Last updated: 7th December 2023 at 15:00
In an update on the state of the cash savings market published yesterday, the Financial Conduct Authority (FCA) said it had “seen progress in the speed and size of interest rate changes for savers”.
This follows a review of the cash savings market the FCA conducted in July 2023, laying out an action plan to ensure banks and building societies are passing on interest rate rises to customers, communicating more effectively and offering better savings rate deals.
Despite progress, many top rates in the savings market continue to be offered by challenger banks, rather than high-street names.
Metro Bank and Ulster Bank remain key players in the easy access market this week, with rates of 5.22% AER and 5.20% AER respectively.
Below, we discuss these accounts in further detail, as well as other best rates available. Alternatively, you can visit our charts for a wider overview of the savings market.
Last updated: 7th December 2023 at 15:00
In an update on the state of the cash savings market published yesterday, the Financial Conduct Authority (FCA) said it had “seen progress in the speed and size of interest rate changes for savers”.
This follows a review of the cash savings market the FCA conducted in July 2023, laying out an action plan to ensure banks and building societies are passing on interest rate rises to customers, communicating more effectively and offering better savings rate deals.
Despite progress, many top rates in the savings market continue to be offered by challenger banks, rather than high-street names.
Metro Bank and Ulster Bank remain key players in the easy access market this week, with rates of 5.22% AER and 5.20% AER respectively.
Below, we discuss these accounts in further detail, as well as other best rates available. Alternatively, you can visit our charts for a wider overview of the savings market.
Last updated: 7th December 2023 at 15:00
In an update on the state of the cash savings market published yesterday, the Financial Conduct Authority (FCA) said it had “seen progress in the speed and size of interest rate changes for savers”.
This follows a review of the cash savings market the FCA conducted in July 2023, laying out an action plan to ensure banks and building societies are passing on interest rate rises to customers, communicating more effectively and offering better savings rate deals.
Despite progress, many top rates in the savings market continue to be offered by challenger banks, rather than high-street names.
Metro Bank and Ulster Bank remain key players in the easy access market this week, with rates of 5.22% AER and 5.20% AER respectively.
Below, we discuss these accounts in further detail, as well as other best rates available. Alternatively, you can visit our charts for a wider overview of the savings market.
Below we’ve highlighted the top rates available in our comparison charts that are available to new customers with a deposit of £10,000. Higher rates may be available to existing customers or those who are willing to save more than £10,000. In order to find the best rate for your personal requirements please filter our charts accordingly.
Compare the best savings rates on our charts.
Account: Instant Access Savings Account
Notice: None
Rate: 5.22% AER (includes a bonus)
Account: Double Access Savings Account – Issue 4
Notice: None
Rate: 5.16% AER
The Instant Access Savings Account from Metro Bank holds onto top position in our easy access chart for another consecutive week, continuing to pay 5.22% AER monthly. This is when taking into consideration a significant introductory bonus of 3.46% for the first 12 months. The account can be applied for online or in branch, and can then be managed online, in branch, via telephone or mobile app. When it comes to accessing your cash, note all withdrawals over £1,000 require one banking days’ notice. Most importantly, you should be aware that the introductory bonus will only apply if £500 is deposited into the account within 28 days of the account opening. Otherwise, you’ll receive the lower, underlying rate. As with all accounts that offer introductory bonuses, be sure to check you’re still receiving a competitive rate once the bonus expires.
Ulster Bank also retains its position in our charts; its Loyalty Saver continues to pay 5.20% AER yearly on deposits over £5,000. Once opened online, over the phone or by mobile app, with no minimum deposit required, your account can then also be managed at a local branch if you live in Northern Ireland. Withdrawals and additions can be made at all times but note that balances under the £5,000 threshold will receive a lower rate of 2.25% AER.
Finally, the Double Access Savings Account – Issue 4 from Paragon Bank offers the third best easy access rate, at 5.16% AER. This account pays interest either monthly or on anniversary after opening online with a minimum deposit of £1,000. Unlike the other easy access accounts mentioned, there is a limit on the number of penalty-free withdrawals you can make. If you exceed two withdrawals per year, a lower rate of 1.50% AER is applied. As for making additions, any further deposits need to be made via a nominated account.
