Top rates waver as providers compete for leading positions

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

Top rates waver as providers compete for leading positions

Fresh competition means savers are encouraged to take advantage and secure the top deals. Moneyfactscompare.co.uk reveals the top rate deals available to those searching for a competitive return.

Top rates waver as providers compete for leading positions

Fresh competition means savers are encouraged to take advantage and secure the top deals. Moneyfactscompare.co.uk reveals the top rate deals available to those searching for a competitive return.

The Consumer Price Index (CPI) rose to 2.6% during November, from 2.3% in October.
There are currently 1,582 savings accounts that beat inflation* (209 easy access, 180 notice accounts, 184 variable rate ISAs, 314 fixed rate ISAs and 695 fixed rate bonds).
The Bank of England’s modal projection rate for inflation during Q4 2025 is 2.7%.
In December 2023, there were 1,127 deals that could beat 3.9% (November 2023 CPI) and in December 2022, there were no deals that could beat 10.7% (November 2022 CPI).

The Consumer Price Index (CPI) rose to 2.6% during November, from 2.3% in October.
There are currently 1,582 savings accounts that beat inflation* (209 easy access, 180 notice accounts, 184 variable rate ISAs, 314 fixed rate ISAs and 695 fixed rate bonds).
The Bank of England’s modal projection rate for inflation during Q4 2025 is 2.7%.
In December 2023, there were 1,127 deals that could beat 3.9% (November 2023 CPI) and in December 2022, there were no deals that could beat 10.7% (November 2022 CPI).

