Britons urged to ‘act quickly’ to secure a ‘guaranteed return’ of 8%

New analysis from experts has determined the best savings accounts for the week beginning October 28, 2024.

In recent years, savers have benefited from high interest rates following the Bank of England’s decision to hike the base rate. In the height of the cost of living crisis, inflation in the UK soared to 11.1 per cent in October 2022. As a result of this, the central bank raised rates to a 16-year high of 5.25 per cent.

The Bank’s Monetary Policy Committee (MPC) recently slashed this to five per cent as the consumer price index (CPI) eased closer to its two per cent target.

Experts are urging bank customers to take advantage of “competitive” deals while they still have a chance.

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The Bank’s Monetary Policy Committee (MPC) recently slashed this to five per cent as the consumer price index (CPI) eased closer to its two per cent target

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Rachel Springall, Finance Expert at Moneyfactscompare.co.uk said: “Savers looking for a guaranteed return on their investment would be wise to act quickly to secure a deal, as we have seen a few rates cuts week-on-week, which include a couple of market-leading longer-term bonds.

“However, some providers went against the rate cutting trend, but as we reported last week, some of these deals can have a short shelf life. Outside of fixed rates there has been a sense of stability across the top variable rate tables, such as easy access accounts, but there were a couple of notice accounts reduced.

“Challenger banks tend to hold positions in the top rate tables can change rates quickly in response to market movements, so deals don’t always stay on the shelf for long. The fixed rate bond remains unpredictable, and it is expected for rates to come down, so a longer-term bond may become a more attractive choice in the coming weeks for those savers looking for a guaranteed return.

“Those savers concerned about future rate cuts need to act now to review their pots and lock into a competitive rate. Next week the Bank of England’s Monetary Policy Committee will review the bank base rate, and if it gets cut, this will have a negative impact on the savings market.

“However, cuts can come without any change to base rate, so it’s vital savers make time to proactively monitor the latest deals and move their pots if they are getting a raw deal.”

Best regular savings accounts

Here is a full list of the best regular savings accounts on offer for the week beginning October 28:

• 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 – 6.50 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
• 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 beginning October 28:

• Union Bank of India (UK) Ltd – Five per cent AER / gross
• Union Bank of India (UK) Ltd – Five per cent AER / gross
• Ahli United Bank (UK) plc – 4.80 per cent AER / gross
• Rova – 4.75 per cent AER / gross
• ICICI Bank UK – 4.75 per cent AER / gross
• GB Bank – 4.75 per cent AER / gross
• Union Bank of India (UK) Ltd – 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
• Beehive Money – 4.71 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 October 28:

• Virgin Money – 4.61 per cent AER / gross
• Punjab National Bank (International) Limited – 4.60 per cent AER / gross
• Scottish BS – 4.52 per cent AER / gross
• Kent Reliance – 4.51 per cent AER / gross
• Zopa – 4.50 per cent AER / 4.40 per cent gross
• Mansfield BS – 4.50 per cent AER / gross
• Beehive Money – 4.50 per cent AER / gross
• Nottingham BS – 4.50 per cent AER / gross
• Charter Savings Bank – 4.50 per cent AER / gross
• Hampshire Trust Bank – 4.45 per cent AER / gross

Here is a full list of the best cash ISAs with a variable rate attached for the week beginning October 28:

• Trading 212 – 5.10 per cent AER / 4.97 per cent gross
• Plum – 4.92 per cent AER / 4.82 per cent gross
• Paragon Bank – 4.87 per cent AER / gross
• Principality BS – 4.85 per cent AER / 4.85 per cent gross
• West Brom BS – 4.85 per cent AER / gross
• Chip – 4.84 per cent AER / 4.74 per cent gross
• Zopa – 4.80 per cent AER / 4.69 per cent gross
• Coventry BS – 4.80 per cent AER / gross
• West Brom BS – 4.75 per cent AER/ gross
• Newcastle BS – 4.75 per cent AER / gross

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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 October 28:

• cahoot- Five per cent AER / gross
• Monument Bank – 4.87 per cent AER / 4.76 per cent gross
• Oxbury Bank – 4.87 per cent AER / 4.76 per cent gross
• Chetwood Bank – 4.86 per cent AER / 4.75 per cent gross
• Atom Bank – 4.85 per cent AER / 4.75 per cent gross
• Vanquis Bank – 4.85 per cent AER / gross
• Coventry BS – 4.83 per cent AER / gross
• OakNorth Bank – 4.82 per cent AER / 4.72 per cent gross
• Monument Bank4.81 per cent AER / 4.71 per cent gross
• QIB (UK) – 4.80 per cent AER / 4.70 per cent gross

Here is a full list of the best easy-access savings with a bonus attached for the week beginning October 28:

• Chip – Five per cent AER / 4.89 per cent gross
• Sidekick Money – 4.89 per cent AER / 4.77 per cent gross
• Principality BS – 4.85 per cent AER / gross
• Cynergy Bank – 4.60 per cent AER / gross
• Beehive Money – 4.60 per cent AER / gross
• Post Office Money® – 4.40 per cent AER / gross
• Principality BS – 4.35 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
• Tesco Bank – 4.30 per cent AER / gross