The Instant Access Savings Account from Metro Bank holds onto top position in our easy access chart for another consecutive week, continuing to pay 5.22% AER monthly. This is when taking into consideration a significant introductory bonus of 3.46% for the first 12 months. The account can be applied for online or in branch, and can then be managed online, in branch, via telephone or mobile app. When it comes to accessing your cash, note all withdrawals over £1,000 require one banking days’ notice. Most importantly, you should be aware that the introductory bonus will only apply if £500 is deposited into the account within 28 days of the account opening. Otherwise, you’ll receive the lower, underlying rate. As with all accounts that offer introductory bonuses, be sure to check you’re still receiving a competitive rate once the bonus expires.
Ulster Bank also retains its position in our charts; its Loyalty Saver continues to pay 5.20% AER yearly on deposits over £5,000. Once opened online, over the phone or by mobile app, with no minimum deposit required, your account can then also be managed at a local branch if you live in Northern Ireland. Withdrawals and additions can be made at all times but note that balances under the £5,000 threshold will receive a lower rate of 2.25% AER.
Finally, the Double Access Savings Account – Issue 4 from Paragon Bank offers the third best easy access rate, at 5.16% AER. This account pays interest either monthly or on anniversary after opening online with a minimum deposit of £1,000. Unlike the other easy access accounts mentioned, there is a limit on the number of penalty-free withdrawals you can make. If you exceed two withdrawals per year, a lower rate of 1.50% AER is applied. As for making additions, any further deposits need to be made via a nominated account.
The Instant Access Savings Account from Metro Bank holds onto top position in our easy access chart for another consecutive week, continuing to pay 5.22% AER monthly. This is when taking into consideration a significant introductory bonus of 3.46% for the first 12 months. The account can be applied for online or in branch, and can then be managed online, in branch, via telephone or mobile app. When it comes to accessing your cash, note all withdrawals over £1,000 require one banking days’ notice. Most importantly, you should be aware that the introductory bonus will only apply if £500 is deposited into the account within 28 days of the account opening. Otherwise, you’ll receive the lower, underlying rate. As with all accounts that offer introductory bonuses, be sure to check you’re still receiving a competitive rate once the bonus expires.
Ulster Bank also retains its position in our charts; its Loyalty Saver continues to pay 5.20% AER yearly on deposits over £5,000. Once opened online, over the phone or by mobile app, with no minimum deposit required, your account can then also be managed at a local branch if you live in Northern Ireland. Withdrawals and additions can be made at all times but note that balances under the £5,000 threshold will receive a lower rate of 2.25% AER.
Finally, the Double Access Savings Account – Issue 4 from Paragon Bank offers the third best easy access rate, at 5.16% AER. This account pays interest either monthly or on anniversary after opening online with a minimum deposit of £1,000. Unlike the other easy access accounts mentioned, there is a limit on the number of penalty-free withdrawals you can make. If you exceed two withdrawals per year, a lower rate of 1.50% AER is applied. As for making additions, any further deposits need to be made via a nominated account.
Account: Fixed Rate Deposit / Union Premier Bond
Term: Two year bond
Rate: 5.70% AER
Account: Premier Deposit Account (Anticipated Profit Rate)
Term: Three year bond
Rate: 5.35% AER (expected profit rate)
Account: Fixed Rate Bond – Issue 228
Term: Three year bond
Rate: 5.35% AER
Account: Premier Deposit Account (Anticipated Profit Rate)
Term: Five year bond
Rate: 5.00% AER (expected profit rate)
Account: Fixed Rate Deposit / Union Premier Bond
Term: Five year bond
Rate: 5.00% AER
Similarly to last week, Metro Bank, Union Bank of India (UK) Ltd and Bank of London and The Middle East retain top positions for one-year, two-year and three-year bonds. However, there are new entries within the five-year fixed bond category this week.
