Top savings accounts of the week: Savers urged to act and secure 8% interest as Bank of England set to cut rates

Britons need to be quick to grab the market-leading savings products as high street banks and building societies are offering customers interest rates of up to eight per cent.

With predictions that the Bank of England could cut interest rates this week, savers are urged to act before rates could trickle down to savings accounts

Analysts from Moneyfactscompare have complied a list of the best savings accounts for the week with Nationwide Building Society, NatWest, TSB and Royal Bank of Scotland all being named.

Rachel Springall, a finance expert at Moneyfactscompare.co.uk explained that savers may be disappointed as short-term fixed bond rates have dropped recently. For those seeking longer-term returns, JB Bank offers the best rate for a five-year bond, while Vida Savings leads the one-year fixed bond sector, and Close Brothers Savings offers the best two-year bond after a rate cut from Atom Bank.

Challenger banks continue to offer the best fixed savings rates, but these deals don’t last long. Longer-term bonds have been less affected by rate cuts, but may be too long a commitment for some savers.

For those looking to use their Cash ISA allowance before the new tax year, Shawbrook Bank has the best two-year fixed Cash ISA, and UBL UK offers a strong three-year fixed Cash ISA. However, some top fixed-rate Cash ISAs, like those from Castle Trust Bank, have seen rate cuts recently.

In the easy access account market, Vida Savings has launched new accounts, and Monument Bank and Charter Savings Bank have increased their rates.

Savers wanting to build a habit of saving might consider a regular savings account. Principality Building Society offers the best regular saver at eight per cent for six months. It's important to stay within your Personal Savings Allowance (PSA) and use your ISA allowance to protect savings from tax.

She said: "Savers must make time to review their rates and switch if they are getting a raw deal. Interest rates have come down in the aftermath of the Bank of England base rate cuts last year, and if more take place, it will be disastrous news for savers."

Best regular savings accounts

Here is a list of the best regular savings accounts currently on offer for the week beginning February 3, 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
• NatWest6.17 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
• Newcastle BS - 5.50 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 3, 2025:

• Vida Savings - 4.77 per cent AER / Gross
• Family Building Society - 4.76 per cent AER / Gross
• GB Bank - 4.75 per cent AER / Gross
• Close Brothers Savings - 4.75 per cent AER / Gross
• DF Capital - 4.74 per cent AER / Gross
• SmartSave - 4.66 per cent AER / Gross
• MBNA - 4.65 per cent AER / Gross
• Zopa - 4.65 per cent AER / 4.55 per cent Gross
• Rova - 4.65 per cent AER / Gross
• ICICI Bank UK - 4.65 per cent AER / Gross

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Best cash ISAs

Here is a full list of the best cash ISAs with a one-year fixed interest rate attached currently on offer for the week beginning February 3, 2025:

• Close Brothers Savings - 4.55 per cent AER / Gross
• Kent Reliance - 4.52 per cent AER / Gross
• Secure Trust Bank - 4.52 per cent AER / Gross
• Coventry BS - 4.50 per cent AER / Gross
• Charter Savings Bank - 4.50 per cent AER / Gross
• United Trust Bank - 4.50 per cent AER / Gross
• Hodge Bank - 4.49 per cent AER / Gross
• Cynergy Bank - 4.45 per cent AER / Gross
• UBL UK - 4.41 per cent AER / Gross
• Zopa - 4.40 per cent AER / 4.31 per cent 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 3, 2025:

• Moneybox - 5.11 per cent AER / Gross
• Plum - 5.01 per cent AER / 4.94 per cent Gross
• Trading 212 - 4.90 per cent AER / 4.78 per cent Gross
• Chip - 4.85 per cent AER / 4.74 per cent 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
• 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 February 3, 2025:

• Atom Bank - 4.85 per cent AER / 4.75 per cent Gross
• cahoot - 4.75 per cent AER / Gross
• Monument Bank4.75 per cent AER / 4.65 per cent Gross
• Close Brothers Savings - 4.70 per cent AER / Gross
• Chetwood Bank - 4.66 per cent AER / 4.56 per cent Gross
• Coventry BS - 4.66 per cent AER / 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
• Charter Savings Bank - 4.57 per cent AER / Gross

Here is a full list of the best easy access accounts with a bonus attached for the week beginning February 3, 2025:

• Chase - Five per cent AER / 4.89 per cent Gross
• Chip - 4.85 per cent AER / 4.74 per cent Gross
• Sidekick Money - 4.75 per cent AER / 4.64 per cent Gross
• Chip - 4.70 per cent AER / 4.60 per cent Gross
• Principality BS - 4.70 per cent AER / Gross
• Cynergy Bank - 4.50 per cent AER / Gross
• Nottingham BS - 4.50 per cent AER / Gross4
• Skipton BS - 4.40 per cent AER / 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