UK households with £5,000 sitting in savings account urged to 'move it'

James Rodger
·2-min read
UK households with £5,000 sitting in savings account urged to 'move it'
-Credit: (Image: Reach Publishing Services Limited)


UK savers are missing out on the best rates for their savings, they've been warned, as the best-paying accounts on the market right now are revealed. With easy-access accounts, you pay cash into them, then they pay you interest while the money's in the account and you can withdraw whenever you want.

The best on the market right now are Ulster Bank (owned by NatWest) – 5.2% (variable) - which customers need a minimum of £5,000 to get the highest rate and there is no max allowance, you will need an Ulster current account to open one.

It means, if you have £5k in a savings account, you need to consider moving it. West Brom Building Society pays 4.9% (variable) for a minimum £1 and a maximum allowance of £1million. Notice savings accounts require you to give notice before you can withdraw your cash. They're good for people who know they'll need their money, don't know exactly when, but know they'll not need it straightaway when they do.

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The best rates are Investex - 5.25% for 90 days (variable) minimum £5,000 and a maximum of £250,000, Vanquis Bank - 5.05% for 60 days or 5.3% for 60 days (variable) - minimum of £1,000 and a maximum of £250,000 and The Family Building Society - 5% for 35 days (variable) - can only deposit £10,000 exactly.

With fixed savings you can't usually withdraw your money until the end of the term, but in return the interest rate is guaranteed. Rates include Oxbury Bank – 5% for three months - need a minimum of £1,000 to £500,000, Close Brothers – 4.92% for one year - need a minimum of £10,000 to open with a maximum of £2million, Hampshire Trust Bank - 4.7% for two years - minimum of £1 and a maximum of £250,000, Hampshire Trust Bank – 4.51% for three years - minimum of £1 with a maximum of £250,000 and Birmingham Bank – 4.36% for five years - minimum of £5,000 with a maximum of £250,000.

In terms of cash savings, adults in the UK have £11,185 in savings, on average, according to a survey conducted in January 2024 by Finder.

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