Metro Bank’s one-year Fixed Term Savings Account continues to pay 5.80% AER either monthly or on anniversary. It can be opened online or in branch with a minimum initial deposit of at least £500. As you’ll need to have another account with Metro Bank for transactional purposes, an Instant Access account will automatically be opened on your behalf if you don’t already hold another account with this provider. Going forwards, you can manage this account over the phone, as well as in branch or online, however neither further additions nor earlier access are permitted.
Meanwhile, not only does Union Bank of India (UK) Ltd top our two-year chart this week, but it also jointly leads our five-year chart as well. Its two and five-year Fixed Rate Deposits pay 5.70% and 5.00% AER either on maturity or on anniversary. These accounts can be opened and managed in branch or by post with a minimum deposit of £1,000. Alternatively, tech-savvy savers may prefer its Union Premier Bonds which offer the same rates. A larger deposit of £5,000 is needed to operate these accounts online. It should be noted that with any of these accounts, though, additions and earlier access are prohibited.
In our three-year chart, Hanley Economic BS’s Fixed Rate Bond – Issue 228 matches Bank of London and The Middle East in offering 5.35% AER. This account pays interest on maturity and can be opened in branch or by post with a minimum deposit of £1,000. Then solely manageable in branch, further additions are permitted either for 14 days from opening or while the issue remains open – whichever period is shorter.
Otherwise, the three-year Premier Deposit Account (Anticipated Profit Rate) from Bank of London and The Middle East pays the same rate and also requires a £1,000 deposit. In order to open online, you must already have or be prepared to open a BLME transfer account to hold funds pending investment. Once opened, this Shari’ah compliant account can be managed by post, pays profit on anniversary, and prohibits both further additions and earlier access.
If you’re looking for a longer-term bond, Bank of London and The Middle East also offers the joint best fixed rate for a five-year bond alongside Union Bank of India (UK) Ltd. Its five-year Premier Deposit Account (Anticipated Profit Rate) pays 5.00% AER and comes with the same conditions as its three-year counterpart. For more information on this, and other accounts mentioned, visit our charts.
Similarly to last week, Metro Bank, Union Bank of India (UK) Ltd and Bank of London and The Middle East retain top positions for one-year, two-year and three-year bonds. However, there are new entries within the five-year fixed bond category this week.
Metro Bank’s one-year Fixed Term Savings Account continues to pay 5.80% AER either monthly or on anniversary. It can be opened online or in branch with a minimum initial deposit of at least £500. As you’ll need to have another account with Metro Bank for transactional purposes, an Instant Access account will automatically be opened on your behalf if you don’t already hold another account with this provider. Going forwards, you can manage this account over the phone, as well as in branch or online, however neither further additions nor earlier access are permitted.
Meanwhile, not only does Union Bank of India (UK) Ltd top our two-year chart this week, but it also jointly leads our five-year chart as well. Its two and five-year Fixed Rate Deposits pay 5.70% and 5.00% AER either on maturity or on anniversary. These accounts can be opened and managed in branch or by post with a minimum deposit of £1,000. Alternatively, tech-savvy savers may prefer its Union Premier Bonds which offer the same rates. A larger deposit of £5,000 is needed to operate these accounts online. It should be noted that with any of these accounts, though, additions and earlier access are prohibited.
In our three-year chart, Hanley Economic BS’s Fixed Rate Bond – Issue 228 matches Bank of London and The Middle East in offering 5.35% AER. This account pays interest on maturity and can be opened in branch or by post with a minimum deposit of £1,000. Then solely manageable in branch, further additions are permitted either for 14 days from opening or while the issue remains open – whichever period is shorter.
Otherwise, the three-year Premier Deposit Account (Anticipated Profit Rate) from Bank of London and The Middle East pays the same rate and also requires a £1,000 deposit. In order to open online, you must already have or be prepared to open a BLME transfer account to hold funds pending investment. Once opened, this Shari’ah compliant account can be managed by post, pays profit on anniversary, and prohibits both further additions and earlier access.
