The best UK savings rates this week

Last updated: 9 May 2024 at 14:00

Leading rates for one-year fixed bonds now match top easy access rates.

With the Bank of England today announcing that the base rate will remain at 5.25%, rates across the savings market stay mostly stagnant with the biggest changes being seen in the fixed bond charts.

Al Rayan Bank has increased rates on its one-year fixed deposits to offer the most competitive returns in the sector at 5.20% AER.

This now matches the top easy access rate offered by Ulster Bank.

Meanwhile, product withdrawals in the notice account market see Investec Bank plc again take the top spot for a 90-day period.

The providers listed below currently offer the best easy access, fixed and notice savings rates. These products are available to new customers with a deposit of £10,000. Keep in mind that higher rates may be available to existing customers or those who are willing to save more than £10,000.

Be sure to check out our charts to see an overview of the savings market to help you find the best rates.

Easy access accounts

Ulster Bank remains at the top of our easy access charts this week, with its Loyalty Saver paying a market-leading rate of 5.20% AER yearly. Note this high rate is only accessible with balances exceeding £5,000, and falling below this threshold will mean receiving a lower rate of 2.25% AER. You’ll need to be a new or existing current account holder with Ulster Bank to open this account either online, by app or by phone; it can then additionally be managed by visiting a branch. There is no limit on the number of penalty-free withdrawals, so it may be suitable for those looking for regular access to their cash.

Paragon Bank’s Raisin UK - Rainy Day 2024 Easy Access Account continues to pay 5.00% AER. Keep in mind you’ll need to set up an online account with the third-party savings platform Raisin UK, to open and manage this account online or by app. This account pays interest monthly but requires a significant minimum deposit of £10,000. However, unlimited penalty-free withdrawals are permitted, but at a minimum of £500.

Close Brothers Savings matches this rate of 5.00% AER with its Easy Access Account Issue 3. This account pays interest on anniversary and requires a substantial deposit of £10,000. As it’s opened and managed exclusively online, those looking for more conventional forms of banking may want to consider other options.

Kent Reliance’s Easy Access Account - Issue 70 pays 4.96% AER yearly or monthly. With an initial investment of £1,000, keep in mind further contributions are permitted if via cash deposited at a branch, cheque or a bank transfer. Meanwhile, withdrawals are allowed but are subject to the method of account opening, so make sure to check with the provider before accessing your cash. This account can be opened online or in branch with the further option of managing it over the phone.

Best Fixed Rate Bonds

Similarly to last week, there are new leading rates across much of our fixed bond charts.

If you’re looking for a one-year bond, Al Rayan Bank recently increased both its Raisin UK - 1 Year Fixed Term Deposit and 12 Month Fixed Term Deposit to pay the highest rates in the sector of 5.20% AER. Both accounts pay expected profit rate in line with Islamic finance principles, with the former paying profit on maturity and compounded annually, and the latter paying profit quarterly. The Raisin UK - 1 Year Fixed Term Deposit requires a minimum deposit of £1,000 to open and manage the account either online or by app via the Raisin UK savings platform. Meanwhile, the 12 Month Fixed Term Deposit will need a larger £5,000 but can additionally be opened by phone and managed by post.

RCI Bank UK once again offers the best rate for a two-year bond, with its 2 Year Fixed Term Savings Account paying 5.05% AER. With the option of having interest paid monthly or on anniversary, you’ll have 14 days to make any further contributions to an initial investment of £1,000 after opening the account online. You can then manage this account the same way or via mobile app if you prefer.

Birmingham Bank now leads our three-year bond chart, paying 4.73% AER on anniversary with its 3 Year Fixed Rate Bond - Issue 5. This account can be opened online and managed by post or phone and needs a minimum deposit of £5,000. As with RCI Bank UK, you’ll have a 14-day window to add to your pot before locking it away, but this must be through a nominated account.

Those looking for a longer five-year term may want to consider Shawbrook Bank’s 5 Year Fixed Rate Bond Issue 49, which offers the best rate in its sector at 4.57% AER. With interest paid on anniversary or monthly, this account can be opened online from £1,000 and managed the same way as well as over the phone. Bear in mind further additions to the account are permitted, but only while this issue remains open.

Notice Accounts Saving Rates

Once again leading the 30-day sector, FirstSave offers 4.85% AER monthly or on anniversary with its FirstSave 30 Day Notice Account (Feb24). The account can be opened online from £100, and then additionally managed by post or phone. Early access to your money is permitted subject to a 30-day loss of interest.

Shawbrook Bank still offers the most competitive returns for up to 60 days’ notice, paying 5.16% AER either monthly or on anniversary. Its 45 Day Notice Personal Account Issue 14 requires a minimum deposit of £1,000 and can be opened online. You can then manage the account either online or by phone.

With Oxbury Bank withdrawing its Personal 90 Day Notice Account, Investec Bank plc once again tops our 90-day notice charts, offering 5.25% AER. Those looking for a longer notice period to take advantage of higher rates will need a substantial £5,000 to open its online-only 90-Day Notice Saver, with interest being paid monthly.