Savers will find there have been significant cuts and boosted competition since the latest base rate announcement. Moneyfactscompare.co.uk reveals the top rate deals available to those searching for a competitive return.
- The Consumer Price Index (CPI) rose to 3.5% during April, from 2.6% in March.
· There are currently 1,326 savings accounts that beat inflation* (126 easy access, 126 notice accounts, 126 variable rate ISAs, 309 fixed rate ISAs and 639 fixed rate bonds).
- The Bank of England’s modal projection rate for inflation during Q2 2026 is 2.4%.
- In May 2024, there were 1,558 deals that could beat 2.3% (April 2024 CPI) and in May 2023, there were no deals that could beat 8.7% (April 2023).
| Savings market analysis | ||||
| Top savings deals at £10,000 gross | 24-May-23 | 22-May-24 | 16-Apr-25 | Today |
| Easy access account | Hanley Economic BS – 4.25% | Ulster Bank – 5.20% | Atom Bank – 4.65% | Chip – 4.67% (includes bonus) |
| Notice account | FirstSave – 4.25% (90-day) | DF Capital – 5.35% | Kent Reliance – 4.77% (60-Day) | Vida Savings – 4.65% (95-Day) |
| One-year fixed rate bond | SmartSave – 5.00% | Habib Bank Zurich plc – 5.21% | Cynergy Bank – 4.65% (payable on maturity) | Castle Trust Bank – 4.44% |
| Two-year fixed rate bond | Investec Bank plc (Raisin UK) – 5.07% | DF Capital – 5.07% | Close Brothers Savings – 4.58% | Secure Trust Bank – 4.42% |
| Three-year fixed rate bond | Isbank (Raisin UK) – 4.95% | Shawbrook Bank – 4.71% | UBL UK – 4.61% (payable on maturity) | Birmingham Bank – 4.43% (payable on maturity) |
| Four-year fixed rate bond | Isbank (Raisin UK) – 4.95% | Isbank (Raisin UK) – 4.50% | UBL UK – 4.54% (payable on maturity) | UBL UK – 4.54% (payable on maturity) |
| Five-year fixed rate bond | Tandem Bank – 5.00% | Shawbrook Bank – 4.57% | UBL UK – 4.64% (payable on maturity) | UBL UK – 4.64% (payable on maturity) |
| **Islamic bank, pays an expected profit rate. Top rates exclude deals with restrictive criteria. Notice accounts exclude those over 180 days.Source: Moneyfactscompare.co.uk | ||||
| ISA market analysis | ||||
| Top savings deals at £10,000 gross | 24-May-23 | 22-May-24 | 16-Apr-25 | Today |
| Easy access ISA | Yorkshire Building Society – 3.60% | Plum – 5.06% | Moneybox – 5.71% (includes bonus) | Moneybox – 5.71% (includes bonus) |
| Notice ISA | Marsden BS – 4.00% (180-day) | West Brom BS – 5.10% (60-day) | Tipton & Coseley BS – 4.50% (60-day) | Tipton & Coseley BS – 4.50% (60-day) |
| One-year fixed rate ISA | Paragon Bank – 4.40% | Virgin Money – 5.05% | Gatehouse Bank – 4.35%** (payable on maturity) | Virgin Money – 4.27% |
| Two-year fixed rate ISA | NatWest – 4.50% | State Bank of India – 4.65% | UBL UK – 4.35% (payable on maturity) | UBL UK – 4.19% (payable on maturity) |
| Three-year fixed rate ISA | Virgin Money – 4.41% | Shawbrook Bank – 4.41% | UBL UK – 4.39% (payable on maturity) | Ford Money – 4.20% |
| Four-year fixed rate ISA | Gatehouse Bank – 4.20%** | UBL UK – 4.30% (payable on maturity) | UBL UK – 4.30% (payable on maturity) | United Trust Bank – 4.00% |
| Five-year fixed rate ISA | Gatehouse Bank – 4.20%** | UBL UK – 4.42% (payable on maturity) | UBL UK – 4.58% (payable on maturity) | UBL UK – 4.46% (payable on maturity) |
| **Islamic bank, pays an expected profit rate. Inflation announcement dates. Top rates exclude deals with restrictive criteria. Notice ISAs exclude those over 180 days.Source: Moneyfactscompare.co.uk | ||||
Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:
“After the recent Bank of England base rate cut many providers have been rushing to re-price their offerings, which has ramped up the competition, but challenger banks continue to dominate the market-leading positions. Unusually, the top variable rates for ISAs and non-ISAs have been mostly unaffected, the leading easy access rate has even seen a slight uptick, whereas their fixed counterparts have been slashed by as much as 0.30% over the past month.
“Building a reliable cash pot to fall back onto is crucial, especially with persistent sticky inflation eating its way into savers’ deposits. Research conducted by The Financial Conduct Authority (FCA) has revealed that one in 10 people have no cash savings and another 21% have less than £1,000. Ongoing cost of living pressures mean consumers need to shake any apathy aside and start building a healthy habit that provides attractive returns to avoid receiving a raw deal.
“Savers who have invested in a fixed bond over a longer period will be pleased to see that they can receive much better returns now compared to when they initially locked away their cash but the top one- and two-year rates have dipped significantly, which could lose savers as much as £136. Although fixed bonds continue to pay higher returns, investors planning to make larger deposits will need to be wary of breaching their Personal Savings Allowance (PSA), in which case investing in a headline rate ISA may be better suited.”
*Data note: Please note that these savings product numbers include deals that are available to UK residents (easy access accounts, notice accounts, fixed rate bonds, variable Cash ISAs and fixed Cash ISAs) and exclude regular savers, children’s savers, variable rate fixed term bonds or ISAs, JISAs and LISAs, based on a £10,000 deposit, gross rates. Higher rates may be available for other levels of deposit.