If you’re looking for a longer-term bond, Bank of London and The Middle East also offers the joint best fixed rate for a five-year bond alongside Union Bank of India (UK) Ltd. Its five-year Premier Deposit Account (Anticipated Profit Rate) pays 5.00% AER and comes with the same conditions as its three-year counterpart. For more information on this, and other accounts mentioned, visit our charts.
Similarly to last week, Metro Bank, Union Bank of India (UK) Ltd and Bank of London and The Middle East retain top positions for one-year, two-year and three-year bonds. However, there are new entries within the five-year fixed bond category this week.
Metro Bank’s one-year Fixed Term Savings Account continues to pay 5.80% AER either monthly or on anniversary. It can be opened online or in branch with a minimum initial deposit of at least £500. As you’ll need to have another account with Metro Bank for transactional purposes, an Instant Access account will automatically be opened on your behalf if you don’t already hold another account with this provider. Going forwards, you can manage this account over the phone, as well as in branch or online, however neither further additions nor earlier access are permitted.
Meanwhile, not only does Union Bank of India (UK) Ltd top our two-year chart this week, but it also jointly leads our five-year chart as well. Its two and five-year Fixed Rate Deposits pay 5.70% and 5.00% AER either on maturity or on anniversary. These accounts can be opened and managed in branch or by post with a minimum deposit of £1,000. Alternatively, tech-savvy savers may prefer its Union Premier Bonds which offer the same rates. A larger deposit of £5,000 is needed to operate these accounts online. It should be noted that with any of these accounts, though, additions and earlier access are prohibited.
In our three-year chart, Hanley Economic BS’s Fixed Rate Bond – Issue 228 matches Bank of London and The Middle East in offering 5.35% AER. This account pays interest on maturity and can be opened in branch or by post with a minimum deposit of £1,000. Then solely manageable in branch, further additions are permitted either for 14 days from opening or while the issue remains open – whichever period is shorter.
Otherwise, the three-year Premier Deposit Account (Anticipated Profit Rate) from Bank of London and The Middle East pays the same rate and also requires a £1,000 deposit. In order to open online, you must already have or be prepared to open a BLME transfer account to hold funds pending investment. Once opened, this Shari’ah compliant account can be managed by post, pays profit on anniversary, and prohibits both further additions and earlier access.
If you’re looking for a longer-term bond, Bank of London and The Middle East also offers the joint best fixed rate for a five-year bond alongside Union Bank of India (UK) Ltd. Its five-year Premier Deposit Account (Anticipated Profit Rate) pays 5.00% AER and comes with the same conditions as its three-year counterpart. For more information on this, and other accounts mentioned, visit our charts.
Account: FirstSave 30 Day Notice Account (Oct23)
Notice: 30 days
Rate: 5.00% AER
Account: Raisin UK – 60 Day Notice Account
Notice: 60 days
Rate: 5.35% AER (expected profit rate)
FirstSave retained its position from last week in our 30 days’ notice chart, with its FirstSave 30 Day Notice Account (Oct23) paying 5.00% AER. This account must be opened online but can then also be managed via post or by phone. Interest will be received on anniversary, with a minimum deposit of £100, or it can be paid out monthly following a larger initial investment of £5,000. A notice period of 30 days is required before making withdrawals, while earlier access is permitted subject to a 30-day loss of interest penalty. You may want to keep in mind, however, the market-leading no-notice account currently offers a higher rate. To better this rate, you could consider an account with a longer notice period.
For instance, QIB (UK) leads our 60-day notice chart this week after relaunching its Raisin UK - 60 Day Notice Account, which pays 5.35% AER monthly. The account can be opened and managed online or by mobile app via the third-party savings platform, Raisin UK, with a minimum deposit of £1,000. Withdrawal of the full account balance can occur following 60 days’ notice and account closure, but earlier access, partial withdrawals and further additions are not permitted.
