Best savings account of the week: Providers offer new market leading accounts as interest rates 'improve week on week'

Banks and building societies have increased interest rates on savings products in a boost for customers.Experts from Moneyfactscompare have compiled a list of the best savings accounts for this week.With savings rates remaining steady, mirroring the base rate, there are some strong deals on offer for those looking to take advantage.However, analysts are anticipating an interest rate cut this summer 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: “Leading the charge this week across many of the top rate tables were challenger banks, where rate improvements resulted in a few new market-leading fixed accounts.“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. The one-year fixed bond market has improved week on week, which is good news for savers looking to lock into a new deal.“Those savers who want to fix their cash for longer will find the top two-year fixed bond market will a few slight changes to the top rate tables. "Vanquis Bank holds a place as a market-leading rate for a two-year bond, but it lost its market-leading position on a three-year bond to Cynergy Bank and United Trust Bank which pay 4.81 per cent AER. "This sector of the market remains an attractive place for savings providers to compete on price to secure deposits for their future lending.“A longer-term fixed bond may appeal to savers who think interest rates might fall over the next year, but they do pay a little less than the best one-year bonds. The top fixed rate bond over a five-year term comes from United Trust Bank at 4.60 per cent.“Variable rate Cash ISAs remained relatively unchanged in the top rate tables this week on easy access and notice ISAs, Trading 212 leads the market at 5.20 per cent AER, closely followed by Plum at 5.17 per cent AER. The top notice Cash ISA is held by West Brom Building Society at 5.10 per cent AER on its 60-day deal.Best regular savings accountsHere is a full list of the best regular savings accounts on offer for the week beginning July 1, 2024:Principality BS - Eight per cent AER/ 7.85 per cent grossThe Co-operative Bank - Seven per cent AER/grossNationwide BS - 6.50 per cent AER/grossNatWest - 6.17 per cent AER / six per cent grossRoyal Bank of Scotland - 6.17 per cent AER / six per cent grossWest Brom BS - Six per cent AER/grossTSB - Six per cent AER/grossSaffron BS - 5.75 per cent AER/grossBest fixed-rate savings accountsHere is a full list of the best savings accounts with a one-year fixed rate for the week beginning July 1, 2024:Mizrahi Tefahot Bank Ltd - 5.24 per cent AER/grossSmartSave - 5.24 per cent AER/grossCynergy Bank - 5.23 per cent AER/grossUnion Bank of India (UK) Ltd - 5.22 per cent AER/grossVanquis Bank - 5.21 per cent AER/grossZiraat Bank - 5.21 per cent AER/grossAl Rayan Bank - 5.20 per cent AER/5.11 grossClose Brothers Savings - 5.20 per cent AER/grossBest cash ISAsHere is a full list of the best cash ISAs with a one-year fixed rate attached for the week beginning July 1, 2024:Virgin Money - 5.05 per cent AER/grossCynergy Bank - 4.94 per cent AER/grossShawbrook Bank - 4.93 per cent AER/grossCastle Trust Bank - 4.91 per cent AER/grossClose Brothers Savings - 4.91 per cent AER/grossUnited Trust Bank - 4.90 per cent AER/grossKent Reliance - 4.88 per cent AER/grossCharter Savings Bank - 4.88 per cent AER/grossSecure Trust Bank - 4.86 per cent AER/grossHere is a full list of the best cash ISAs with a variable rate attached for the week beginning July 1, 2024:Trading 212 - 5.20 per cent AER/ 5.07 per cent grossPlum - 5.17 per cent AER/ 5.06 per cent grossChip - 5.10 per cent AER/4.99 per centWest Brom BS - 5.10 per cent AER/grossZopa - 5.08 per cent AER / 4.96 per cent grossProgressive BS - 5.05 per cent AER/grossWest Brom BS - Five per cent AER/grossNewcastle BS - Five per cent AER/grossParagon Bank - 4.95 per cent AER/grossKent Reliance - 4.87 per cent AER/grossLATEST DEVELOPMENTS:Premium Bonds: NS&I announces winners for July 2024 - how much did you win??Savings alert as 'double whammy' sees Britons hand over an extra £9bn in interest to tax manNationwide and Virgin Money banking apps down: Britons unable to 'receive pension payments' Best easy-access savings accountsHere is a full list of the best easy-access savings accounts without a bonus attached for the week beginning July 1, 2024:Cahoot - 5.20 per cent AER/grossUlster Bank - 5.20 per cent AER/grossOxbury Bank - 5.02 per cent AER/ 4.91 per cent grossMonument Bank - 5.01 per cent AER/ 4.90 per cent grossWealthify - 4.91 per cent AER / 4.80 per cent grossParagon Bank - 4.91 per cent AER/grossQIB (UK) - 4.90 per cent AER / 4.79 per cent grossAldermore - 4.90 per cent AER/gr

hello@uk4mag.co.uk

Jul 3, 2024 - 23:23

0 3

Best savings account of the week: Providers offer new market leading accounts as interest rates 'improve week on week'

Banks and building societies have increased interest rates on savings products in a boost for customers.

Experts from Moneyfactscompare have compiled a list of the best savings accounts for this week.

With savings rates remaining steady, mirroring the base rate, there are some strong deals on offer for those looking to take advantage.

However, analysts are anticipating an interest rate cut this summer 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: “Leading the charge this week across many of the top rate tables were challenger banks, where rate improvements resulted in a few new market-leading fixed accounts.

“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. The one-year fixed bond market has improved week on week, which is good news for savers looking to lock into a new deal.

“Those savers who want to fix their cash for longer will find the top two-year fixed bond market will a few slight changes to the top rate tables.

"Vanquis Bank holds a place as a market-leading rate for a two-year bond, but it lost its market-leading position on a three-year bond to Cynergy Bank and United Trust Bank which pay 4.81 per cent AER.

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

“A longer-term fixed bond may appeal to savers who think interest rates might fall over the next year, but they do pay a little less than the best one-year bonds. The top fixed rate bond over a five-year term comes from United Trust Bank at 4.60 per cent.

“Variable rate Cash ISAs remained relatively unchanged in the top rate tables this week on easy access and notice ISAs, Trading 212 leads the market at 5.20 per cent AER, closely followed by Plum at 5.17 per cent AER. The top notice Cash ISA is held by West Brom Building Society at 5.10 per cent AER on its 60-day deal.

Best regular savings accounts

Here is a full list of the best regular savings accounts on offer for the week beginning July 1, 2024: