Last updated: 28 March 2024 at 15:00
Several providers adjust rates and withdraw products this week.
This week saw a fair amount of movement in the savings market as some providers cut rates and withdrew products while others increased their rates.
The leading rates on one- and two-year bonds are now marginally lower than last week after Close Brothers Savings and Oxbury Bank withdrew their previously market-leading bonds. However, the leading rate on three-year bonds saw a slight increase while the top five-year savings rate remained the same.
Whatever your circumstances or savings goals, we provide more detail on the best easy access, fixed and notice savings rates currently available. These products can be accessed by new customers with deposits up to £10,000. Keep in mind higher rates may be available to existing customers, or those with a larger initial deposit.
Providers can change rates and their product range at short notice so, for a complete overview of the savings market as a whole, visit our regularly updated charts.
Account: Loyalty Saver
Notice: None
Rate: 5.20% AER
Account: Online Easy Access Account (Issue 70)
Notice: None
Rate: 5.06% AER (includes a bonus)
Account: Double Access Savings Account - Issue 7
Notice: None
Rate: 5.05% AER
Ulster Bank’s Loyalty Saver remains at the top of our easy access savings chart for another week. Paying 5.20% AER yearly on a minimum balance of £5,000, this account is only available to new or existing Ulster Bank current account customers. You can open this account online, by mobile app or by phone, with the extra option of managing it in branch once open. Bear in mind that, if your balance drops below £5,000, a lower rate of 2.25% AER will apply.
Despite cutting the rate on its easy access account this week, Cynergy Bank continues to take second spot on our easy access charts. Its Online Easy Access Account (Issue 70) now pays 5.06% AER (including a 12-month bonus of 1.31%) on a minimum opening balance of £1. This account is available to open and manage online, but it’s worth noting that you need a Cynergy Bank Authenticator App or Digipass to access online banking.
Paragon Bank now pays the third-highest easy access savings rate at 5.05% AER. Its Double Access Savings Account - Issue 7 requires a minimum deposit of £1,000 and is available to open and manage online. However, it’s important to note that any more than two withdrawals within 12 months will result in a lower rate of interest being paid.
Account: 1 Year Fixed Rate Bond (09.May.25)
Term: 09.05.25
Rate: 5.25% AER
Account: Fixed Term Deposit
Term: Two year bond
Rate: 5.10% AER
Account: 3 Year Fixed Term Deposit
Term: Three year bond
Rate: 4.67% AER
Account: 5 Year Fixed Rate Bond
Term: Five year bond
Rate: 4.55% AER
Account: 5 Year Fixed Rate Bond
Term: Five year bond
Rate: 4.55% AER (expected profit rate)
Account: 5 Year Fixed Rate Bond (09.May.29)
Term: 09.05.29
Rate: 4.55% AER
After Close Brothers Savings and Oxbury Bank withdrew their market-leading accounts this week, Secure Trust Bank now tops our one-year fixed bond chart with its 1 Year Fixed Rate Bond (09.May.25) that pays 5.25% AER. Its 5 Year Fixed Rate Bond (09.May.29) also pays the joint-highest rate on five-year bonds at 4.55% AER.
Both accounts from Secure Trust Bank require a minimum deposit of £1,000 and allow you to add to the account for 30 days after opening. However, earlier access isn’t allowed. You can open the accounts online and manage them online, by mobile app or by phone.
iFast Global Bank’s Fixed Term Deposit now pays the market-leading rate on two-year bonds at 5.10% AER after Oxbury Bank cut its rates this week. Available online and via mobile app, this account doesn’t specify a minimum deposit and doesn’t allow further contributions after opening. You also won’t be able to withdraw money from the account before the end of the term.
Zenith Bank (UK) Ltd tops our three-year fixed bond chart after increasing the rate on its 3 Year Fixed Term Deposit to 4.67% AER. You can open the account online with a minimum deposit of £1,000, but you should bear in mind that you won’t be able to continue to save into the account or access your money before the end of the term. While you can open the account online, you can only manage it by phone or post.
Alongside Secure Trust Bank, Close Brothers Savings and Al Rayan Bank continue to pay the joint-highest rate on five-year bonds at 4.55% AER.
You can open the 5 Year Fixed Rate Bond from Close Brothers Savings online and manage it online, by phone or by post. It requires a minimum deposit of £10,000 and you have the option to add to your savings for 10 days after opening the account. However, you won’t be able to access your money earlier.
Meanwhile, the Shari’ah-compliant Raisin UK - 5 Year Fixed Term Deposit from Al Rayan Bank also pays an expected profit rate of 4.55% AER. You need a minimum deposit of £5,000 to open this account, but you won’t be able to add to your savings pot after opening or access your money before the end of the term. You can open and manage this account online and by mobile app.
Account: FirstSave 30 Day Notice Account (Feb24)
Notice: 30 days
Rate: 4.85% AER
Account: 45 Day Notice Personal Account Issue 14
Notice: 45 days
Rate: 5.16% AER
Account: Personal 90 Day Notice Account (Issue 12)
Notice: 90 days
Rate: 5.28% AER
FirstSave continues to top the 30-day notice charts with its FirstSave 30 Day Notice Account (Feb24) paying 4.85% AER. This account requires a minimum deposit of £100 and you can choose to have interest paid on anniversary or monthly. You can continue to add to your account without restriction and, if you don’t want to wait 30 days to withdraw your money, you can access it sooner, subject to a 30-day loss of interest. You can open and manage this account online with the extra option of managing it by phone or by post.
For an account with a longer notice period and a higher rate, Shawbrook Bank’s 45 Day Notice Personal Account Issue 14 continues to pay 5.16% AER. You can open this account online with a deposit of at least £1,000 and, while you can continue to save into the account without restrictions, Shawbrook Bank doesn’t allow earlier access to funds. This means you need to wait the full 45 days before receiving your money. You can choose to have interest paid on anniversary or monthly, and you can also choose to manage the account online or by phone.
Oxbury Bank’s Personal 90 Day Notice Account (Issue 12) tops our 90-day notice chart for the second week in a row, despite cutting its rate to 5.28% AER. You can open this account online with a minimum deposit of £1,000 and add to your savings without restriction, but you need to wait the full 90 days to withdraw your money as earlier access isn’t allowed. You can manage your account online or by mobile app, but the Oxbury App is required to access online banking. Interest on this account is paid monthly.
Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.