If you’ve got some spare cash sitting around in a high street bank savings account, now might be a good time to move it to somewhere more rewarding.
Even though savings rates are drifting lower following three base rate cuts in seven months, you can still earn up to 4.75% interest and have immediate access to your savings balance in case you need it for an unexpected expense.
If you’re happy to give a few months notice to access your cash, then the rates are even higher, 4.64% the current best buy deal from Investec Bank.
These savings rates are likely to fall back further this year with experts predicting that the Bank of England will cut rates further before the end of 2025.
To bag the highest rates it means locking your cash away for a term of between 1-5 years – just be sure you won’t need access to your cash as once you sign up you can’t get your hands on it until it matures.
Opening a new account is very quick and straightforward if you do it online – once you’ve got your account open, switch the funds from your old bank and you’ll be earning a decent rate straight away. (Rates correct as at 19th February 2025).
Principality Building Society 4.75% – Online Triple Access
Coventry Building Society 4.66% – 5 Access Saver
Aldermore 4.30% – Double Access Savings
Investec Bank 4.64% – 90 days notice
Cynergy Bank 4.45% – 120 days notice
Close Brothers Savings 1 Year Fixed Rate Bond 4.58%
RCI Bank 2 Year Fixed Rate Bond 4.60%
Deposits with the above providers are protected up to a total of £85,000 per individual by the Financial Services Compensation Scheme (FSCS), the UK’s deposit protection scheme
