Best savings accounts of the week: Britons told to 'act quickly' as banks offering 8% interest rate

Best regular savings accounts

• The Co-operative Bank - seven per cent
• Principality BS - eight per cent
• 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.
• Principality BS - eight per cent.

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Best fixed-rate savings accounts

• Union Bank of India (UK) Ltd - 5.40 per cent
  
• GB Bank - 5.26 per cent
• SmartSave - 5.15 per cent
• MBNA - 5.15 per cent
• Cynergy Bank - 5.16 per cent
• Isbank - 5.17 per cent
• Ziraat Bank - 5.25 per cent
• Mizrahi Tefahot Bank Ltd - 5.25 per cent.
• Tandem Bank - 5.12 per cent.

Best cash ISAs

• Virgin Money - 5.05 per cent
• Shawbrook Bank - 4.96 per cent
• UBL UK - 4.95 per cent
• Castle Trust Bank - 4.94 per cent
• Cynergy Bank - 4.93 per cent
• Close Brothers Savings - 4.92 per cent
• Kent Reliance - 4.91 per cent
• United Trust Bank - 4.90 per cent
• Charter Savings Bank - 4.86 per cent
• OakNorth Bank - 4.84 per cent.

Best easy-access savings accounts

• cahoot - 5.20 per cent
• Ulster Bank - 5.20 per cent
• Oxbury Bank - 5.04 per cent
• Monument Bank - 5.03 per cent
• Oxbury Bank - 5.02 per cent
• Oxbury Bank - 4.94 per cent
• Wealthify - 4.91 per cent
• GB Bank - 4.91 per cent
• Monument Bank - 4.91 per cent
• Paragon Bank - 4.91 per cent.

• Principality BS - five per cent
• Cynergy Bank - 4.94 per cent
• Tesco Bank - 4.66 per cent
• Principality BS - 4.60 per cent
• Post Office Money - 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.

Caitlyn Eastell, a spokesperson at Moneyfactscompare.co.uk, broke down the current state of the savings market for bank and building society customers

She explained: "Savers will find there have been some fluctuations within the top rate tables this week, among those changes, a handful of lenders have withdrawn or reduced their rates, so it is crucial that savers act quickly to grab an enticing deal.

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"Regardless of these changes, there are still fixed rate bonds, easy access accounts and ISAs paying five per cent or more, and a regular saver that pays eight per cent AER."

Ahead of a likely rate cut from the Bank of England later this year, the money expert reminded households to take action as soon as feasibly possible.

Eastell added: "There are still a variety of competitive fixed bond and fixed ISA rates available, ideal for those looking to secure a guaranteed return over the next year or more.

"It remains to be seen how potential cuts to interest rates may impact the variable rate market but for now very few lenders are making changes week-on-week with Oxbury Bank being an exception, if savers find they are not getting a fair return on their hard-earned cash it is vital they review the best deals and make the switch."