The best UK savings rates this week

Last updated: 26 April 2024 at 14:00

Many of the leading savings rates stagnate, but accounts paying over 5.00% AER are still available.

Savings rates have been edging lower over recent weeks, with the average no notice rate now standing at 3.11%, according to Moneyfacts data.

This has been reflected at the top of our savings charts, with many of the market-leading rates remaining the same as last week. Only the leading rates on one-year bonds and 90 day notice accounts have seen a marginal increase after SmartSave and Oxbury Bank raised their rates.

However, there are still competitive deals on offer. A handful of easy access savings accounts and a relatively large number of short-term bonds pay 5.00% AER or above, but it’s a good idea to act quickly if you want to secure one of these rates.

Below, we’ve highlighted and provided more details on the best easy access, fixed and notice savings rates currently available. These products can be opened by new customers with a deposit of up to £10,000. However, higher rates may be available to existing customers or those who have a larger initial investment.

For a comprehensive overview of the savings market, visit our charts.

Easy access accounts

Ulster Bank’s Loyalty Saver remains at the top of our easy access savings chart as it continues to pay 5.20% AER yearly on balances of £5,000 or more. It pays a lower rate of 2.25% on balances below this amount. You can apply for this account online, by mobile app or by phone, but you need to be a new or existing Ulster Bank current account customer to be eligible. Once open, you can also choose to manage this account in branch. As with most easy access accounts, there are no restrictions on withdrawing money from the account.

Paragon Bank joins Principality BS in paying the second-highest easy access savings rate this week at 5.00% AER.

Paragon Bank’s Raisin UK - Rainy Day 2024 Easy Access Account pays this rate monthly on a minimum opening deposit of £10,000. It’s available to open and manage online and via mobile app, but it should be noted that it’s operated via Raisin UK’s savings marketplace, which means you need to set up a Raisin UK account to access this easy access account. Like Ulster Bank, you can deposit into and withdraw from Paragon Bank’s account without penalty.

The Online Bonus Double Access from Principality BS continues to pay 5.00% AER yearly, although this rate includes a 12-month bonus of 0.15%. This online-only account requires a minimum deposit of just £1 but, unlike the previous accounts, you can only make two withdrawals from the account in one calendar year (including account closure).

Kent Reliance now offers the next best easy access savings rate, with its Easy Access Account - Issue 70 paying 4.96% AER. Interest can be paid yearly or monthly. You can open the account online or in branch with a minimum deposit of £1,000 and, once open, you can manage the account by phone. Bear in mind that, while withdrawals are allowed without penalty, the method you're able to use will depend on how you opened your account.

Best Fixed Rate Bonds

SmartSave’s 1 Year Fixed Rate Saver continues to pay the leading rate for one-year bonds, but at a marginally higher rate than last week at 5.18% AER. It pays interest on maturity and requires a minimum opening deposit of £10,000. This account, which is available to open and manage online, allows you to add to your savings for 14 days after opening.

After SmartSave cut the rate on its 2 Year Fixed Rate Saver this week, Hampshire Trust Bank now pays the market-leading rate on two-year bonds. Its 2 Year Bond (Issue 88) pays 5.06% AER on anniversary and only requires a minimum opening deposit of £1. Once open, you can add to the account for 14 further days. You can only open the account online but, once open, you have the option of managing it online, by phone or by post.

SmartSave continues to top our three- and five-year bond charts with its 3 Year Fixed Rate Saver paying 4.71% AER and its 5 Year Fixed Rate Saver paying 4.57% AER. However, it’s now joined by Shawbrook Bank with its 3 Year Fixed Rate Bond Issue 69 and its 5 Year Fixed Rate Bond Issue 49 paying the same rates respectively.

SmartSave’s online-only accounts pay interest on maturity and require a minimum opening deposit of £10,000. You can continue to add to the accounts for 14 days after opening.

Meanwhile, Shawbrook Bank’s savings accounts pay interest monthly or on anniversary. You can open the accounts online with a minimum deposit of £1,000, with the option to continue to add to your savings while the issue remains open. Once the account is open, you can manage it online or by phone.

Bear in mind that fixed rate bonds, including the accounts mentioned above, don’t allow you to withdraw money before the end of the term. So, you should think carefully when deciding how much to deposit in the account.

Notice Accounts Saving Rates

The FirstSave 30 Day Notice Account (Feb24) continues to pay the market-leading rate on 30 day notice accounts at 4.85% AER. Interest can be paid monthly or on anniversary. You can open this account with a minimum opening deposit of £100 and, once open, you can manage the account online, by phone or by post. You need to wait 30 days before you can withdraw money from the account but, if you want your money sooner, you can get earlier access subject to a 30-day loss of interest.

If you’re willing to wait longer before accessing your money, you could receive a higher rate. Shawbrook Bank’s 45 Day Notice Personal Account Issue 14 continues to pay 5.16% AER monthly or on anniversary. Available to open online with a £1,000 minimum deposit, you can then choose to manage the account online or by phone. However, unlike FirstSave, earlier access to funds isn’t allowed, which means you need to wait the full 45-day notice period before withdrawing your money.

Oxbury Bank displaces Investec Bank plc from the top of our 90 day notice charts this week. Its Personal 90 Day Notice Account (Issue 13) pays 5.26% AER monthly and requires a minimum opening deposit of £1,000. As with Shawbrook Bank, earlier access isn’t allowed, so you won’t be able to withdraw your money before the end of the 90-day notice period. You can open this savings account online and manage it online or via mobile app, but bear in mind you’ll need the Oxbury App to access online banking.