Best savings accounts of the week: Brits 'should make effort to review' deal as 8% interest rates on offer

In recent years, savers have benefited from the Bank of England's decision to raise the nation's base rate in its fight against inflation.

During the height of the cost of living crisis, the consumer price index (CPI) rate rose to as high as 11.1 per cent but has since eased to around the Bank's desired two per cent.

This triggered the Monetary Policy Committee (MPC) to bring interest rates down from a 16-year high to five per cent.

Further rate cuts are expected later this year with bank customers being urged take action before deals disappear.

Do you have a money story you’d like to share? Get in touch by emailing money@gbnews.uk.

Best regular savings accounts

Here is a full list of the best regular savings accounts for the week beginning October 14, 2024:

• Principality Building Society - eight per cent interest rate
• Nationwide Building Society - 6.50 per cent interest rate
• NatWest - 6.17 per cent interest rate
• Royal Bank of Scotland - 6.17 per cent interest rate
• Melton Building Society - six per cent interest rate
• West Brom Building Society - six per cent interest rate
• Market Harborough Building Society - six per cent interest rate
• TSB - six per cent interest rate
• Principality Building Society - 5.75 per cent interest rate
• Saffron Building Society - 5.50 per cent interest rate.

Here is a full list of the best one-year fixed rate savings accounts for the week beginning October 14, 2024:

• Union Bank of India (UK) Ltd - five per cent interest rate
• Conister Bank - five per cent interest rate
• Mizrahi Tefahot Bank - 4.85 per cent interest rate
• Al Rayan Bank - 4.80 per cent interest rate
• SmartSave - 4.85 per cent interest rate
• Monument Bank - 4.81 per cent interest rate
• Atom Bank - 4.80 per cent interest rate
• Penrith Building Society - 4.79 per cent interest rate
• Vanquis Bank - 4.75 per cent interest rate
• Rova - 4.75 per cent interest rate.

Best ISAs

Here is a full list of the best cash ISAs with a one-year fixed interest rate attached for the week beginning October 14, 2024:

• Virgin Money - 4.61 per cent interest rate.
• Punjab National Bank (International) Limited - 4.60 per cent interest rate
• Aldermore - 4.56 per cent interest rate
• Secure Trust Bank - 4.55 per cent inter
• Charter Savings Bank - 4.55 per cent interest rate
• United Trust Bank - 4.55 per cent interest rate
• Scottish Building Society - 4.52 per cent interest rate
• Close Brothers Savings - 4.52 per cent interest rate
• Kent Reliance - 4.51 per cent interest rate
• Zopa - 4.50 per cent interest rate
• Cynergy Bank - 4.50 per cent interest rate.

Here is a full list of the best cash ISAs with a variable interest rate attached for the week beginning October 14, 2024:

• Trading 212 - 5.10 per cent interest rate
• Plum - 4.92 per cent interest rate
  
• West Brom Building Society - 4.85 per cent interest rate
• Chip - 4.84 per cent interest rate
• Cynergy Bank - 4.82 per cent interest rate
• Zopa - 4.80 per cent interest rate
• Coventry Building Society - 4.80 per cent interest rate
• Principality Building Society - 4.75 per cent interest rate
• West Brom Building Society - 4.75 per cent interest rate
• Newcastle Building Society - 4.75 per cent.

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 October 7, 2024:

• Ulster Bank - 5.20 per cent interest rate
• cahoot - five per cent interest rate
• Monument Bank - 4.87 per cent interest rate
• Oxbury Bank - 4.87 per cent interest rate
• Atom Bank - 4.85 per cent interest rate
• Vanquis Bank - 4.85 per cent interest rate
• Coventry Building Society - 4.83 per cent interest rate
• OakNorth Bank - 4.82 per cent interest rate
• Monument Bank - 4.81 per cent interest rate

LATEST DEVELOPMENTS:

• State pension 'will not be enough' to avoid poverty in retirement, shocking survey finds
• Pension savers could see 25% tax relief 'cut' in Reeves' Budget
• Pension tax raid could 'tarnish' mortgage-free retirement for millions

Rachel Springall, finance Expert at Moneyfactscompare.co.uk, said: "The savings market had a mix of activity recently, with cuts, increases, product launches and withdrawals, which included a brand-new five per cent AER one-year fixed rate bond leading the fixed market.

"As there have been some attractive fixed deals pulled after a short stint in the top rate tables, its pressing for savers to act quickly to grab a top rate. There were some new bonds launched by Atom Bank that place highly in the market, but also a new easy access account from them which pays an attractive 4.85 per cent AER.

"The top positions within the fixed bond and ISA sectors have remained stable week-on-week and continue to be held by challenger banks. These brands can change quickly depending on their own deposit targets and movements from their peers, leading to a short shelf life in some cases.

"However, this also means a brand can buck any market trends of reductions and instead increase rates to raise their own deposits, such as with Union Bank of India (UK) Ltd which increased its one-year bond rate to five per cent.

"Despite no change from the Bank of England base rate last week, savers should still make every effort to review their accounts and switch if they are getting a raw deal and be sure to utilise their ISA allowance if they have not done so already."