Savers must act as top rates fall amid stubborn inflation

Caitlyn Eastell, Apprentice Press & PR Assistant

Caitlyn Eastell, Press & PR Executive 01603 476169 Email Caitlyn

Savers must act as top rates fall amid stubborn inflation

Savers will find there have been significant cuts and boosted competition since the latest base rate announcement. Moneyfactscompare.co.uk reveals the top rate deals available to those searching for a competitive return.

Savers must act as top rates fall amid stubborn inflation

The Consumer Price Index (CPI) rose to 3.5% during April, from 2.6% in March.
There are currently 1,326 savings accounts that beat inflation* (126 easy access, 126 notice accounts, 126 variable rate ISAs, 309 fixed rate ISAs and 639 fixed rate bonds).
The Bank of England’s modal projection rate for inflation during Q2 2026 is 2.4%.
In May 2024, there were 1,558 deals that could beat 2.3% (April 2024 CPI) and in May 2023, there were no deals that could beat 8.7% (April 2023).

The Consumer Price Index (CPI) rose to 3.5% during April, from 2.6% in March.
There are currently 1,326 savings accounts that beat inflation* (126 easy access, 126 notice accounts, 126 variable rate ISAs, 309 fixed rate ISAs and 639 fixed rate bonds).
The Bank of England’s modal projection rate for inflation during Q2 2026 is 2.4%.
In May 2024, there were 1,558 deals that could beat 2.3% (April 2024 CPI) and in May 2023, there were no deals that could beat 8.7% (April 2023).

Savings market analysis
Top savings deals at £10,000 gross	24-May-23	22-May-24	16-Apr-25	Today
Easy access account	Hanley Economic BS – 4.25%	Ulster Bank – 5.20%	Atom Bank – 4.65%	Chip – 4.67% (includes bonus)
Notice account	FirstSave – 4.25% (90-day)	DF Capital – 5.35%	Kent Reliance – 4.77% (60-Day)	Vida Savings – 4.65% (95-Day)
One-year fixed rate bond	SmartSave – 5.00%	Habib Bank Zurich plc – 5.21%	Cynergy Bank – 4.65% (payable on maturity)	Castle Trust Bank – 4.44%
Two-year fixed rate bond	Investec Bank plc (Raisin UK) – 5.07%	DF Capital – 5.07%	Close Brothers Savings – 4.58%	Secure Trust Bank – 4.42%
Three-year fixed rate bond	Isbank (Raisin UK) – 4.95%	Shawbrook Bank – 4.71%	UBL UK – 4.61% (payable on maturity)	Birmingham Bank – 4.43% (payable on maturity)
Four-year fixed rate bond	Isbank (Raisin UK) – 4.95%	Isbank (Raisin UK) – 4.50%	UBL UK – 4.54% (payable on maturity)	UBL UK – 4.54% (payable on maturity)
Five-year fixed rate bond	Tandem Bank – 5.00%	Shawbrook Bank – 4.57%	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	24-May-23	22-May-24	16-Apr-25	Today
Easy access ISA	Yorkshire Building Society – 3.60%	Plum – 5.06%	Moneybox – 5.71% (includes bonus)	Moneybox – 5.71% (includes bonus)
Notice ISA	Marsden BS – 4.00% (180-day)	West Brom BS – 5.10% (60-day)	Tipton & Coseley BS – 4.50% (60-day)	Tipton & Coseley BS – 4.50% (60-day)
One-year fixed rate ISA	Paragon Bank – 4.40%	Virgin Money – 5.05%	Gatehouse Bank – 4.35%** (payable on maturity)	Virgin Money – 4.27%
Two-year fixed rate ISA	NatWest – 4.50%	State Bank of India – 4.65%	UBL UK – 4.35% (payable on maturity)	UBL UK – 4.19% (payable on maturity)
Three-year fixed rate ISA	Virgin Money – 4.41%	Shawbrook Bank – 4.41%	UBL UK – 4.39% (payable on maturity)	Ford Money – 4.20%
Four-year fixed rate ISA	Gatehouse Bank – 4.20%**	UBL UK – 4.30% (payable on maturity)	UBL UK – 4.30% (payable on maturity)	United Trust Bank – 4.00%
Five-year fixed rate ISA	Gatehouse Bank – 4.20%**	UBL UK – 4.42% (payable on maturity)	UBL UK – 4.58% (payable on maturity)	UBL UK – 4.46% (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	24-May-23	22-May-24	16-Apr-25	Today
Easy access account	Hanley Economic BS – 4.25%	Ulster Bank – 5.20%	Atom Bank – 4.65%	Chip – 4.67% (includes bonus)
Notice account	FirstSave – 4.25% (90-day)	DF Capital – 5.35%	Kent Reliance – 4.77% (60-Day)	Vida Savings – 4.65% (95-Day)
One-year fixed rate bond	SmartSave – 5.00%	Habib Bank Zurich plc – 5.21%	Cynergy Bank – 4.65% (payable on maturity)	Castle Trust Bank – 4.44%
Two-year fixed rate bond	Investec Bank plc (Raisin UK) – 5.07%	DF Capital – 5.07%	Close Brothers Savings – 4.58%	Secure Trust Bank – 4.42%
Three-year fixed rate bond	Isbank (Raisin UK) – 4.95%	Shawbrook Bank – 4.71%	UBL UK – 4.61% (payable on maturity)	Birmingham Bank – 4.43% (payable on maturity)
Four-year fixed rate bond	Isbank (Raisin UK) – 4.95%	Isbank (Raisin UK) – 4.50%	UBL UK – 4.54% (payable on maturity)	UBL UK – 4.54% (payable on maturity)
Five-year fixed rate bond	Tandem Bank – 5.00%	Shawbrook Bank – 4.57%	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	24-May-23	22-May-24	16-Apr-25	Today
Easy access ISA	Yorkshire Building Society – 3.60%	Plum – 5.06%	Moneybox – 5.71% (includes bonus)	Moneybox – 5.71% (includes bonus)
Notice ISA	Marsden BS – 4.00% (180-day)	West Brom BS – 5.10% (60-day)	Tipton & Coseley BS – 4.50% (60-day)	Tipton & Coseley BS – 4.50% (60-day)
One-year fixed rate ISA	Paragon Bank – 4.40%	Virgin Money – 5.05%	Gatehouse Bank – 4.35%** (payable on maturity)	Virgin Money – 4.27%
Two-year fixed rate ISA	NatWest – 4.50%	State Bank of India – 4.65%	UBL UK – 4.35% (payable on maturity)	UBL UK – 4.19% (payable on maturity)
Three-year fixed rate ISA	Virgin Money – 4.41%	Shawbrook Bank – 4.41%	UBL UK – 4.39% (payable on maturity)	Ford Money – 4.20%
Four-year fixed rate ISA	Gatehouse Bank – 4.20%**	UBL UK – 4.30% (payable on maturity)	UBL UK – 4.30% (payable on maturity)	United Trust Bank – 4.00%
Five-year fixed rate ISA	Gatehouse Bank – 4.20%**	UBL UK – 4.42% (payable on maturity)	UBL UK – 4.58% (payable on maturity)	UBL UK – 4.46% (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:

“After the recent Bank of England base rate cut many providers have been rushing to re-price their offerings, which has ramped up the competition, but challenger banks continue to dominate the market-leading positions. Unusually, the top variable rates for ISAs and non-ISAs have been mostly unaffected, the leading easy access rate has even seen a slight uptick, whereas their fixed counterparts have been slashed by as much as 0.30% over the past month.

“Building a reliable cash pot to fall back onto is crucial, especially with persistent sticky inflation eating its way into savers’ deposits. Research conducted by The Financial Conduct Authority (FCA) has revealed that one in 10 people have no cash savings and another 21% have less than £1,000. Ongoing cost of living pressures mean consumers need to shake any apathy aside and start building a healthy habit that provides attractive returns to avoid receiving a raw deal.

“Savers who have invested in a fixed bond over a longer period will be pleased to see that they can receive much better returns now compared to when they initially locked away their cash but the top one- and two-year rates have dipped significantly, which could lose savers as much as £136. Although fixed bonds continue to pay higher returns, investors planning to make larger deposits will need to be wary of breaching their Personal Savings Allowance (PSA), in which case investing in a headline rate ISA may be better suited.

*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

You are welcome to use part or all of this press release, so long as we are sufficiently sourced. We would appreciate a link back to Moneyfactscompare.co.uk.

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, 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.

For more information about us please see our key facts.

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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

You are welcome to use part or all of this press release, so long as we are sufficiently sourced. We would appreciate a link back to Moneyfactscompare.co.uk.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, banking, life, pension and investment products in the UK.

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 Press & PR Executive

01603 476169

Email Caitlyn

Savers must act as top rates fall amid stubborn inflation

Savers must act as top rates fall amid stubborn inflation

Savers must act as top rates fall amid stubborn inflation

Savers must act as top rates fall amid stubborn inflation

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