To access a rate that is higher still, you could consider the 90 Day Notice from Beverley BS. This account jointly tops our up to 90-day notice chart by continuing to offer 5.50% AER on a yearly basis. It can be opened and managed in branch or by post with a minimum deposit of £5,000. While withdrawals are allowed, you cannot gain earlier access to your funds without providing 90 days’ notice. Alternatively, this account can pay interest monthly but at the slightly lower rate of 5.45% AER.
For a digital alternative, the 90 Day Notice Account (Issue 2) from Vanquis Bank also pays 5.50% AER either monthly or on anniversary. This online-only account requires a minimum deposit of £1,000 to open. Further additions to this amount are permitted at any time, but earlier access is prohibited.
FirstSave retained its position from last week in our 30 days’ notice chart, with its FirstSave 30 Day Notice Account (Oct23) paying 5.00% AER. This account must be opened online but can then also be managed via post or by phone. Interest will be received on anniversary, with a minimum deposit of £100, or it can be paid out monthly following a larger initial investment of £5,000. A notice period of 30 days is required before making withdrawals, while earlier access is permitted subject to a 30-day loss of interest penalty. You may want to keep in mind, however, the market-leading no-notice account currently offers a higher rate. To better this rate, you could consider an account with a longer notice period.
For instance, QIB (UK) leads our 60-day notice chart this week after relaunching its Raisin UK - 60 Day Notice Account, which pays 5.35% AER monthly. The account can be opened and managed online or by mobile app via the third-party savings platform, Raisin UK, with a minimum deposit of £1,000. Withdrawal of the full account balance can occur following 60 days’ notice and account closure, but earlier access, partial withdrawals and further additions are not permitted.
To access a rate that is higher still, you could consider the 90 Day Notice from Beverley BS. This account jointly tops our up to 90-day notice chart by continuing to offer 5.50% AER on a yearly basis. It can be opened and managed in branch or by post with a minimum deposit of £5,000. While withdrawals are allowed, you cannot gain earlier access to your funds without providing 90 days’ notice. Alternatively, this account can pay interest monthly but at the slightly lower rate of 5.45% AER.
For a digital alternative, the 90 Day Notice Account (Issue 2) from Vanquis Bank also pays 5.50% AER either monthly or on anniversary. This online-only account requires a minimum deposit of £1,000 to open. Further additions to this amount are permitted at any time, but earlier access is prohibited.
FirstSave retained its position from last week in our 30 days’ notice chart, with its FirstSave 30 Day Notice Account (Oct23) paying 5.00% AER. This account must be opened online but can then also be managed via post or by phone. Interest will be received on anniversary, with a minimum deposit of £100, or it can be paid out monthly following a larger initial investment of £5,000. A notice period of 30 days is required before making withdrawals, while earlier access is permitted subject to a 30-day loss of interest penalty. You may want to keep in mind, however, the market-leading no-notice account currently offers a higher rate. To better this rate, you could consider an account with a longer notice period.
For instance, QIB (UK) leads our 60-day notice chart this week after relaunching its Raisin UK - 60 Day Notice Account, which pays 5.35% AER monthly. The account can be opened and managed online or by mobile app via the third-party savings platform, Raisin UK, with a minimum deposit of £1,000. Withdrawal of the full account balance can occur following 60 days’ notice and account closure, but earlier access, partial withdrawals and further additions are not permitted.
To access a rate that is higher still, you could consider the 90 Day Notice from Beverley BS. This account jointly tops our up to 90-day notice chart by continuing to offer 5.50% AER on a yearly basis. It can be opened and managed in branch or by post with a minimum deposit of £5,000. While withdrawals are allowed, you cannot gain earlier access to your funds without providing 90 days’ notice. Alternatively, this account can pay interest monthly but at the slightly lower rate of 5.45% AER.
For a digital alternative, the 90 Day Notice Account (Issue 2) from Vanquis Bank also pays 5.50% AER either monthly or on anniversary. This online-only account requires a minimum deposit of £1,000 to open. Further additions to this amount are permitted at any time, but earlier access is prohibited.
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