Top fixed savings deals take a hit

Caitlyn Eastell, Apprentice Press & PR Assistant 01603 476169 Email Caitlyn

Top fixed savings deals take a hit

Savers are encouraged to make the most out of top savings rates before inflation begins to erode their cash. Moneyfactscompare.co.uk reveals the top rate deals available to those searching for a competitive return.

Top fixed savings deals take a hit

The Consumer Price Index (CPI) remained at 2.2% during August, from 2.2% in July.
There are currently 1,606 savings accounts that beat inflation* (277 easy access, 185 notice accounts, 220 variable rate ISAs, 290 fixed rate ISAs and 634 fixed rate bonds).
The Bank of England’s modal projection rate for inflation during Q3 2025 is 2.4%.
In September 2023, there were no deals that could beat 6.7% (August 2023 CPI) and in September 2022, there were no deals that could beat 9.9% (August 2022 CPI).

The Consumer Price Index (CPI) remained at 2.2% during August, from 2.2% in July.
There are currently 1,606 savings accounts that beat inflation* (277 easy access, 185 notice accounts, 220 variable rate ISAs, 290 fixed rate ISAs and 634 fixed rate bonds).
The Bank of England’s modal projection rate for inflation during Q3 2025 is 2.4%.
In September 2023, there were no deals that could beat 6.7% (August 2023 CPI) and in September 2022, there were no deals that could beat 9.9% (August 2022 CPI).

Savings market analysis
Top savings deals at £10,000 gross	14-Sep-22	20-Sep-23	14-Aug-24	Today
Easy access account	Al Rayan Bank – 2.10%**	Paragon Bank – 5.05%	Ulster Bank – 5.20%	Ulster Bank – 5.20%
Notice account	BLME – 2.50% (90-day)**	RCI Bank UK – 5.60% (95-day)	Hinckley & Rugby BS– 5.25% ( 180 day)	DF Capital – 5.13% (90-day)
One-year fixed rate bond	BLME – 3.40%**	National Savings & Investments – 6.20%	Union Bank of India (UK) Ltd– 5.25%	Mizrahi Tefahot Bank Ltd– 5.00%
Two-year fixed rate bond	Close Brothers Savings – 3.55%	Ford Money – 6.05%	Ziraat Bank (Raisin UK) – 4.90%	Ziraat Bank (Raisin UK) – 4.83%
Three-year fixed rate bond	SmartSave – 3.61%	BLME – 6.00%**	UBL UK – 4.85% (payable on maturity)	UBL UK – 4.72% (payable on maturity)
Four-year fixed rate bond	BLME – 3.60%**	Hampshire Trust Bank – 5.85%	UBL UK – 4.54% (payable on maturity)	UBL UK – 4.54% (payable on maturity)
Five-year fixed rate bond	BLME – 3.75%**	Tandem Bank – 5.85%	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	14-Sep-22	20-Sep-23	14-Aug-24	Today
Easy access ISA	Santander – 1.85%	Moneybox – 4.75%	Trading 212 – 5.07%	Trading 212 – 4.93%
Notice ISA	Mansfield BS – 1.75% (90-day)	Teachers BS – 5.00% (180-day)	Teachers BS – 4.85% (120-day)	West Brom BS – 4.85% (60-day)
One-year fixed rate ISA	Santander – 3.00%	Virgin Money – 5.85%	Virgin Money – 5.05%	Punjab National Bank (International) Ltd – 4.80%
Two-year fixed rate ISA	Santander – 3.25%	Kent Reliance – 5.79%	UBL UK – 4.82% (payable on maturity)	UBL UK – 4.51% (payable on maturity)
Three-year fixed rate ISA	UBL UK – 3.15% (payable on maturity)	Secure Trust Bank – 5.60%	UBL UK – 4.72% (payable on maturity)	UBL UK – 4.50% (payable on maturity)
Four-year fixed rate ISA	UBL UK – 3.20% (payable on maturity)	UBL UK – 5.39% (payable on maturity)	UBL UK – 4.30% (payable on maturity)	UBL UK – 4.30% (payable on maturity)
Five-year fixed rate ISA	Shawbrook Bank – 3.45%	UBL UK – 5.54% (payable on maturity)	UBL UK – 4.64% (payable on maturity)	UBL UK – 4.45% (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

