Best savings accounts of the week: Savers urged to switch to 8% interest rates as 'loyalty does not pay'

This is the first list from the financial services comparison website since the Bank of England's latest Monetary Policy Committee (MPC) meeting last week (February 6).

Policymakers voted by a majority of seven-to-two to cut the base rate from 4.75 per cent to the 4.5 per cent, its lowest level in nearly 18 months, in a move that is expected to impact savers.

Bank customers are being urged to action as soon as possible, as high street financial institutions are expected to slash interest rates attached to savings accounts in response.

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Best regular savings accounts

Here is a list of the best regular savings accounts currently on offer for the week beginning February 10, 2025:

• 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
• Market Harborough BS - Six per cent AER / Gross
• TSB - Six per cent AER / Gross
• Principality BS - 5.60 per cent AER / Gross
• Loughborough BS - 5.60 per cent AER / Gross.

Best fixed-rate savings account

Here is a list of the best savings accounts on offer with a one-year fixed-rate interest rate attached for the week beginning February 10, 2025:

• GB Bank - 4.75 per cent AER / Gross
• SmartSave - 4.66 per cent AER / Gross
• Vida Savings - 4.65 per cent AER / Gross
• MBNA - 4.65 per cent AER / Gross
• ICICI Bank UK - 4.65 per cent AER / Gross
• Oxbury Bank - 4.65 per cent AER / Gross
• Habib Bank Zurich plc - 4.65 per cent AER / Gross
• Habib Bank Zurich plc - 4.65 per cent AER / Gross
• Zenith Bank (UK) Ltd - 4.60 per cent AER / Gross
• Charter Savings Bank - 4.57 per cent AER / Gross.

Best cash ISAs

Here is a full list of the best cash ISAswith a one-year fixed interest rate attached currently on offer for the week beginning February 10, 2025:

• Coventry BS - 4.50 per cent AER / Gross
• Cynergy Bank - 4.45 per cent AER / Gross
• Hampshire Trust Bank - 4.41 per cent AER / Gross
• UBL UK - 4.41 per cent AER / Gross
• Zopa - 4.40 per cent AER / 4.31 per cent Gross
• Aldermore - 4.40 per cent AER / Gross
• Hodge Bank - 4.39 per cent AER / Gross
• Castle Trust Bank - 4.35 per cent AER / Gross
• Punjab National Park (Ltd) - 4.35 per cent AER / Gross
• United Trust Bank - 4.35 per cent AER / Gross.

Here is a full list of the best cash ISAs with a variable interest rate attached currently on offer for the week beginning February 10, 2025:

• Moneybox - 5.02 per cent AER / Gross
• Trading 212 - 4.90 per cent AER / 4.78 per cent Gross
• Chip - 4.89 per cent AER / 4.74 per cent Gross
• Plum - 4.82 / 4.75 per cent AER / Gross
• Tembo - 4.80 per cent AER / 4.70 per cent Gross
• Monument Bank - 4.76 per cent AER / 4.66 per cent Gross
• Principality BS - 4.70 per cent AER / 4.70 per cent Gross
• Tipton & Coseley BS - 4.65 per cent AER / 4.65 per cent Gross
• West Brom BS - 4.60 per cent AER / 4.60 per cent Gross
• Tipton & Coseley BS - 4.60 per cent AER / 4.60 per cent 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 February 10, 2025:

• Coventry BS - 4.85 per cent AER / 4.85 per cent Gross
• cahoot - 4.75 per cent AER / Gross
• Monument Bank - 4.75 per cent AER / 4.65 per cent Gross
• Chetwood Bank - 4.66 per cent AER / 4.56 per cent Gross
• West Brom BS - 4.65 per cent AER / Gross
• Vida Savings - 4.63 per cent AER / Gross
• Buckinghamshire BS - 4.60 per cent AER / Gross
• Atom Bank - 4.60 per cent AER / 4.51 per cent Gross
• Charter Savings Bank - 4.57 per cent AER / Gross
• Kent Reliance - 4.56 per cent AER / Gross.

Here is a full list of the best easy access accounts with a bonus attached for the week beginning February 10, 2025:

• Chase - Five per cent AER / 4.89 per cent Gross
• Sidekick Money - 4.75 per cent AER / 4.64 per cent Gross
• Principality BS - 4.70 per cent AER / Gross
• Chip - 4.59 per cent AER / 4.49 per cent Gross
• Cynergy Bank - 4.50 per cent AER / Gross
• Nottingham BS - 4.50 per cent AER / Gross
• Chip - 4.45 per cent AER / 4.36 per cent Gross
• Marcus by Goldman Sachs® - 4.30 per cent AER / 4.22 per cent Gross
• SAGA - 4.30 per cent AER / 4.22 per cent Gross
• Tesco Bank - 4.30 per cent AER / Gross.

• Banks pocket £30bn by exploiting gap in interest rates
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• Bank of England cuts interest rates to 4.5% - How will it impact pensions, savings and mortgages?

Rachel Springall, finance expert at Moneyfactscompare, said: "Savers will feel frustrated to see a multitude of rate reductions across fixed bonds, variable rates and Cash ISAs, showing how essential it is to act quickly to secure a lucrative rate. Those looking for a guaranteed return will find the market-leading rates have reduced across all fixed term bonds week-on-week.

"Challenger banks are offering the top returns but even they are not immune to making rate cuts alongside their peers. As the Bank of England base rate was cut last week, coupled with a fall in swap rates over recent weeks, there has been several rate reductions across the savings spectrum, and more are expected in the weeks to come.

"As providers work hard to entice savers to invest Cash ISA deposits, but at a time when interest rates are falling, there has been a mixed bag of rate moves across ISAs, which will be disappointing news for savers. The top one-year fixed Cash ISAs have been hit hard, with Close Brothers Savings, Kent Reliance, and Secure Trust Bank no longer top of the market.

"Savers are at the mercy of base rate cuts so now is the time to be vigilant, if they discover that they are getting a raw deal then it’s time to switch. Loyalty does not pay, but it is up to savers to move their cash and chase down better returns."