Analysts are urging the British public to “act with haste” and “lock in” record high savings interest rates before any further cuts are carried out by banks and building societies. Thanks to the Bank of England, savers have enjoyed competitive rates due to the base rate being bolstered.
However, with the central bank beginning to slash rates, bank customers are being reminded to take action before high interest deals are gone for good. Experts from Moneyfactscompare have compiled a list of the best savings accounts for the week beginning November 18, 2024.
Best regular savings accounts
Here is a full list of the best regular savings accounts on offer for the week beginning November 18, 2024:
- 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
- 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 one-year fixed-rate savings accounts on offer for the week beginning November 18, 2024:
- Ahli United Bank (UK) plc – 4.80 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
- Gatehouse Bank – 4.70 per cent AER/gross
- Atom Bank – 4.70 per cent AER/gross
- Al Rayan Bank – 4.70 per cent AER/gross
- BACB – 4.70 per cent AER/gross.
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Savers are being urged to take action before interest rates are cut again
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Best ISAs
Here is a full list of the best cash ISAs with a one-year fixed rate attached for the week beginning November 18, 2024:
- Shawbrook 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
- UBL UK – 4.41 per cent AER/gross
- Nottingham BS – 4.41 per cent AER/gross
- Zopa – 4.40 per cent AER/gross.
Here is a full list of the best cash ISAs with a variable rate attached for the week beginning November 18, 2024
- Trading 212 – 5.17 per cent AER / 5.02 per cent gross
- Moneybox – 5.17 per cent AER / gross
- Plum – 4.92 per cent AER / 4.82 per cent gross
- Principality BS – 4.85 per cent AER / gross
- West Brom BS – 4.85 per cent AER / gross
- Mansfield BS – 4.75 per cent AER / gross
- West Brom BS – 4.75 per cent AER / gross
- Chorley BS – 4.70 per cent AER /gross
- Teachers BS – 4.65 per cent AER /gross
- Ford Money – 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 18, 2024:
- 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 Bank – 4.71 per cent AER / gross
- Earl Shilton BS – 4.70 per cent AER / gross
- Close Brothers Savings – 4.70 per cent AER / gross
- Leeds BS – 4.67 per cent AER / gross
- Secure Trust Bank – 4.65 per cent / gross.
Here is a full list of the best easy-access savings with a bonus attached for the week beginning November 18, 2024:
- Principality BS – 4.85 per cent AER / gross
- Sidekick Money – 4.79 per cent AER / 4.68 per cent gross
- Cynergy Bank – 4.55 per cent AER gross
- Beehive Money – 4.50 per cent AER gross
- Chip- 4.50 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
- Post Office Money – 4.10 per cent AER / gross.
Rachel Springall, a finance expert at Moneyfactscompare.co.uk, broke down what is potentially at stake for bank and building society customers in the months ahead.
She explained: “There is more disappointing news for savers this week, as some market leading fixed rate bonds have been slashed. However, those savers who are prepared to lock their money away for longer will see a variety of providers improve their rates week-on-week. The volatility across the market makes it essential for savers to act with haste if they want to secure a decent guaranteed return on their cash.
“Savers looking to utilise their Cash ISA allowance will find a mix of activity in the top rate tables, which has shown a similar pattern to fixed rate bonds.
“Once again, some market-leading short-term fixed deals have been chopped, but in their wake, there have been various providers improving rates for longer-term deals.
“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.
“The top rate tables continue to be dominated by many challenger banks which should not be overlooked in favour of the more familiar household names. Challengers act quickly in response to market movements, so deals don’t always stay on sale for long. The fixed rate bond market remains erratic, and it is expected for rates to come down in the future, so a longer-term bond may become a more attractive choice.
“It remains essential for savers to review their existing pots and switch if they are getting a raw deal. More savings rate cuts may well be on the cards over the coming weeks as providers catch up to the BOE cut, but this should not deter savers to shop around.”
