Savers urged ‘compare and switch’ as banks offer up to 8% as 2024 comes to an end

The Bank of England held interest rates at 4.75 per cent in December – following two falls in 2024.

A falling base rate is likely to see a reduction in the returns offered to savers by banks and building societies.

Some analysts predict another interest rate cut in February, although borrowing costs remain high for many.

Any cut could particularly affect those who take the interest from savings to top up their income.

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A falling base rate is likely see a reduction in the returns offered to savers by banks and building societies

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While many banks and building societies have started to cut savings rates, some are continuing to provide competitive deals. Experts from Moneyfactscompare have compiled a list of the best savings accounts for this week with Nationwide Building Society, NatWest and Virgin Money among the banks making the cut.

Rachel Springall, Finance Expert at Moneyfactscompare.co.uk said: “It was somewhat expected to be a quiet period for providers to tweak their savings rates over the past week. However, if savers have some free time, it’s a good idea to compare and switch deals as 2024 draws to a close.

“Challenger banks continue to offer some of the best returns on the market for fixed rate bonds, but there have been a few cuts within the top rate tables week-on-week. Those savers looking for a guaranteed return on their cash may then wish to act swiftly to secure a top rate.

“As we enter a new year there will be consumers out there looking to overhaul their savings habits and thankfully there are a great variety of deals available to suit different needs. Those looking to build up a pot for summer could open the top regular saver from Principality Building which pays a fixed rate of eight per cent AER for six months on their monthly contributions.

“Those looking for a deal to save towards Christmas would be wise to keep an eye out for any Christmas regular savers on sale in January.

“Elsewhere, easy access accounts remain a firm favourite for savers who need more flexibility, but its essential savers review and switch these regularly if their loyalty is not being rewarded. However, savers need to be vigilant when comparing deals some may carry a bonus that expires after a year or restrict regular withdrawals.”

Best regular savings accounts

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

• Principality BS – Eight per cent AER / 7.85 per cent Gross
• The Co-operative Bank – Seven per cent AER/Gross
• Principality BS – 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
• Melton BS – Six per cent AER/Gross
• West Brom BS – Six per cent AER/Gross
• Market Harborough BS – Six per cent AER/Gross
• TSB – Six per cent AER/Gross

Best fixed-rate savings accountsHere is a full list of the best savings accounts with a one-year fixed rate for the week December 30, 2024:

• Al Rayan Bank – 4.80 per cent AER / Gross
• Habib Bank Zurich plc – 4.80 per cent AER / Gross
• Habib Bank Zurich plc – 4.80 per cent AER / Gross
• SmartSave – 4.79 per cent AER / Gross
• Castle Trust Bank – 4.78 per cent AER / Gross
• Vida Savings – 4.77 per cent AER / Gross
• HBL Bank UK – 4.73 per cent AER / Gross
• LHV Bank – 4.73 per cent AER / Gross
• Zenith Bank (UK) Ltd – 4.72 per cent AER / Gross
• Oxbury Bank – 4.70 per cent AER / Gross
• BACB – 4.70 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 December 30, 2024:

• Shawbrook Bank – 4.53 per cent AER / Gross
• Virgin Money – 4.52 per cent AER / Gross
• Charter Savings Bank – 4.49 per cent AER / Gross
• Kent Reliance – 4.48 per cent AER / Gross
• Hampshire Trust Bank – 4.46 per cent AER / Gross
• Castle Trust Bank – 4.46 per cent AER / Gross
• Cynergy Bank – 4.45 per cent AER / Gross
• Aldermore – 4.45 per cent AER / Gross
• Hodge Bank – 4.45 per cent AER / Gross
• UBL UK – 4.41 per cent AER / Gross

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

• Moneybox – Five per cent AER / Gross
• Plum – 4.93 per cent – AER / 4.86 per cent Gross
• Trading 212 – 4.90 per cent AER / 4.78 per cent Gross
• Monument Bank – 4.76 per cent AER / 4.66 per cent Gross
• Mansfield BS – 4.75 per cent AER / Gross
• West Brom BS – 4.60 per cent AER / Gross
• Vanquis Bank – 4.60 per cent AER / Gross
• Tipton & Coseley BS – 4.60 per cent AER / Gross
• Chip – 4.58 per cent AER / 4.49 per cent Gross
• Zopa – 4.55 per cent AER / 4.45 per cent Gross

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 December 30, 2024:

• Atom Bank – 4.85 per cent AER / 4.75 per cent Gross
• Gatehouse Bank – 4.75 per cent AER / Gross
• cahoot – 4.75 per cent AER / Gross
• Ulster Bank – 4.75 per cent AER / Gross
• Chetwood Bank – 4.71 per cent AER / 4.61 per cent Gross
• Secure Trust Bank – 4.65 per cent AER / 4.55 per cent Gross
• West Brom BS – 4.65 per cent AER / Gross
• Family Building Society – 4.65 per cent AER / Gross
• Buckinghamshire BS – 4.60 per cent AER / Gross
• The Co-Operative Bank – 4.59 per cent AER / Gross

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

• Chase – Five per cent AER / 4.89 per cent Gross
• GB Bank – 4.86 per cent AER / 4.75 per cent Gross
• Sidekick Money – 4.75 per cent AER / 4.64 per cent Gross
• Chip – 4.72 per cent AER / 4.62 per cent Gross
• Principality BS – 4.55 per cent AER / Gross
• Cynergy Bank – 4.50 per cent AER / Gross
• Nottingham BS – 4.50 per cent AER / Gross
• Skipton BS – 4.40 per cent AER / per cent Gross
• Marcus by Goldman Sachs® – 4.30 per cent AER / 4.22 per cent Gross
• SAGA – 4.30 per cent AER / 4.22 per cent Gross