Best savings rates – October 2024
Here are the best savings rates on the market. With interest rates cut for the first time in more than four years, lenders are dropping their rates
If you're looking for the best savings rates, you can earn up to 5.2% with the current top easy-access account or up to 4.81% with a one-year fixed savings account. The difference is, that you have freedom with withdrawals with an easy-access account, whereas fixing your savings requires your cash to be locked in for a specific term.
But you will need to act fast as the Bank of England has held interest rates at 5%, which means savings rates could drop. We list all the top savings accounts below with details on how to get these rates.
The best savings rates: quick menu
1. Best easy-access: Ulster Bank, 5.2%.
2. Best one-year fix: Monument, 4.81%.
3. Best regular saver: Principality Building Society, 8%.
Note:
All the banks we mention in this article are protected by the Financial Services Compensation Scheme, meaning up to £85,000 of your savings are protected should a bank or other financial services company go out of business.
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The best easy access savings rates
Ulster Bank Loyalty Saver - 5.2% AER
Ulster Bank, part of the NatWest group is returning a top rate of 5.2% AER. The saver requires a minimum deposit of £5,000 – anything less and the rate drops to 2.25%.
To qualify for this saver, you must hold an Ulster Bank current account. The Ulster Bank easy access savings account – known as the Loyalty Saver account can be opened and managed online. It is open to both new and existing customers. Interest is paid annually.
ACCOUNT | AER | MINIMUM DEPOSIT | WHAT YOU NEED TO KNOW |
Cahoot Sunny Day Saver | 5% | £1 | Earn 5% on up to £3,000. Open online. |
Chip Easy Access Saver | 5% | £1 | Save up to £1million. Open online. |
Oxbury Bank Easy Access Account Special Edition | 4.87% | £25,000 | Save up to £500,000. Open online. |
Best notice savings rates
ACCOUNT | AER | MINIMUM DEPOSIT | NOTES |
OakNorth Notice Base Rate Tracker Account | 5.14% | £1 | Open online |
Vanquis Bank 60 Day Notice Account | 5.05% | £1,000 | Open online |
The Family BS Windfall Bond | 5% | £10,000 | Open online, via post or over phone |
Best accounts for existing customers
Principality Building Society Regular Saver– 8% AER
This regular saver is returning 8%. It requires you to fix your cash for six months, and you can pay in up to £200 a month. To keep the account open, you must have at least £1 held in the saver.
You're not permitted to withdraw money in the six-month term and you can only save up to £1,200 in the fixed period. Plus, if you want to close your account early, you can without a penalty – and any interest earned will be added to your account balance.
Account | AER | Minimum monthly payment | Notes |
---|---|---|---|
First Direct Regular Saver | 7% | £25 | Open online. Maximum deposit is £300 per month. |
Co-operative Bank Regular Saver | 7% | £1 | Open online. Maximum deposit is £250 per month. |
HSBC Regular Saver | 7% | £25 | Open online or in branch. Maximum deposit is £250 per month. |
The best one-year fixed rates
If you’re happy to lock a chunk of your savings away for a year, it might be worth considering a one-year fixed rate account.
Just note that if you take money out before the 12-month period ends, you will lose the interest deal. Here are the best deals available for 1 year fixed savings accounts.
Monument 1 Year Fixed Term Deposit– 4.81% AER
This saver requires a minimum deposit of £25,000 and you can save up to £2 million. Interest is paid annually and you can open the account on the Monument app.
ACCOUNT | AER | MINIMUM DEPOSIT | NOTES |
SmartSave 1 Year Fixed Rate Saver | 4.76% | £10,000 | Save up to £85,000. Open online. |
Cynergy Bank 1 Year Fixed Bond | 4.75% | £1,000 | Save up to £1million. Open online. |
Vanquis Bank 1 Year Fixed Bond | 4.75% | £1,000 | Save up to £85,000. Open online. |
The best two-year fixed rates
Currently, the rates for two-year fixed-rate accounts are slightly lower than for one-year fixed accounts, but with savings rates on a likely downhill trajectory, if you're happy to lock away your money until the fixed period ends you're guaranteed this rate for two years.
But, remember, this also means if better rates do appear within that time frame, you will be locked in at a lower rate.
ACCOUNT | AER | MINIMUM DEPOSIT | NOTES |
UBL 2 Year Fixed Term Savings Account | 4.61% | £2,000 | Save up to £1million. Open online. |
Ford Money Fixed Saver 2 Year | 4.55% | £500 | Save up to £2million. Open online. |
Zenith Bank UK 2 Year Fixed Term Deposit | 4.55% | £1,000 | Save up to £2million. Open online or via telephone. |
What are the different types of savings accounts?
When putting your cash away you will usually have the option of different types of saving accounts – ranging from easy access accounts to one, two or three-year fixes.
- Easy access accounts allow you to take your money out as and when you please.
- Fixed-rate accounts, sometimes described as fixed-rate bonds, come with restrictions and also mean you cannot access your cash until the account reaches maturity.
You usually earn more interest if you are willing to lock your cash away for a fixed period but keep in mind that this also takes away the flexibility should you need the cash suddenly.
Although two or three-year fixed accounts can earn you more interest in the short term, your cash could potentially earn more on the stock market in the longer term.
Looking to switch your current account? Take a look at our guide to the best offers for switching banks, where you can earn as much as £175 for moving bank accounts.
This article is updated regularly to bring you the latest on the best savings rates. Sign up for our newsletter to stay up-to-date on all the latest deals for cash savings.
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Vaishali has a background in personal finance and a passion for helping people manage their finances. As a staff writer for MoneyWeek, Vaishali covers the latest news, trends and insights on property, savings and ISAs.
She also has bylines for the U.S. personal finance site Kiplinger.com and Ideal Home, GoodTo, inews, The Week and the Leicester Mercury.
Before joining MoneyWeek, Vaishali worked in marketing and copywriting for small businesses. Away from her desk, Vaishali likes to travel, socialise and cook homely favourites
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