The best UK savings rates this week

Last updated: 18 April 2024 at 14:00

Over 1,300 savings accounts can better inflation – we round up the top easy access, fixed and notice rates.

With the Consumer Price Index (CPI) falling to 3.2% in the year to March, savers will be relieved there are currently over 1,300 savings accounts which can better the rate of inflation.

This is a stark contrast to the same time last year when no account could better a rampant inflation rate of 10.1% (March 2023).

Reacting to the news, Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, emphasised it’s still important for consumers to ensure they’re getting decent returns on their savings, as “inflation eats away at savers’ hard-earned cash”.

“Switching accounts is essential for any saver who finds their loyalty is not being rewarded,” Springall added.

“Considering the more unfamiliar brands is wise but it’s important consumers take time to review any restrictive criteria an account can impose to ensure it works for them.”

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 spends yet another week at the top of our easy access savings chart, continuing to pay 5.20% AER yearly on balances of £5,000 or more. This market-leading account is available to new and existing Ulster Bank current account customers and can be applied for online, over the phone or by mobile app. While there’s no minimum deposit specified, note a lower rate of 2.25% AER will be applied to balances below the £5,000 threshold. Once opened, this account can additionally be managed in branch and permits an unlimited number of penalty-free withdrawals.

Meanwhile, Cynergy Bank is promoted to second place on our chart this week following a rate reduction from Post Office Money®. Its Online Easy Access Account (Issue 71) also allows unlimited penalty-free withdrawals via a nominated account while paying 5.01% AER on anniversary (inclusive of a 1.26% bonus for the first 12 months). As its name suggests, this account can be both opened and managed online with a £1 deposit, but you’ll need the Cynergy Bank Authenticator App or Digipass to access online banking.

Two providers then offer the next best rate this week at 5.00% AER. The Online Bonus Double Access from Principality BS pays this rate yearly when taking into consideration the 0.15% bonus included for the first 12 months. Another online-only account, it can also be applied for with just a single pound deposit. It’s important to note, however, it only permits two withdrawals per calendar year, inclusive of account closure.

Alternatively, the Easy Access Account Issue 3 from Close Brothers Savings offers the same rate on anniversary but requires a much larger initial investment of £10,000 to open and manage online. Nevertheless, this account may appeal if you can meet the deposit requirements, as it grants unlimited penalty-free access.

Best Fixed Rate Bonds

When it comes to securing a fixed rate, SmartSave monopolises top positions on our fixed bond charts this week, having increased its 1, 2 and 3 Year Fixed Rate Savers while also launching a new 5 Year Fixed Rate Saver. As a result, these accounts now offer 5.17% AER, 5.08% AER, 4.71% AER and 4.57% AER, respectively, on maturity, with interest compounded annually. Each can be opened and managed online with a significant initial deposit of £10,000 – additions to which are permitted for a further 14 days. However, as is the case with most fixed bonds, accessing your cash before the end of the term is prohibited.

Looking to make a smaller initial investment? You can compare other competitive fixed rates on our chart and use the ‘investment amount’ filter.

Notice Accounts Saving Rates

As for notice accounts, FirstSave remains at the top of our 30-day notice chart for another week. Its FirstSave 30 Day Notice Account (Feb24) continues to pay 4.85% AER either monthly or on anniversary. After opening this account online with a £100 deposit, it can additionally be managed by post or over the phone. While you’ll need to give 30 days’ notice to make a withdrawal, it’s possible to gain earlier access subject to 30 days’ loss of interest.

However, a higher rate can be achieved if you’re willing to provide more notice before making a withdrawal. The 45 Day Notice Personal Account Issue 14 from Shawbrook Bank, for instance, offers the best rate for an account needing up to 60 days’ notice at 5.16% AER. A minimum deposit of £1,000 is needed to open this account online, after which it pays interest either monthly or on anniversary and can also be managed over the phone. As there’s no way of gaining earlier access, though, you’ll need to provide 45 days’ notice before accessing your cash.

Otherwise, to better the market-leading no-notice rate, you could consider the 90-Day Notice Saver from Investec Bank plc paying 5.25% AER monthly. This account leads its corner of the savings market and is available to open and manage online with a £5,000 minimum deposit. Once again, earlier access is prohibited, so you’ll need to wait the full 90 days’ before making a withdrawal.