When the Bank of England’s Monetary Policy Committee (MPC) voted to drop the base rate from 5.25% to 5% in August, the best interest rates on savings products were widely expected to nosedive.
However, after the MPC decided to keep the rate at 5% in September, the top rates have not tumbled as much as first feared. In fact, many have even increased from a month ago.
But a cut to the base rate could be on the horizon at the next MPC vote on 7 November, so it is key to lock in your savings with as high a rate as possible before the potential dip.
Anna Bowes, co-founder of Savings Champion, said: “There has been some respite for savers. In fact, we have seen some of the best rates available increase over the last few weeks.
“The top easy-access account is now paying 5% since Chip increased the rate on the Easy Access Saver – but only for new customers.”
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The top rates for five-year bonds were also higher than last month, while the one-year equivalent held at the same rate.
However, Bowes added: “The news is not as positive on the fixed term ISA rates, as across the one- to three-year terms, the top rates available have fallen. The bright spark is that the five-year rate has stayed the same, with the same provider, UBL UK, still paying 4.1%.
“With inflation remaining near to its target of 2% (it stayed at 2.2% in the 12 months to August 2024), there are hundreds of savings accounts available that are still inflation-busting. So don’t let your cash languish – review, ditch, switch and perhaps fix.”
Below, Savings Champion reveals the best buys across easy-access, notice, fixed rate and ISA cash accounts:
EASY-ACCESS ACCOUNTS
5% Chip/Clear Bank Easy Access Saver – minimum deposit £1. Apply and access via the Chip mobile app. Three penalty-free withdrawals allowed in a 12-month period. After your fourth withdrawal, the interest rate will drop to 3.9% AER for the remainder of the year.
Rate includes a boosted rate of 0.93% AER for the first 12 months. Available exclusively through the Chip app via the partner ClearBank Limited. ClearBank Limited is covered by the Financial Services Compensation Scheme (FSCS), so funds deposited are protected up to £85,000.
4.87% Monument Bank/Raisin Bank Easy Access Account – minimum deposit £1,000. Apply and access online. Available exclusively through the Raisin UK platform via the partner Monument Bank. Monument Bank is covered by the FSCS, so funds deposited are protected up to £85,000.
4.87% Oxbury Easy Access Savings Account Special Edition 1 – minimum deposit £25,000. Apply and access online.
4.85% Vanquis Easy Access Account (Issue 3) – minimum deposit £1,000. Apply and access online.
4.83% Coventry Building Society Triple Access Saver (Online 5) – minimum deposit £1. Apply and access online. This is a limited-access account. You can take money out of your account up to three times per year without having to pay a charge. From the fourth withdrawal onwards, you’ll receive a charge equal to 50 days’ interest based on the amount you’re withdrawing. The charge will be deducted from the balance of the account, at the time of the withdrawal.
NOTICE ACCOUNTS
5.5% Prosper/Santander International 365 Day Notice Tracker – minimum deposit £20,000. Withdrawals are subject to 365 days’ notice; no earlier access is allowed. Rate tracks the Bank of England base rate. The account is available exclusively through the Prosper app, powered by the Akoni cash savings platform, and provided by Santander International. Santander International is covered by the FSCS, so funds deposited are protected up to £85,000. Be aware that any funds that you already hold with Santander International will also count towards this limit.
5.34% Prosper/Santander International 185 Day Notice Tracker – minimum deposit £20,000. Withdrawals are subject to 185 days’ notice; no earlier access is allowed. Rate tracks the Bank of England base rate. Be aware that any funds that you already hold with Santander International will also count towards this limit.
5.2% Prosper/Santander International 90 Day Notice Tracker – minimum deposit £20,000. Withdrawals are subject to 90 days’ notice; no earlier access is allowed.
5.15% BLME 90 Day Notice Account (Issue 6) – minimum deposit £10,000. Apply and access online. Withdrawals are subject to 90 days’ notice only; no earlier access is allowed. The rate is not guaranteed; in order to comply with Sharia law, the rates listed are an expected profit rate.
5.14% OakNorth 95 Day Notice Base Rate Tracker Account – Issue 3 – minimum deposit £1. Apply online or via the OakNorth app and access online, via app, phone or by post. Withdrawals are subject to 95 days’ notice; no earlier access is allowed. The interest rate tracks the Bank of England base rate.
ONE-YEAR FIXED TERM BONDS
5.05% Al Rayan Bank via Prosper 12 Month Fixed Rate Deposit – minimum deposit £5,000. Apply via mobile app. No access within the term. The rate is not guaranteed; in order to comply with Sharia law, the rates listed are an expected profit rate.
4.95% Union Bank of India Fixed Rate Deposit – minimum deposit £1,000. Apply online. No access within the term.
4.81% Monument 12-month Fixed Term Deposit – minimum deposit £25,000. Apply via the app, no access within the term.
TWO-YEAR FIXED TERM BONDS
4.65% Al Rayan Bank via Prosper – minimum deposit £5,000. The account is available exclusively through the Prosper app and provided by Al Rayan Bank. No access within the term. The rate is not guaranteed; in order to comply with Sharia law, the rates listed are an expected profit rate.
4.6% Atom Bank 2 Year Fixed Saver – minimum deposit £50. Apply via app. No access within the term.
4.6% Union Bank of India Fixed Rate 2 Year – minimum deposit £1,000. Apply by post or in branch. No access within the term.
THREE-YEAR FIXED TERM BONDS
4.55% Raisin/GB Bank 3 Year Fixed Term – minimum deposit £1,000. Apply online. No access within the term. Available through the Raisin UK platform via the partner GB Bank Ltd, which is covered by the FSCS, so funds deposited are protected up to £85,000.
4.55% DF Capital 3 Year Fixed Rate Deposit (Issue 8) – minimum deposit £1,000. Apply online or by post. No access within the term.
