Anyone with under £20,000 in savings account warned to act 'within 48 hours'
Anyone with under £20k in a savings account has been urged to act within the next 48 hours. Savers who have less than £20,000 in a savings account typically have ISAs, but have been warned over a potential shake up coming after the latest Bank of England rate decision.
Rachel Springall, a finance expert at Moneyfactscompare.co.uk, said: "Savers must make time to review their rates and switch if they are getting a raw deal. Interest rates have come down in the aftermath of the Bank of England base rate cuts last year, and if more take place, it will be disastrous news for savers."
Hargreaves Lansdown adds: “For those looking to get ahead of any potential cuts in 2025, you could think about locking in rates so you’re not exposed to further falls in the easy access market. You’ll usually get a higher rate, and because the rate is fixed, you’ll know exactly how much interest you’ll get at the end.
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“It’s a strategy that’s worked well so far in 2024, but of course it’s impossible to know exactly what will happen to markets in 2025. Just remember, unlike easy-access accounts, you can’t usually access your money once it’s fixed until the term ends.”
Best cash ISAs
Here is a full list of the best cash ISAs with a one-year fixed interest rate attached currently on offer for the week beginning February 3, 2025:
Close Brothers Savings - 4.55 per cent AER / Gross
Kent Reliance - 4.52 per cent AER / Gross
Secure Trust Bank - 4.52 per cent AER / Gross
Coventry BS - 4.50 per cent AER / Gross
Charter Savings Bank - 4.50 per cent AER / Gross
United Trust Bank - 4.50 per cent AER / Gross
Hodge Bank - 4.49 per cent AER / Gross
Cynergy Bank - 4.45 per cent AER / Gross
UBL UK - 4.41 per cent AER / Gross
Zopa - 4.40 per cent AER / 4.31 per cent Gross
Here is a full list of the best cash ISAs with a variable interest rate attached currently on offer for the week beginning February 3, 2025:
Moneybox - 5.11 per cent AER / Gross
Plum - 5.01 per cent AER / 4.94 per cent Gross
Trading 212 - 4.90 per cent AER / 4.78 per cent Gross
Chip - 4.85 per cent AER / 4.74 per cent Gross
Tembo - 4.80 per cent AER / 4.70 per cent Gross
Monument Bank - 4.76 per cent AER / 4.66 per cent Gross
Principality BS - 4.70 per cent AER / 4.70 per cent Gross
Tipton & Coseley BS - 4.65 per cent AER / 4.65 per cent Gross
West Brom BS - 4.60 per cent AER / 4.60 per cent Gross
Vanquis Bank - 4.60 per cent AER / Gross
Best easy access savings accounts
Here is a full list of the best easy access savings accounts without a bonus attached for the week beginning February 3, 2025:
Atom Bank - 4.85 per cent AER / 4.75 per cent Gross
cahoot - 4.75 per cent AER / Gross
Monument Bank4.75 per cent AER / 4.65 per cent Gross
Close Brothers Savings - 4.70 per cent AER / Gross
Chetwood Bank - 4.66 per cent AER / 4.56 per cent Gross
Coventry BS - 4.66 per cent AER / Gross
West Brom BS - 4.65 per cent AER / Gross
Vida Savings - 4.63 per cent AER / Gross
Buckinghamshire BS - 4.60 per cent AER / Gross
Charter Savings Bank - 4.57 per cent AER / Gross
Here is a full list of the best easy access accounts with a bonus attached for the week beginning February 3, 2025:
Chase - Five per cent AER / 4.89 per cent Gross
Chip - 4.85 per cent AER / 4.74 per cent Gross
Sidekick Money - 4.75 per cent AER / 4.64 per cent Gross
Chip - 4.70 per cent AER / 4.60 per cent Gross
Principality BS - 4.70 per cent AER / Gross
Cynergy Bank - 4.50 per cent AER / Gross
Nottingham BS - 4.50 per cent AER / Gross4
Skipton BS - 4.40 per cent AER / Gross
Marcus by Goldman Sachs® - 4.30 per cent AER / 4.22 per cent Gross
SAGA - 4.30 per cent AER / 4.22 per cent Gross