Savings market analysis
Top savings deals at £10,000 gross	14-Sep-22	20-Sep-23	14-Aug-24	Today
Easy access account	Al Rayan Bank – 2.10%**	Paragon Bank – 5.05%	Ulster Bank – 5.20%	Ulster Bank – 5.20%
Notice account	BLME – 2.50% (90-day)**	RCI Bank UK – 5.60% (95-day)	Hinckley & Rugby BS– 5.25% ( 180 day)	DF Capital – 5.13% (90-day)
One-year fixed rate bond	BLME – 3.40%**	National Savings & Investments – 6.20%	Union Bank of India (UK) Ltd– 5.25%	Mizrahi Tefahot Bank Ltd– 5.00%
Two-year fixed rate bond	Close Brothers Savings – 3.55%	Ford Money – 6.05%	Ziraat Bank (Raisin UK) – 4.90%	Ziraat Bank (Raisin UK) – 4.83%
Three-year fixed rate bond	SmartSave – 3.61%	BLME – 6.00%**	UBL UK – 4.85% (payable on maturity)	UBL UK – 4.72% (payable on maturity)
Four-year fixed rate bond	BLME – 3.60%**	Hampshire Trust Bank – 5.85%	UBL UK – 4.54% (payable on maturity)	UBL UK – 4.54% (payable on maturity)
Five-year fixed rate bond	BLME – 3.75%**	Tandem Bank – 5.85%	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	14-Sep-22	20-Sep-23	14-Aug-24	Today
Easy access ISA	Santander – 1.85%	Moneybox – 4.75%	Trading 212 – 5.07%	Trading 212 – 4.93%
Notice ISA	Mansfield BS – 1.75% (90-day)	Teachers BS – 5.00% (180-day)	Teachers BS – 4.85% (120-day)	West Brom BS – 4.85% (60-day)
One-year fixed rate ISA	Santander – 3.00%	Virgin Money – 5.85%	Virgin Money – 5.05%	Punjab National Bank (International) Ltd – 4.80%
Two-year fixed rate ISA	Santander – 3.25%	Kent Reliance – 5.79%	UBL UK – 4.82% (payable on maturity)	UBL UK – 4.51% (payable on maturity)
Three-year fixed rate ISA	UBL UK – 3.15% (payable on maturity)	Secure Trust Bank – 5.60%	UBL UK – 4.72% (payable on maturity)	UBL UK – 4.50% (payable on maturity)
Four-year fixed rate ISA	UBL UK – 3.20% (payable on maturity)	UBL UK – 5.39% (payable on maturity)	UBL UK – 4.30% (payable on maturity)	UBL UK – 4.30% (payable on maturity)
Five-year fixed rate ISA	Shawbrook Bank – 3.45%	UBL UK – 5.54% (payable on maturity)	UBL UK – 4.64% (payable on maturity)	UBL UK – 4.45% (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:

“The majority of top rates have seen significant falls since the previous inflation announcement, with fixed ISA and non-ISA accounts taking the biggest hits. Providers have been busy passing on the reduction in interest rates to their savings deals, so it would be wise to grab a market-leading rate while there are still some sitting around the 5% mark.

“Fixed bonds are continuing to follow a downward trend, particularly one-year fixed bonds and their ISA counterparts. Savers can now expect to lose out on over 1% less interest than the leading rate in September 2023. Longer-term bonds have seen less drastic cuts; however, they are still worse off month-on-month. The gap between shorter- and longer-term savings is slowly beginning to close. Savers can receive a better return for a one- or two-year term but if they wish to beat inflation for longer it may be worth considering fixed bonds with a term of three or more years. Despite the reduction in the Bank of England base rate last month variable accounts have been under the spotlight but there are still some competitive accounts out there.

“ISAs have also seen reductions across the board but continue to pay lower rates than their non-ISA alternatives. Despite this, savers should not be deterred by the lower rates as they benefit from having a tax-free allowance, unlike a non-ISA where savers get a personal savings allowance (PSA) which they could breach. The top easy access ISA has dropped below the 5% mark, which may be disappointing news for investors looking for flexibility.”

*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.

Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

Notes to editors

Pioneering financial comparison technology for over 35 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfactscompare.co.uk is the financial product price comparison site, launched as Moneyfacts.co.uk in 2000 and rebranded to Moneyfactscompare.co.uk in 2023, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfactscompare.co.uk shows whole of market data regardless of commercial bias, showing consumers a true picture of the best products based on the criteria they select.

We hope you find this press release insightful. We would appreciate a link back to Moneyfactscompare.co.uk if you decide to source this information.

For more information about us please see our key facts.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

Notes to editors

Pioneering financial comparison technology for over 35 years.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

We hope you find this press release insightful. We would appreciate a link back to Moneyfactscompare.co.uk if you decide to source this information.

For more information about us please see our key facts.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

If you're looking for extra comment, a chart or more information, then please give us a call. We are always more than happy to help.

Rachel Springall Press Officer / Finance Expert

01603 476210

Email Rachel

Caitlyn Eastell Apprentice Press & PR Assistant

01603 476169

Email Caitlyn

Top fixed savings deals take a hit

Top fixed savings deals take a hit

Top fixed savings deals take a hit

Top fixed savings deals take a hit

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