The best UK savings rates this week

Last updated: 25 July 2024 at 14:30

New leading three- and five-year bonds as other top rates remain stable.

Despite new providers taking top positions on our fixed bond charts, leading rates across the savings market appear to be holding firm, in some cases reducing since last week.

On our three-year table, the best returns now sit at 4.78% AER, while five-year deposits have managed to edge closer to the 4.60% mark; the best account now offers interest at 4.58% AER, up from 4.57% previously.

Listed 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 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.

You can visit our charts to compare the whole of the savings market to help you find the best rates.

Easy access accounts

Ulster Bank again leads our easy access chart, paying a market-leading 5.20% AER yearly on its Loyalty Saver. New or existing current account customers can open and manage this account online, by phone or via app without a deposit, though its headline rate is only accessible on a minimum balance of £5,000. A lower rate of 2.25% AER applies for going below this threshold.

Offering the next best rate at 5.00% AER yearly is Principality BS’ Online Bonus Triple Access Issue 2. This account includes a 12-month bonus of 1.40% and operates online from a £1 initial investment. While further additions are permitted, note that you can only make three withdrawals per calendar year, which includes account closure.

Oxbury Bank’s Personal Easy Access Account (Issue 1) pays 4.94% AER monthly on a balance of £1,000 and can be opened online. You can then manage the account through the same means as well as via the Oxbury app, which is required to use mobile banking. Keep in mind that any withdrawals or further contributions must be through a nominated account.

Also paying 4.94% AER is Cynergy Bank’s Online Easy Access Account (Issue 78). Note this rate is inclusive of a 1.19% bonus for the first 12 months. Savers can open and manage this account online with a deposit of just £1. You can access your money without penalty, but this must be via a nominated account. The Cynergy Bank Authenticator App or Digipass is required to use online banking.

Best Fixed Rate Bonds

Maintaining its top position on our one-year chart this week, Union Bank of India (UK) Ltd again offers highly competitive returns of 5.40% AER on maturity on two of its accounts. Its Union Premier Bond operates online and requires a deposit of £5,000 while its Fixed Rate Bond can be opened and managed in branch or by post from a £1,000 investment. Neither account allows further additions or early access, so consider your initial deposit carefully.

Meanwhile, this week sees five providers now occupying the top spot on our two-year table, with all accounts paying 5.00% AER and requiring a minimum opening amount of £1,000.

Ziraat Bank increased rates on its Raisin UK - 2 Year Fixed Term Deposit paying interest on maturity, with Isbank continuing to offer the same leading rate yearly on its Raisin UK - 2 Year Fixed Term Deposit. Both accounts can be opened and managed online or by app via third party savings platform Raisin, and do not permit additional contributions.

RCI Bank UK’s 2 Year Fixed Term Savings Account pays interest on anniversary or monthly. Savers can open this account online and additionally manage it by app. Cynergy Bank’s Fixed Rate Bond also pays 5.00% AER, offered on anniversary, and operates exclusively online though the Cynergy Bank Authenticator App or Digipass is required to use online banking. Both Cynergy Bank and RCI Bank UK allow you to continue adding to your pot for 14 days from opening.

GB Bank now holds top spots on our three- and five-year charts while retaining its joint two-year position. Its Raisin UK - 2 Year, 3 Year and 5 Year Fixed Term Deposits pay 5.00% AER, 4.78% AER and 4.58% AER respectively on £1,000 deposits. Further contributions and early access are prohibited across all three accounts, all of which can be opened and managed online or by app.

Notice Accounts Saving Rates

With no change in the notice sector this week, Vanquis Bank again leads the 30-day, 60-day and 90-day brackets with its online accounts. Its 30 Day Notice Account (Issue 1) pays a respectable 5.05% AER, while its 60 Day Notice Account (Issue 1) and 90 Day Notice Account (Issue 5) offer rates of 5.30% AER and 5.35% AER respectively. All three accounts can be opened with £1,000 initial investments and pay interest either monthly or on anniversary. If you’re looking to make frequent deposits into your savings, these accounts also permit further contributions without restriction.