Best savings accounts of the week as interest rates hit 6.05 percent
Savers are being urged to take advantage of market-leading savings interest rates as high as six percent while they still have a chance.
Experts from Money.co.uk are breaking down the best savings accounts currently on offer for the week beginning October 23.
Over the past year, interest rate increases have been applied to savings products by banks and building societies.
This is due to the Bank of England raising the base rate to combat inflation, but with the CPI easing, many are concerned the era of high-interest rates is coming to an end.
As such, Money.co.uk is highlighting the top savings accounts, fixed-rate bonds and ISAs which are on the market.
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Easy access savings accounts
|
Account type |
Product name |
Interest rate |
|
Easy access |
Paragon Double Access Account (Issue Three) |
5.25 percent |
|
Easy access |
Chorley Building Society Easy Access Saver (One Withdrawal) |
5.30 percent |
Notice savings accounts
|
Account type |
Product name |
Interest rate |
|
7-day notice savings account |
Monument Bank 7-Day Notice Account |
5.10 percent |
|
14-day notice savings account |
RCI Bank E-Volve Savings 14-Day Notice Account Monthly |
4.80 percent |
|
30-day notice savings account |
FirstSave 30-Day Notice Account Monthly |
Five percent |
|
35-day notice savings account |
Monument Bank 35 Day Notice Account |
5.22 percent |
|
60-day notice savings account |
Monument Bank 60 Day Notice Account |
5.41 percent |
|
90-day notice savings account |
Harpenden Building Society 90 Days’ Notice (Issue Three) |
5.50 percent |
|
95-day notice savings account |
RCI Bank 95 Day Notice Savings Account |
5.60 percent |
|
120-day notice savings account |
Cynergy Bank 120 Day Online Notice Saver – Issue 8 |
5.55 percent |
|
180-day notice savings account |
Oxbury Personal 180 Day Notice Account – Issue 15 |
5.59 percent |
|
200-day notice account |
Chorley Building Society 200 Day Notice Account |
5.65 percent |
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Fixed-rate bonds
|
Account type |
Product name |
Interest rate |
|
1-year fixed-term |
Union Bank of India 1-Year Fixed Rate Deposit |
6.11 percent |
|
2-year fixed-term |
Union Bank of India 2-Year Fixed Rate Deposit |
6.05 percent |
|
3-year fixed-term |
JN Bank 3-Year Fixed Rate Bond |
5.97 percent |
|
4-year fixed-term |
JN Bank 4-Year Fixed Rate |
5.80 percent |
|
5-year fixed-term |
JN Bank 5-Year Fixed Rate Bond |
5.80 percent |
Cash ISAs
|
Account type |
Product name |
Interest rate |
|
Easy access |
Chorley Building Society Easy Access Cash ISA (1 Withdrawal) |
5.15 percent |
|
Notice |
The West Brom WeBSave 60 Day Notice ISA |
5.25 percent |
|
1-year fixed-term ISA |
UBL UK 1-Year Fixed Rate Cash ISA |
5.70 percent |
|
2-year fixed-term ISA |
NatWest 2-Year Fixed Rate Cash ISA |
5.65 percent |
|
3-year fixed-term ISA |
Zopa Smart ISA 3-Year Fixed Term ISA Pot |
5.37 percent |
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Lucinda O’Brien, Money.co.uk’s savings expert, broke down why people should be proactive in taking these deals while interest rates still remain high.
She explained: “Similar to last week, easy access interest rates remain competitive, whereas fixed-rate interest is slowly dropping.
“If you are considering locking your money away for a set period of time, Union Bank of India One-Year Fixed Rate has an interest rate of 6.11 percent – and we’re not sure how long these top rates will hang around.
“If you would like more flexible savings, then Paragon is offering an easy access account at 5.25 percent, which matches the base rate. Chorley Building Society currently has the top rate for easy access at 5.30 percent, but both these accounts do come with withdrawal restrictions.”
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