Best savings accounts of the week: ‘Check if you are getting a raw deal’ as savers missing out on 8% rates

In recent years, the Bank of England has opted to raise the UK’s base rate in an attempt to rein in the rising consumer price index (CPI) inflation rate, which has hit as high as 11.1 per cent.

With inflation easing, the central bank’s Monetary Policy Committee (MPC) has begun to bring down interest rates with the rate of borrowing now sitting at 4.5 per cent.

While this is beneficial for mortgage holders and households in debt, savers are set to lose out as banks begin to slash the interest rates attached to their most popular accounts.

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Moneyfacts has published a list of the best savings accounts of the week

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Best regular savings accounts

Here is a list of the best regular savings accounts currently on offer for the week beginning February 17, 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
• NatWest – 6.17 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
• Loughborough BS – 5.60 per cent AER / Gross.

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 10, 2025:

• ICICI Bank UK – 4.65 per cent AER / Gross
• Oxbury Bank – 4.65 per cent AER / Gross
• SmartSave – 4.61 per cent AER / Gross
• Zenith Bank (UK) Ltd – 4.60 per cent AER / Gross
• Secure Trust Bank – 4.60 per cent AER / Gross
• Charter Savings Bank – 4.58 per cent AER / Gross
• MBNA – 4.57 per cent AER / Gross
• The Co-Operative Bank – 4.56 per cent AER / Gross
• Hodge Bank – 4.55 per cent AER / Gross
• Zopa – 4.55 per cent AER / Gross.

Savers are being urged to check what deals they are being offered

PEXELS

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 17, 2025:

• OakNorth Bank – 4.66 per cent AER / Gross
• Secure Trust Bank – 4.55 per cent AER / Gross
• Charter Savings Bank – 4.42 per cent AER / Gross
• Hampshire Trust Bank – 4.41 per cent AER / Gross
• UBL UK – 4.41 per cent AER / Gross
• Zopa – 4.40 per cent AER / 4.31 per cent Gross
• Aldermore – 4.40 per cent AER / Gross
• Hodge Bank – 4.39 per cent AER / Gross
• Close Brothers Savings – 4.39 per cent AER / Gross
• Kent Reliance – 4.39 per cent AER / Gross
• Cynergy Bank – 4.35 per cent AER / 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 17, 2025:

• Moneybox – 5.00 per cent AER / Gross
• Trading 212 – 4.90 per cent AER / 4.78 per cent Gross
• Chip – 4.89 per cent AER / 4.74 per cent Gross
• Plum – 4.82 / 4.75 per cent AER / 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
• Tipton & Coseley BS – 4.60 per cent AER / 4.60 per cent 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 17, 2025:

• cahoot – 4.75 per cent AER / Gross
• Monument Bank – 4.75 per cent AER / 4.65 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
• Atom Bank – 4.60 per cent AER / 4.51 per cent Gross
• Buckinghamshire BS – 4.60 per cent AER / Gross
• Charter Savings Bank – 4.57 per cent AER / Gross
• Kent Reliance – 4.56 per cent AER / Gross
• Yorkshire BS – 4.55 per cent AER / Gross.

Here is a full list of the best easy access accounts with a bonus attached for the week beginning February 17, 2025:

• Chase – 4.75 per cent AER / 4.65 per cent Gross
• Sidekick Money – 4.75 per cent AER / 4.64 per cent Gross
• Principality BS – 4.70 per cent AER / Gross
• Chip – 4.58 per cent AER / 4.48 per cent Gross
• Nottingham BS – 4.50 per cent AER / Gross
• Post Office Money – 4.40 per cent AER / Gross
• Cynergy Bank – 4.30 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.

LATEST DEVELOPMENTS:

• Lloyds Bank announces major overhaul to popular account in blow to customers
• Savers ‘left with bitter taste’ as account interest rates cut after Bank of England decision
• Pension system ‘not fit for purpose’ as millions of Britons losing retirement savings

Rachel Springall, a finance expert at Moneyfactscompare, said: “Savers will be disappointed to see a variety of rate cuts on the top deals across fixed rate bonds, variable rates and Cash ISAs week-on-week.

“These moves show how vital it is for savers to compare deals frequently and act quickly if they want to grab a competitive rate.

“The top fixed rate bond deals continue to be offered by challenger banks, but these institutions have had to adjust the rates they offer this week, off the back of interest rates coming down across the savings market.

“The drop in swap rates, coupled with a reduction to the base rate by the Bank of England, is trickling through the market, lowering savings rates.

“As ISA season heats up there has been a few providers improving rates to entice deposits, such as with OakNorth Bank, Secure Trust Bank, Charter Savings Bank and United Trust Bank on fixed rate Cash ISAs.

“However, now is the time to compare deals because there have been several providers cutting rates, so week-on-week the top returns are lower, which will frustrate those who have yet to take advantage of a fixed rate ISA for the current 2024/25 tax-year.

“It is imperative for savers to check their existing pots and switch if they are getting a raw deal but be vigilant as cuts are still being passed on. Loyalty does not pay, but it is up to savers to move their cash and find better returns.”