Savings market analysis
Top savings deals at £10,000 gross	14-Dec-22	20-Dec-23	20-Nov-24	Today
Easy access account	HSBC – 2.97%	Ulster Bank – 5.20%	Principality BS – 4.85%	Atom Bank – 4.75%
Notice account	Marsden BS – 3.85% (180-day)	Hampshire Trust Bank – 5.51% (95-day)	Charter Savings Bank– 5.06% (95-day)	RCI Bank UK – 4.90% (95-day)
One-year fixed rate bond	SmartSave – 4.32%	Metro Bank – 5.66%	Ahli United Bank (UK) plc (Raisin UK) – 4.80%**	Al Rayan Bank (Raisin UK) – 4.80%**
Two-year fixed rate bond	Melton BS – 4.75%	Union Bank of India (UK) Ltd –5.40%	SmartSave – 4.61%	Castle Trust Bank – 4.64%
Three-year fixed rate bond	Nottingham BS – 4.65%	Hanley Economic BS –5.35%	UBL UK – 4.61% (payable on maturity)	Hodge Bank – 4.62%
Four-year fixed rate bond	Gatehouse Bank – 4.65%**	UBL UK – 4.93% (payable on maturity)	UBL UK – 4.54% (payable on maturity)	UBL UK – 4.54% (payable on maturity)
Five-year fixed rate bond	Melton BS – 4.90%	UBL UK – 5.30% (payable on maturity)	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-Dec-22	20-Dec-23	20-Nov-24	Today
Easy access ISA	Virgin Money – 3.00%	Metro Bank – 5.11%	Moneybox – 5.17%	Moneybox – 4.92%
Notice ISA	Mansfield BS – 3.00% (180-day)	Mansfield BS – 5.30% (180-day)	West Brom BS – 4.85% (60-day)	West Brom BS – 4.60% (60-day)
One-year fixed rate ISA	Nottingham BS – 3.85%	Metro Bank – 5.41%	Shawbrook Bank – 4.49%	Castle Trust Bank – 4.52%
Two-year fixed rate ISA	State Bank of India – 4.65%	UBL UK – 5.13% (payable on maturity)	State Bank of India – 4.50%	Hodge Bank – 4.40%
Three-year fixed rate ISA	State Bank of India – 4.65%	UBL UK – 5.11% (payable on maturity)	UBL UK – 4.52% (payable on maturity)	UBL UK – 4.55% (payable on maturity)
Four-year fixed rate ISA	Gatehouse Bank – 4.20%**	UBL UK – 4.93% (payable on maturity)	UBL UK – 4.30% (payable on maturity)	UBL UK – 4.30% (payable on maturity)
Five-year fixed rate ISA	State Bank of India – 4.65%	UBL UK – 5.30% (payable on maturity)	UBL UK – 4.50% (payable on maturity)	UBL UK – 4.53% (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-Dec-22	20-Dec-23	20-Nov-24	Today
Easy access account	HSBC – 2.97%	Ulster Bank – 5.20%	Principality BS – 4.85%	Atom Bank – 4.75%
Notice account	Marsden BS – 3.85% (180-day)	Hampshire Trust Bank – 5.51% (95-day)	Charter Savings Bank– 5.06% (95-day)	RCI Bank UK – 4.90% (95-day)
One-year fixed rate bond	SmartSave – 4.32%	Metro Bank – 5.66%	Ahli United Bank (UK) plc (Raisin UK) – 4.80%**	Al Rayan Bank (Raisin UK) – 4.80%**
Two-year fixed rate bond	Melton BS – 4.75%	Union Bank of India (UK) Ltd –5.40%	SmartSave – 4.61%	Castle Trust Bank – 4.64%
Three-year fixed rate bond	Nottingham BS – 4.65%	Hanley Economic BS –5.35%	UBL UK – 4.61% (payable on maturity)	Hodge Bank – 4.62%
Four-year fixed rate bond	Gatehouse Bank – 4.65%**	UBL UK – 4.93% (payable on maturity)	UBL UK – 4.54% (payable on maturity)	UBL UK – 4.54% (payable on maturity)
Five-year fixed rate bond	Melton BS – 4.90%	UBL UK – 5.30% (payable on maturity)	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-Dec-22	20-Dec-23	20-Nov-24	Today
Easy access ISA	Virgin Money – 3.00%	Metro Bank – 5.11%	Moneybox – 5.17%	Moneybox – 4.92%
Notice ISA	Mansfield BS – 3.00% (180-day)	Mansfield BS – 5.30% (180-day)	West Brom BS – 4.85% (60-day)	West Brom BS – 4.60% (60-day)
One-year fixed rate ISA	Nottingham BS – 3.85%	Metro Bank – 5.41%	Shawbrook Bank – 4.49%	Castle Trust Bank – 4.52%
Two-year fixed rate ISA	State Bank of India – 4.65%	UBL UK – 5.13% (payable on maturity)	State Bank of India – 4.50%	Hodge Bank – 4.40%
Three-year fixed rate ISA	State Bank of India – 4.65%	UBL UK – 5.11% (payable on maturity)	UBL UK – 4.52% (payable on maturity)	UBL UK – 4.55% (payable on maturity)
Four-year fixed rate ISA	Gatehouse Bank – 4.20%**	UBL UK – 4.93% (payable on maturity)	UBL UK – 4.30% (payable on maturity)	UBL UK – 4.30% (payable on maturity)
Five-year fixed rate ISA	State Bank of India – 4.65%	UBL UK – 5.30% (payable on maturity)	UBL UK – 4.50% (payable on maturity)	UBL UK – 4.53% (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:

“Top deals across the fixed market have experienced minor fluctuations since the previous inflation announcement, bringing some welcome stability. Meanwhile, a handful of new providers have entered the scene, which is positive news in terms of competition and for savers willing to switch to challenger banks, who will have their own pricing strategies. Easy access rates were among those receiving the most notable cuts, seeing a 0.10% reduction, but this is unsurprising given last month’s cut to base rate; however, a slew of providers currently offer the top-paying rate. Savers would be wise to take advantage of a competitive savings market and seek the highest-paying deals.

“Cash ISAs have seen a more mixed bag of activity, with most fixed rate deals pushing in the upward trend by 0.03%. Savers looking to maximise their tax-free investments may wish to consider locking in for the longer-term as the top five-year fixed rate ISA beats its one-year counterpart. Additionally, this may benefit savers in the long-run as they can avoid the impacts of interest rate cuts and inflationary pressures for longer. Savers also have the option of opening multiple ISAs within the same tax year on the condition their overall annual ISA allowance is not breached.

“Providers may be launching the final push towards meeting their end-of-year targets, so it is possible that further rate adjustments are yet to take place. Savers should avoid waiting to pull the trigger on any enticing deals until the new year to avoid disappointment. In any case, savers should consider their personal circumstances and the conditions of any account before opening but, if they are in doubt, seek advice.”

*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 rates waver as providers compete for leading positions

Top rates waver as providers compete for leading positions

Top rates waver as providers compete for leading positions

Top rates waver as providers compete for leading positions

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