Best savings accounts in February offering up to bumper 8% interest | Personal Finance | Finance

February 4, 2025 3,104

Savers are being urged to move quickly to lock in interest rates now as returns fall month-on-month.

Research by Moneyfactscompare shows savings interest rates are on a downward trend following the Bank of England’s second Base Rate cut in November 2024, with one-year fixes now averaging 4.08%.

However, data from the Bank of England shows as much as £252 billion is sitting in UK current or savings accounts, earning no interest whatsoever.

Rachel Springall, finance expert at Moneyfacts said: “It will be up to consumers to make time to move their hard-earned cash into an account which not just pays interest, but also provides a real return against the eroding impact of inflation, which is expected to stay above 2% for some time yet.”

Here is a list of the savings accounts offering the highest interest rates at the time of writing, according to Moneyfacts data.

Best easy-access savings accounts

Here are the top 10 easy-access savings accounts this week:

Chase – 5% AER / 4.89% gross
Atom Bank – 4.85% AER / 4.75% gross
Chip – 4.85% AER
Monument Bank – 4.75% AER / 4.65% gross
Sidekick Money – 4.75% AER
Ulster Bank – 4.75% AER / gross
Chip – 4.7% AER
Close Brothers Savings – 4.7% AER / gross
Principality Building Society – 4.7% AER/ gross
Chetwood Bank – 4.66% AER / 4.56% gross

Best regular savings

Here are the top 10 regular savings accounts this week:

Principality BS – 8% AER / 7.85% gross
First direct – 7% AER/ gross
The Co-operative Bank – 7% AER/gross
Nationwide BS – 6.50% AER/gross
Vernon Building Society – 6.50% AER/ gross
Lloyds Bank – 6.25% AER/gross
NatWest – 6.17% AER / 6% gross
Royal Bank of Scotland – 6.17% AER / 6% gross
Market Harborough BS – 6% AER/gross
TSB Bank – 6% AER/gross

Best fixed-rate savings accounts

Here are the top three savings accounts with a one, two and three-year fixed rate this week:

One-year fixes:

Vida Savings – 4.77% / gross
Family Building Society – 4.76% / 4.66% gross
Close Brothers – 4.75% AER / gross

Two-year fixes:

Close Brothers Savings 4.7% AER / gross
Zenith Bank – 4.65% AER / gross
Hodge Bank – 4.64% AER / gross

Three-year fixes:

Birmingham Bank – 4.63% AER / gross
Oxbury Bank – 4.62% AER/ gross
Close Brothers Savings – 4.61% AER / gross

Best Cash ISAs

Here are the top 10 easy-access cash ISAs this week:

Trading 212 – 5.16% AER / gross
Chip – 5.15% AER / gross
Moneybox – 5.11% AER / gross
Plum – 5.01% AER
Tembo – 4.80% AER
Monument Bank – 4.76% AER / 4.66% gross
Principality BS – 4.70% AER
Charter Savings Bank – 4.57% AER / 4.48% gross
Kent Reliance – 4.56% AER/ gross
Coventry Building Society – 4.55% AER

Here are the top 10 Cash ISAs with a one-year fixed rate this week:

Close Brothers Savings – 4.55% AER / gross
Kent Reliance – 4.52% AER / gross
Secure Trust Bank – 4.52% AER / gross
Charter Savings Bank – 4.50% AER / gross
United Trust Bank – 4.50% AER
Hodge Bank – 4.49% AER / gross
Cynergy Bank – 4.45% AER / gross
Vida Savings – 4.45% AER
UBL UK – 4.41% AER / gross
Aldermore – 4.40% AER / gross.

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