Best savings interest rates of the week

Experts are sharing the best savings accounts of the week beginning September 25, 2023.

Interest rates are on the rise with some savings products offering customers a 6.20 percent rate.

High street banks and building societies have sought to bolster rates despite the impact of inflation on returns.

These rate rises have been implemented across easy access and notice savings accounts, as well as ISAs and fixed-rate bonds.

Here is a breakdown of the top savings interest rates for this week, according to money.co.uk:

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Easy access savings accounts 

Account type	Product name	Interest rate
Easy access	Paragon Double Access Account (Issue 2)	5.05 percent
Easy access	Leeds Building Society Limited Issue Online Access Account	5.10 percent

Notice savings accounts 

Account type	Product name	Interest rate
7-day notice savings account	Monument Bank Seven 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	Dudley Building Society 30 Day Notice	4.80 percent
35-day notice savings account	Monument Bank 35 Day Notice Account	5.15 percent
60-day notice savings account	Monument Bank 60 Day Notice Account	5.26 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
150-day notice savings account	Marsden Bonus Notice Saver 150 (Issue 1)	5.75 percent

Fixed-rate bonds

Account type	Product name	Interest rate
Six-months fixed-term	Habib Bank Zurich Plc HBZ Fixed Rate e-Deposit Six Month	5.75 percent
One-year fixed-term	NS&I One Year Guaranteed Growth Bond Issue 72	6.20 percent
18-month fixed-term	Union Bank of India (UK) Ltd 18 Months Fixed Term Deposit	6.05 percent
Two-year fixed-term	Ford Money Fixed Saver 2 Year	6.05 percent
Three-year fixed-term	Cynergy Bank Three Year Fixed Rate Bond	5.95 percent
Four-year fixed-term	Cynergy Bank Four Year Fixed Rate Bond	5.75 percent
Five-year fixed-term	JN Bank Five Year Fixed Rate Bond	5.80 percent

Cash ISAs

Account type	Product name	Interest rate
Easy access	Coventry Building Society Four Access ISA (Online)	4.90 percent
Notice	The Melton Building Society 180 Day Notice Cash ISA	5.05 percent
1-year fixed-term ISA	Shawbrook Bank 1 Year Fixed Rate Cash ISA Bond Issue 80	5.83 percent
2-year fixed-term ISA	Close Brothers Savings 2 Year Fixed Rate Cash ISA	5.81 percent
3-year fixed-term ISA	Zopa Smart ISA 3 Year Fixed Term ISA Pot	5.61 percent

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Central banks across the world, including the Bank of England and the Federal Reserve, have raised base rates multiple times over the past year.

This has been carried out to mitigate the impact of soaring inflation with the UK and US seeing rates exceed five percent.

Despite this being detrimental to homeowners and people in debt, savers have benefited from the hiked rates.

Lucinda O’Brien, money.co.uk’s savings expert, broke down which accounts people should consider depending on their situation.

She explained: “Last week, the Bank of England’s monetary policy committee voted by a majority of five-to-four to maintain the base rate at 5.25 percent.

“This was the first time they hadn’t increased the base rate in nearly two years, so it is interesting to see how the market has reacted to this news. It could still be early days, but interest rates have not taken a dramatic turn which is good news for savers.

“Instead, there has been little change with some fixed-rate bonds still offering more than six percent. For example, Ford Money has a two-year fixed rate saver at 6.05%, which is a competitive rate to lock in for 24 months.

“If you would prefer to access your savings at a time that suits you, then it’s worth exploring notice savings accounts. They are still offering strong rates with a 35-day notice account from Monument Bank at 5.15 percent.”

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