4.53% Birmingham Bank 3 Year Fixed Rate Bond – Issue 11 – minimum deposit £5,000. Apply online. No access within the term.
FIVE-YEAR FIXED TERM BONDS
4.4% Atom Bank 5 Year Fixed Saver – minimum deposit £50. Apply online. No access within the term.
4.4% Raisin/GB Bank 3 Year Fixed Term – minimum deposit £1,000. Apply online. No access within the term.
4.4% DF Capital 5 Year Fixed Rate Deposit (Issue 2) – minimum deposit £1,000. Apply online. No access within the term.
VARIABLE-RATE CASH ISAS
5.1% Trading 121 Cash ISA – minimum deposit £1. Apply online and access online and via mobile app. Transfers of existing ISA funds are allowed. Trading 212 uses a broad range of banks for its cash ISA, and the proportion of money held with each bank can vary over time. The three banks in question are Barclays, NatWest and JPMorgan Chase. Please contact Trading 212 directly for any specific questions on who your money is held with.
4.92% Plum/Citi Bank Plum Cash ISA – minimum deposit £100. Apply and access via app. The rate of 4.92% AER includes a bonus of 0.88% for the first 12 months, providing the following conditions are met: The account balance is kept at £100 or more and you have no more than three withdrawals in a single year. Should you make a fourth withdrawal or your balance drop below £100, the interest rate will drop to 3% AER.
Transfers of existing ISA funds are allowed, but these receive the basic rate of 4.04% AER. The basic rate of interest of 4.04% is paid monthly, and the Plum bonus rate of 0.88% will be added at the end of the first year.
4.84% Chip Cash ISA – minimum deposit £1. Apply and access via online banking app. Easy-access. Transfers in are accepted. This savings account is powered by the provider’s partner, ClearBank Limited. ClearBank Limited is covered by the FSCS, so funds deposited are protected up to £85,000 subject to eligibility.
4.82% Cynergy Bank Online ISA (Issue 48) – minimum deposit £1. Apply and access online. Easy-access. Transfers in are accepted from other cash ISAs at the time of application.
4.8% Four Access ISA (Online) (2) – minimum deposit £1. Apply and access online. Four withdrawals allowed each year (based on anniversary of the account opening). Should more than four withdrawals be made in a year, all subsequent withdrawals will be subject to a 50-day interest charge on the amount withdrawn. Transfers in are accepted.
ONE-YEAR FIXED TERM CASH ISAS
4.61% Virgin Money 1 Year Fixed Rate Cash ISA Exclusive (Issue 16) – minimum deposit £1. Apply online or in branch. You need to have a current account with Virgin Money that was opened on or after 4 December 2019, or you originally opened your current account with Clydesdale Bank, Yorkshire Bank or B. The maturity date is 30 September 2025. Full and partial withdrawals are permitted during the term, but you will be charged 60 days’ interest on the amount taken out.
4.56% Aldermore 1 Year Fixed Rate Cash ISA – minimum deposit £1,000. Apply online. Withdrawals allowed, subject to a 90-day interest penalty. Transfers in are accepted.
4.55% United Trust Bank Cash ISA 1 Year Bond (Online Only) – minimum deposit £5,000. Apply online. Withdrawals are allowed, subject to 90 days’ loss of interest. Transfers in are allowed.
TWO-YEAR FIXED TERM CASH ISAS
4.42% United Trust Bank Cash ISA 2 Year Bond – minimum deposit £5,000. Apply online. Withdrawals are allowed, subject to a withdrawal charge equivalent to 180 days’ interest. Interest can be withdrawn annually without penalty. Transfers in are allowed.
4.41% Secure Trust Bank 2 Year Fixed Rate Cash ISA (19 November 2026) – minimum deposit £1,000. Apply online. Access on closure, subject to a 180-day interest penalty. The maturity date is 19 November 2026. Transfers in are accepted.
4.4% Bath Building Society 2 Year Fixed Rate ISA (Issue 6) – minimum deposit £1. Apply online, by post or telephone. Withdrawals are allowed up to £500 per day or electronically to your nominated bank account, subject to 180 days’ loss of interest. Transfers in are not allowed.
THREE-YEAR FIXED TERM CASH ISAS
4.31% UBL UK 3 Year Fixed Rate Cash ISA – minimum deposit £2,000. Apply online, in branch, by post or mobile banking app. Access on closure only, subject to 270 days’ loss of interest. Transfers in are accepted.
4.25% Cynergy Bank 3 Year Fixed Rate Cash ISA – minimum deposit £500. Apply online. Access on closure, subject to a 270-day interest penalty. Transfers in are accepted.
4.25% United Trust Bank Cash ISA 3 Year Bond – minimum deposit £5,000. Apply online. Withdrawals are allowed, subject to a withdrawal charge equivalent to 270 days’ interest. Interest can be withdrawn annually without penalty. Transfers in are allowed.
FIVE-YEAR FIXED TERM CASH ISAS
4.1% UBL UK 5 Year Fixed Rate Cash ISA – minimum deposit £2,000. Apply online, in branch, by post or by mobile banking app. Access on closure or full transfer out only, subject to 365 days’ loss of interest. Transfers in are allowed.
4.1% United Trust Bank Cash ISA 5 Year Bond – minimum deposit £5,000. Apply online, manage online, by post or phone. Withdrawals are allowed, subject to a withdrawal charge equivalent to 365 days’ interest. Interest can be withdrawn annually without penalty. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.
4.05% Hinckley and Rugby Building Society – minimum deposit £500. Apply by post or in branch. Withdrawals are allowed, subject to a withdrawal charge equivalent to 365 days’ interest. Transfers in are not allowed.
Rates correct as of 8 October 2024
