Britons urged to secure 8% interest while they can as providers withdraw rates

Despite the consumer price index (CPI) easing to two per cent, the central bank has held interest rates at 5.25 per cent since August 2023.

Since then the base rate has remained the same, with savings rates having largely held steady and some strong deals on offer for those looking to take advantage

However, analysts predict a rate cut is on the horizon which could mean savings rates will dip in the short-term, so savers are urged to take action now.

Among the banks and building societies offering competitive interest rates include Nationwide, the Co-operative, NatWest and TSB.

Rachel Springall, Finance Expert at Moneyfactscompare.co.uk said: “Fixed bond rates across a term of one-year remain stable this week, a contrast to previous weeks. However, there has been a shuffle to the top rate tables for longer-term bonds due to tweaks from challenger banks.

“Leading the market this week is a one-year fixed bond from Mizrahi Tefahot Bank Ltd through Raisin UK at 5.25 per cent AER, closely followed by SmartSave at 5.24 per cent, holding firm from last week.

“The one-year fixed bond market has remained stable week on week, but there is not guarantee this will continue if these challenger banks meet their deposit targets and decide to reduce or withdraw their bonds.

“Those savers who want to fix their cash for longer will find a slight shuffle in the top two-year fixed bond rate tables. Secure Trust Bank now holds the market-leading position for a two-year bond priced at 5.07 per cent AER. The market-leaders last week, Vanquis Bank and Cynergy Bank have both dropped their rates.

“A notable shuffle this week was on three-year fixed bonds, with Secure Trust Bank taking the market-leading position at 5.82 per cent AER, closely followed by Hodge Bank and Birmingham Bank at 4.81 per cent AER, both of which increased their rates this week.

“This area of the market remains an attractive place for savings providers to compete on price to secure deposits for their future lending.”

Best regular savings accounts

Here is a full list of the best regular savings accounts on offer for the week beginning July 8, 2024:

• Principality BS – Eight per cent AER/ 7.85 per cent gross
• The Co-operative Bank – Seven per cent AER/gross
• Nationwide BS – 6.50 per cent AER/gross
• NatWest – 6.17 per cent AER / six per cent gross
• Royal Bank of Scotland – 6.17 per cent AER / six per cent gross
• West Brom BS – Six per cent AER/gross
• TSB – Six per cent AER/gross
• Saffron BS – 5.75 per cent AER/gross

Best fixed-rate savings accounts

Here is a full list of the best savings accounts with a one-year fixed rate for the week beginning July 8, 2024:

• Mizrahi Tefahot Bank Ltd – 5.25 per cent AER/gross
• SmartSave – 5.24 per cent AER/gross
• Secure Trust Bank – 5.23 per cent AER/gross
• Family Building Society – 5.23 per cent AER/gross
• Union Bank of India (UK) Ltd – 5.22 per cent AER/gross
• Ziraat Bank – 5.21 per cent AER/gross
• Al Rayan Bank – 5.20 per cent AER/5.11 gross
• Close Brothers Savings – 5.20 per cent AER/gross

Best cash ISAs

Here is a full list of the best cash ISAs with a one-year fixed rate attached for the week beginning July 8, 2024:

• Virgin Money – 5.05 per cent AER/gross
• Secure Trust Bank – 4.95 per cent AER/gross
• Kent Reliance- 4.94 per cent AER/gross
• Cynergy Bank – 4.93 per cent AER/gross
• Shawbrook Bank – 4.93 per cent AER/gross
• Charter Savings Bank – 4.93 per cent AER/gross
• Castle Trust Bank 4.91 per cent AER/gross
• Close Brothers Savings – 4.91 per cent AER/gross
• United Trust Bank – 4.90 per cent AER/gross

Here is a full list of the best cash ISAs with a variable rate attached for the week beginning July 8, 2024:

• Trading 212 – 5.20 per cent AER/ 5.07 per cent gross
• Plum – 5.17 per cent AER/ 5.06 per cent gross
• Chip – 5.10 per cent AER/4.99 per cent
• West Brom BS – 5.10 per cent AER/gross
• Zopa – 5.08 per cent AER / 4.96 per cent gross
• Progressive BS – 5.05 per cent AER/gross
• Principality BS – Five per cent AER/gross
• Newcastle BS – Five per cent AER/gross
• Paragon Bank – 4.95 per cent AER/gross

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Best easy-access savings accounts

Here is a full list of the best easy-access savings accounts without a bonus attached for the week beginning July 8, 2024:

• cahoot – 5.20 per cent AER/gross
• Ulster Bank – 5.20 per cent AER/gross
• Oxbury Bank – 5.02 per cent AER/ 4.91 per cent gross
• Monument Bank – 5.01 per cent AER/ 4.90 per cent gross
• Wealthify – 4.91 per cent AER / 4.80 per cent gross
• GB Bank – 4.91 per cent AER/ 4.79 cent gross
• Paragon Bank – 4.91 per cent AER/gross
• Monument Bank – 4.91 per cent/4.80 per cent gross

Here is a full list of the best easy-access savings with a bonus attached for the week beginning July 8, 2024:

• Chase – 5.10 per cent AER / 4.98 per cent gross
• Principality BS – Five per cent AER/gross
• Cynergy Bank – 4.94 per cent AER/gross
• Tesco Bank – 4.66 per cent AER/gross
• Post Office Money – 4.60 per cent AER/gross
• Marcus by Goldman Sachs® – 4.55 per cent AER/ 4.46 per cent gross
• SAGA – 4.55 per cent AER/ 4.46 per cent gross
• Sainsbury’s Bank – Four per cent AER/gross