Top savings accounts this week: Britons can still secure 8% interest but experts warn rate cuts 'around the corner'

New analysis from experts has determined the best savings accounts for the week beginning November 25, 2024.

Since August, the Bank of England has already reduced its key interest rate twice, bringing it down from 5.25 per cent to 4.75 per cent.

The BoE is likely to reduce borrowing costs gradually in the coming months, though it will remain “vigilant” for signs of an economic slowdown that could require more decisive action.

Experts have warned that more savings rate cuts may well be due as December is just around the corner, with providers catching up to the BOE cut, but this should not discourage savers from shopping around right now.

Rachel Springall, Finance Expert at Moneyfactscompare.co.uk said: “There was a mix of activity within the top rate savings tables week-on-week, where some deals were slashed, a few new market leaders took residence. The fixed rate bond market continues to be a thriving hub for challenger banks looking to draw in new deposits, where rates can rise and fall with little notice, and this week has been no exception.

"The volatility across the market makes it essential for savers to act quickly if they want to secure a decent guaranteed return on their cash. A longer-term bond could be a popular choice in the months ahead, but such commitment to lock funds away will divide different savers.

“Cash ISAs experienced a few rate moves week-on-week, largely on fixed rates which are ideal for those savers who want to secure guaranteed return and wish to utilise their ISA allowance. Inevitably there were also some rate cuts and withdrawals of deals that pay a variable rate, including easy access accounts and the equivalent Cash ISAs.

“It is vital that savers make time to review their existing pots and switch if they are getting a raw deal. More savings rate cuts may well be due as December is just around the corner, with providers catching up to the BoE cut, but this should not discourage savers from shopping around right now.”

Best regular savings accounts

Here is a full list of the best regular savings accounts on offer for the week beginning November 25:

• Principality BS - Eight per cent AER / 7.85 per cent gross
• The Co-operative Bank - Seven per cent AER/gross
• Principality BS - Seven per cent AER/gross
• Nationwide BS - 6.5 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
• Melton BS - Six per cent AER/gross
• West Brom BS - Six per cent AER/gross
• Market Harborough BS - Six per cent AER/gross
• TSB - Six per cent AER/gross

Best fixed-rate savings accounts

Here is a full list of the best savings accounts with a one-year fixed rate for the week November 25:

• Al Rayan Bank - 4.8 per cent AER/gross
• SmartSave - 4.76 per cent AER/gross
• Cynergy Bank - 4.75 per cent AER/gross
• ICICI Bank UK - 4.75 per cent AER/gross
• Habib Bank Zurich plc - 4.75 per cent AER/gross
• Habib Bank Zurich plc - 4.75 per cent AER/gross
• Kent Reliance - 4.71 per cent AER/gross
• Atom Bank - 4.7 per cent AER/gross
• Oxbury Bank - 4.7 per cent AER/gross
• BACB - 4.7 per cent AER/gross

Best Cash ISAs

Here is a full list of the best cash ISAs with a one-year fixed rate attached for the week beginning November 25:

• Hampshire Trust Bank - 4.5 per cent AER/gross
• Shawbrook Bank - 4.49 per cent AER/gross
• Castle Trust Bank - 4.49 per cent AER/gross
• Cynergy Bank - 4.48 per cent AER/gross
• Secure Trust Bank - 4.48 per cent AER/gross
• Kent Reliance - 4.46 per cent AER/gross
• Charter Savings Bank - 4.45 per cent AER/gross
• Close Brothers Savings - 4.45 per cent AER/gross
• Beehive Money - 4.41 per cent AER/gross
• Nottingham BS - 4.41 per cent AER/gross

• Trading 212 - 5.17 per cent AER / 5.04 per cent gross
• Moneybox - 5.17 per cent AER/gross
• Principality BS - 4.85 per cent AER/gross
• West Brom BS - 4.85 per cent AER/gross
• Monument Bank - 4.76 per cent AER / 4.66 per cent gross
• Mansfield BS - 4.75 per cent AER/gross
• West Brom BS - 4.75 per cent AER/gross
• Chorley Building Society - 4.7 per cent AER/gross
• Plum - 4.68 per cent AER / 4.61 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 November 25:

• Cahoot - Five per cent AER/gross
• Monument Bank - 4.87 per cent AER / 4.76 per cent gross
• Atom Bank - 4.85 per cent AER / 4.75 per cent gross
• Monument Bank - 4.81 per cent AER / 4.71 per cent gross
• Ulster Bank - 4.75 per cent AER/gross
• Penrith BS - 4.71 per cent AER/gross
• Earl Shilton BS - 4.7 per cent AER/gross
• Close Brothers Savings - 4.7 per cent AER/gross
• Brown Shipley - 4.67 per cent AER / 4.57 per cent gross
• Secure Trust Bank - 4.65 per cent AER / 4.55 per cent gross

• Principality BS - 4.85 per cent AER/gross
• Cynergy Bank - 4.55 per cent AER/gross
• Chip - 4.50 per cent AER / 4.41 per cent gross
• Beehive Money - 4.5 per cent AER/gross
• Sidekick Money - 4.48 per cent AER / 4.38 per cent gross
• Principality BS - 4.35 per cent AER/gross
• Marcus by Goldman Sachs® - 4.3 per cent AER / 4.22 per cent gross
• SAGA4 - 30 per cent AER / 4.22 per cent gross
• Tesco Bank -4.30 per cent AER/gross
• Post Office Money® - 4.10 per cent AER / 4.1 per cent gross