‘Imperative savers grab’ accounts with 8% interest rate

Savers have benefited from a period of high rates following the Bank of England’s decision to raise the base rate.

Currently sitting at five per cent, the central bank has kept interest rates high in its fight against inflation.

With the consumer price index (CPI) easing close to the Bank’s desired two per cent target for inflation, analysts are pricing in another rate cut from the financial institution by the end of the year.

However, this will see savers be awarded with less competitive returns as a result.

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Savers are being told to “grab” high interest rate accounts

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Best regular savings accounts

Here is a full list of the best regular savings accounts for the week beginning September 30, 2024:

• Principality Building Society – eight per cent interest rate
• The Co-operative Bank – seven per cent interest rate
• Nationwide Building Society – 6.50 per cent interest rate
• NatWest – 6.17 per cent interest rate
• Royal Bank of Scotland – 6.17 per cent interest rate
• Melton Building Society – six per cent interest rate
• West Brom Building Society – six per cent interest rate
• TSB – six per cent interest rate
• Principality Building Society – 5.75 per cent interest rate
• Saffron Building Society – 5.50 per cent interest rate.

Best fixed-rate savings accounts

Here is a full list of the best one-year fixed rate savings accounts for the week beginning September 30, 2024:

• Mizrahi Tefahot Bank Ltd – five per cent interest rate
• Union Bank of India (UK) Ltd – 4.95 per cent interest rate
• Union Bank of India (UK) Ltd – 4.95 per cent interest rate
• Monument Bank – 4.81 per cent interest rate
• Punjab National Bank (International) Limited – 4.80 per cent interest rate
• Al Rayan Bank – 4.80 per cent interest rate
• BPI Europe PLC – 4.80 per cent interest rate
• Charter Savings Bank – 4.76 per cent interest rate
• SmartSave – 4.76 per cent interest rate
• Vanquis Bank – 4.75 per cent interest rate.

Best cash ISAs

Here is a full list of the best cash ISAs with a one-year fixed rate attached for the week beginning September 30, 2024:

• Punjab National Bank (International) Limited – 4.80 per cent interest rate
• Virgin Money – 4.61 per cent interest rate
• Beehive Money – 4.56 per cent interest rate
• Nottingham Building Society – 4.56 per cent interest rate
• Shawbrook Bank – 4.56 per cent interest rate
• Cynergy Bank – 4.55 per cent interest rate
• Charter Savings Bank – 4.54 per cent interest rate
• Close Brothers Savings – 4.52 per cent interest rate
• Kent Reliance – 4.51 per cent interest rate
• Zopa – 4.50 per cent interest rate.

Here is a full list of the best cash ISAs with a variable interest rate attached for the week beginning September 30, 2024:

• Trading 212 – 5.10 per cent interest rate
• Plum – 4.92 per cent interest rate
• West Brom Building Society – 4.85 per cent interest rate
• Chip – 4.84 per cent interest rate
• Cynergy Bank – 4.82 per cent interest rate
• Zopa – 4.80 per cent interest rate
• Coventry Building Society – 4.80 per cent interest rate
• Principality Building Society – 4.75 per cent interest rate
• West Brom Building Society – 4.75 per cent interest rate
• Newcastle Building Society – 4.75 per cent.

Best easy-access savings accounts

Here is a list of the best easy-access savings accounts with a bonus attached for the week beginning September 30, 2024:

• Chip – five per cent interest rate
• Cynergy Bank – 4.80 per cent interest rate
• Principality Building Society – 4.75 per cent interest rate
• Beehive Money – 4.60 per cent interest rate
• Tesco Bank – 4.56 per cent interest rate
• Post Office Money – 4.55 per cent interest rate
• Principality Building Society – 4.35 per cent interest rate
• Marcus by Goldman Sachs – 4.30 per cent interest rate
• SAGA – 4.30 per cent interest rate
• Sainsbury’s Bank – four per cent interest rate.

LATEST DEVELOPMENTS:

The Bank of England is likely to cut interest rates once again this year

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Caitlyn Eastell, a spokesperson at Moneyfactscompare.co.uk shared: “The savings market has continued to see many fixed rate deals being slashed over the past week; despite this, some new enticing market-leading rates have surfaced.

“It is imperative savers grab a competitive deal while they can as there have also been a handful of withdrawals from the market. Cash ISAs have seen a fair amount of competition, with many new deals entering the top, as well as some rate movements on easy access accounts, with Monument Bank improving its rate and bucking the cutting trend.

“Challenger banks continue to hold many top rate positions within the fixed bond and ISA sectors. As these brands can change their rates in response to either market movements or from their peers, the deals don’t always last on the shelf for too long.

“However, this also means a brand can go against the rest of the market if they need to raise deposits or improve their market position, such as GB Bank this week, launching several longer-term fixed bond rates.”