Best savings accounts this week: Britons urged to act fast as providers offer ‘new market-leading deals’ up to 8%

Interest rates are “now gradually on the path down”, the Bank of England governor has said after borrowing costs were held at five per cent last week.

Andrew Bailey said inflation had “come down a long way” but warned the Bank would need to see more evidence that it will remain low before cutting rates further.

Experts are predicting the Bank will cut rates further in November, with just two more decisions left this year.

There are still good deals for savers to grab while they can to make the most of their money.

Rachel Springall, Finance Expert at Moneyfactscompare.co.uk said: “The savings market felt a wave of fixed rate cuts over the past week, but there are also some new market-leading deals surfacing.

“There have been a few competitive deals withdrawn entirely from the market, which makes it vital for savers to act fast to grab a top rate. Those savers who have yet to use their ISA allowance may also be pleased to see Trading 212 improve its rate this week, reaffirming its place as a market-leader.

“The top positions within the fixed bond and ISA sectors are held by challenger banks which can change their rates in response to either market movements or from their peers, so these deals can have a short shelf life.

“However, this also means a brand can go against the rest of the market if they need to raise deposits or improve their market position, such as Birmingham Bank this week, increasing its three-year fixed bond rate to take the market-leading position.

“Despite no change from the Bank of England base rate last week, savers should still make every effort to review their accounts and switch if they are getting a raw deal as savings rates have been on the downward trend.”

Best regular savings accounts

Here is a full list of the best regular savings accounts on offer for the week beginning September 23, 2024

• 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
• Coventry BS – 6.25 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
• TSB – Six per cent AER / gross
• Principality BS – 5.75 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 September 23, 2024:

• Mizrahi Tefahot Bank Ltd – Five per cent AER / gross
• Union Bank of India (UK) Ltd – 4.95 per cent AER / gross
• Union Bank of India (UK) Ltd – 4.95 per cent AER / gross
• QIB (UK) – 4.90 per cent AER / gross
• Isbank – 4.87 per cent AER / gross
• Ford Money – 4.85 per cent AER / gross
• Gatehouse Bank – 4.85 per cent AER / gross
• SmartSave – 4.82 per cent AER / gross
• Al Rayan Bank – 4.80 per cent AER / gross
• Punjab National Bank (International) Limited – 4.80 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 September 23, 2024:

• Punjab National Bank (International) Limited – 4.80 per cent AER / gross
• Virgin Money – 4.61 per cent AER / gross
• UBL UK – 4.61 per cent AER / gross
• Castle Trust Bank – 4.60 per cent AER / gross
• Charter Savings Bank – 4.60 per cent AER / gross
• Kent Reliance – 4.56 per cent AER / gross
• Cynergy Bank – 4.55 per cent AER / gross
• Santander – 4.52 per cent AER / gross
• Beehive Money – 4.51 per cent AER / gross
• Newcastle BS – 4.50 per cent AER / gross

Here is a full list of the best cash ISAs with a variable rate attached for the week beginning September 23, 2024:

• Trading 212 – 5.10 per cent AER / 4.97 per cent gross
• Plum – 4.92 per cent AER / 4.82 per cent gross
• Chorley Building Society – 4.85 per cent AER / gross
• West Brom BS – 4.85 per cent AER / gross
• Chip4.84 per cent AER / 4.74 per cent gross
• Cynergy Bank – 4.82 per cent AER / 4.82 per cent gross
• Zopa – 4.80 per cent AER / 4.69 per cent gross
• Coventry BS – 4.80 per cent AER / gross
• Principality BS – 4.75 per cent AER / gross
• West Brom BS – 4.75 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 September 23, 2024:

• Ulster Bank – 5.20 per cent AER / 5.20 per cent gross
• cahoot – Five per cent AER / gross
• Oxbury Bank – 4.87 per cent AER / 4.76 per cent gross
• cahoot – 4.85 per cent AER / gross
• GB Bank – 4.85 per cent AER / 4.75 per cent gross
• OakNorth Bank – 4.82 per cent AER/ 4.72 per cent gross
• Monument Bank4.81 per cent AER / 4.71 per cent gross
• Yorkshire Building Society – 4.80 per cent AER / gross
• QIB (UK) – 4.80 per cent AER / 4.70 per cent gross
• Chorley Building Society – 4.80 per cent AER / gross

Here is a full list of the best easy-access savings with a bonus attached for the week beginning September 23, 2024:

• Chip – Five per cent AER / 4.89 per cent gross
• Cynergy Bank – 4.80 per cent AER / gross
• Principality BS – 4.75 per cent AER / gross
• Beehive Money4.60 per cent AER / gross
• Tesco Bank4.56 per cent AER / gross
• Post Office Money®4.55 per cent AER / gross
• Principality BS4.35 per cent AER / gross
• Marcus by Goldman Sachs®4.30 per cent AER / 4.22 per cent gross
• SAGA4.30 per cent AER / 4.22 per cent gross
• Post Office Money® – 4.10 per cent AER 4.10 per cent AER