent
• Oxbury Bank - 4.94 per cent
• Charter Savings Bank - 4.93 per cent
• Wealthify - 4.91 per cent
• Paragon Bank - 4.91 per cent
• Secure Trust Bank - 4.90 per cent.