As the Bank of England signals the possibility of future rate cuts, savers are acting fast to secure the best savings deals currently available. Customers of major high street banks like NatWest, Lloyds, and Barclays are being advised to consider switching their accounts to take advantage of superior interest rates offered elsewhere.
This week’s top regular savings accounts are led by Principality Building Society, offering 7.5% AER (7.36% Gross), closely followed by Zopa at 7.1% AER (6.87% Gross), and Progressive Building Society at 7% AER. Other notable high-yield options include the Co-operative Bank with 7% AER and Nationwide Building Society at 6.5% AER.
For fixed-rate one-year savings, institutions such as Investec Bank, Monument Bank, LHV Bank, DF Capital, and Habib Bank Zurich dominate the top spots, offering attractive returns for savers looking for certainty and security.
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Cash ISAs also present appealing options. One-year fixed-rate ISA leaders include Cynergy Bank and Vida Savings, each at 4.28% AER, alongside Tembo Money and Investec Bank offering slightly lower but competitive rates. Variable-rate cash ISAs from Moneybox (4.47% AER), Plum (4.45% AER), and Principality Building Society (4.20% AER) provide alternatives for savers wanting flexibility.
For those seeking easy access savings without bonuses, Cahoot—Santander’s subsidiary—leads with 5% AER, followed by Snoop at 4.35% AER, and Coventry BS and others around 4.3% AER. Alternatively, easy access accounts with bonus rates from Monument Bank, Chase, and Sidekick offer rates near 4.5% AER.
Notably, only a few major high street banks like Santander, Nationwide, and Co-op feature among the high-interest accounts. This suggests that customers with savings in NatWest, Lloyds, or Barclays accounts might get better returns by switching.
Given the likelihood of a rate drop in the coming months, now is an opportune moment for savers to review and potentially migrate their deposits to accounts offering superior interest rates, helping to maximise returns before the market shifts.