The best UK savings rates this week

Last updated: 21 November 2024 at 12:10

Longer-term fixed bond returns rise as inflation hits six-month high.

As rates continue to fluctuate, many savers may wish to lock in returns for longer. After seeing fixed returns fall last week, they may be glad to see an uptick in both three- and five-year bonds.

With inflation rising to 2.3% in October, now may be a good time to review your savings to check you’re seeing inflation-beating returns, ensuring your cash grows in real terms.

For instance, since the previous inflation announcement, the top easy access account rate fell from 5.20% AER and stands at 4.87% AER today, while a one-year bond dropped by 0.20 percentage points to 4.80% AER in the same timeframe.

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

You can also visit our charts to compare top rates across the whole of the savings market.

Easy access accounts

Despite falling last week, the top rates for an easy access account are holding steady, with Monument Bank still leading the pack with its Raisin UK - Easy Access Account. Paying 4.87% AER monthly, this account can be opened and managed online or via app using the Raisin UK platform. As is typical for an easy access account, its £1,000 minimum deposit can be added to without restriction, and an unlimited number of penalty-free withdrawals are permitted. However, note that any transactions must be from a minimum of £500.

Taking the next highest spot on our chart, Atom Bank’s Instant Saver Reward continues to pay a highly competitive 4.85% AER monthly. Operating exclusively via app, this account doesn’t require a minimum deposit and allows further contributions to your pot freely using a nominated account. Keep in mind you’ll need to consider access carefully, as its headline rate only applies until a withdrawal is made in the month (also via a nominated account). After this point, a lower 3.25% AER is paid instead.

Matching this rate (inclusive of a 1.50% bonus for 12 months), the Online Bonus Triple Access Issue 4 from Principality BS pays interest yearly. It permits up to three withdrawals (including closure) per year and operates online from as little as £1. This initial investment can then be added to without restriction. Note that any transaction in or out must be via a nominated account.

Sidekick Money again offers 4.79% AER daily on its app-based Sidekick High Yield Cash Reserve 2 when considering the 0.45% 12-month bonus, which is paid monthly. It can be opened from £1,000, though note the bonus rate only applies on balances up to £35,000. A rate of 4.34% AER applies for breaching this threshold. Furthermore, the account permits both further additions as well as unlimited penalty-free withdrawals.

Best Fixed Rate Bonds

As longer-term bonds creep upwards this week, the leading rate for a one-year bond remains at 4.80% AER. Offered again by Ahli United Bank (UK) plc’s Raisin UK - 1 Year Fixed Term Deposit, this account pays expected profit on maturity. From £1,000 you can open this account online or by app through Raisin UK, but bear in mind both further contributions and early access are prohibited.

Having raised returns, Al Rayan Bank now also pays this expected rate on its Raisin UK - 1 Year Fixed Term Deposit, while also offering the joint-leading expected rate of 4.60% AER on our three-year chart with its Raisin UK - 3 Year Fixed Term Deposit. These accounts operate online or via app using Raisin UK from a £1,000 initial investment. Again, adding to your pot and making withdrawals before the end of the term is not permitted.

SmartSave reduced returns on its 2 Year Fixed Rate Saver to 4.52% AER on maturity but managed to retain its lead on our two-year chart. This online account requires a substantial £10,000 to open but will allow you to add to this for a further 14 days. However, as with many fixed bonds, early access is prohibited in this case.

If you have a smaller deposit, Bank of Ceylon (UK)’s Raisin UK - 2 Year Fixed Term Deposit pays these same returns on maturity and can be opened from £5,000. With a Raisin UK account, it can be opened online or by app and managed via the same means. Keep in mind that neither further contributions nor early access are permitted.

Meanwhile, rate hikes see JN Bank now offer leading returns on both our three- and five-year charts. Its three- and five-year Fixed Term Savings Accounts pay 4.60% AER and 4.49% AER on anniversary respectively from modest £100 initial investments. While you won’t be able to access funds early on either option, 11 additional payments are permitted for 14 days after opening to add to your pot.

Notice Accounts Saving Rates

Those after a notice account will find rates have remained stable this week. In the 30-day bracket, GB Bank’s Raisin UK - 7 Day Notice Account continues to offer leading returns, paying 4.85% AER on account closure. Using the Raisin UK platform, it operates online or via app from a £1,000 minimum deposit which cannot be added to. When accessing funds, note it’s subject to a full balance withdrawal and closure of the account alongside serving the full seven days’ notice period.

Charter Savings Bank again pays 5.06% AER either monthly or on anniversary on its online 60 Day Notice - Issue 33, topping our up to 60 days' chart. It requires £5,000 to open and allows you to add to this amount and make withdrawals (after serving the full 60 days’ notice period) via a nominated account.

If you’re after a longer 90 days’ notice period, a market-leading 5.15% AER expected profit rate can once again be found with the 90 Day Notice Account (Issue 6) from Bank of London and The Middle East. This account offers this rate quarterly from a sizeable £10,000 minimum opening amount and operates exclusively online. Note, while further additions can be made via a nominated account, you’ll need to give the full 90 days’ notice before being able to make a withdrawal and all withdrawals must be from a minimum of £1,000.