The latest news to help you get the most from your savings account.
Here’s my monthly update sharing changes at leading UK savings accounts, as well as some of the articles you might have missed on the blog.
April’s savings update video
April’s savings news
Inflation stays at 4%
The latest inflation announcement saw the rate fall to 3.4%, slightly lower than expected. However, the Bank of England decided to keep the base rate at 5.25% for another six weeks (at least). This means you can still beat inflation with every type of savings account.
How have savings rates changed since last month?
This table shows the changes to the best paying accounts at the time of writing, compared to my the same point in one month and two months ago.
| Account type | Best rate 3 April 2024 | Best rate 4 March 2024 | Change in percentage points (One month) | Best rate 10 January 2024 | Change in percentage points (three months) |
| Easy/Notice | |||||
| Current account linked | 7% | 7% | +0% | 7% | +0% |
| Easy access (no limit) | 5.06% | 5.12% | -0.06% | 5.22% | -0.16% |
| Limited access | 5.05% | 5.16% | -0.11% | 5.15% | -0.1% |
| 90-day notice | 5.25% | 5.4% | -0.15% | 5.4% | -0.15% |
| 120-day notice | 5.2% | 5.2% | +0% | 5.35% | -0.15% |
| Regular | |||||
| Linked | 7% | 7% | +0% | 8% | -1% |
| Open to all | 5.5% | 7% | -1.5% | 7% | -1.5% |
| Fixes | |||||
| 6 month fix | 5.2% | 5.17% | +0.03% | 5.12% | +0.08% |
| 9 month fix | 5.1% | 5.15% | -0.05% | 5.03% | +0.07% |
| 12 month fix | 5.2% | 5.26% | -0.06% | 5.5% | -0.3% |
| 2 year fix | 5.1% | 5.1% | +0% | 5.1% | +0% |
| 3 year fix | 4.67% | 4.64% | +0.03% | 5% | -0.33% |
| 4 year fix | 4.5% | 4.5% | +0% | 4.55% | -0.05% |
| 5 year fix | 4.55% | 4.53% | +0.02% | 4.55% | +0% |
| ISAs | |||||
| Easy access ISA | 5.17% | 5.1% | +0.07% | 5.08% | +0.09% |
| 1 year fix ISA | 5.05% | 5.25% | -0.2% | 5.25% | -0.2% |
| 2 year fix ISA | 4.71% | 4.7% | +0.01% | – | |
| Lifetime ISA | 4.4% | 4.4% | +0 | 4.25% | +0.15 |
Easy access rates set to drop
Easy, limited and notice accounts are all broadly down on one month and three months. I’ve been saying for a few months that these rates will fall, and not just for new accounts.
Santander said the popular 5.2% paying e-saver (closed to new customers) will drop to 4.2% on 20 May. Meanwhile Chase joined the likes of Chip and Kroo when they changed their terms and conditions so the rate now tracks at 1.15% below the base rate – meaning it’ll definitely fall when the base rate does.
And for new rates there are far, far fewer at above 5% on easy or limited access accounts. It makes the 5.2% rate from Trading212 more appealing that when it launched – but that still has some risks.
And there are some higher paying accounts for those with a linked product such as a specific current account, with Santander’s Edge Saver at the top, though the 7% rate could be reduced by the linked current account’s monthly fee. Saying that, you can normally wipe that out with cashback earned on bills, and if not, a balance of £2,000 or more (up to £4,000) will give you at least 5.2%.
Don’t forget notice accounts too, which can offer a slightly higher rate up to 5.2% for shorter term periods such as 90 days / three months.
Current account linked saver picks as of 3/4/24
- Santander Edge Saver (7% AER variable, includes 2.5% bonus for 12 months): min £0 / max £4,000
- Ulster Bank (5.2% AER variable): min £5,000 / max £1m (part of Natwest/RBS)
- Barclays Blue Rewards Rainy Day Saver (5.12% AER variable): min £0 / max £5,000
Top loyalty easy access picks as of 3/4/24
- Skipton Building Society Member Bonus Saver (5.5% AER variable includes 1.7% bonus for 12 months): min £1 / max £3,000
- Only for Skipton members who joined before 11 January 2024
Easy access picks as of 3/4/24
- Cahoot Sunny Day Saver (5.2% AER variable for 12 months): min £1 / max £3,000 (part of Santander)
- Post Office Money (5.06% AER variable including 3.51% bonus for 12 months bonus): min £1 / max £2m
- Cynergy Bank (5.01% AER variable includes a 1.1% bonus for one year): min £1 / max £1m
- Hampshire Trust Bank (5% AER variable): min £1 / max £250,000
- Close Brothers (5% AER variable): min £10,000 / max £2m
Easy access from investment accounts pick as of 3/4/24
- Trading 212 (5.2% APY): min £0 / max N/A
- No FSCS protection
- see full analysis here.
Limited access picks as of 3/4/24
- Paragon double access account (5.05% AER variable): min £1,000 / max £500,000 – 2 withdrawals a year
- Virgin Money (5.01% AER variable): min £1 / max £250,000 – 3 withdrawals per year
- Skipton Building Society (5.01% AER variable): min £15,000 / max £1m – 1 withdrawal a year
Notice accounts picks as of 3/4/24
- 45 days notice Monument (5.2% AER variable): 45-day notice: min £25,000 / max £400,000
- 2 months notice Monument (5.27% AER variable): 60-day notice: min £25,000 / max £400,000
- 3 months notice Investec Bank (5.25% AER variable) 90-day notice: min £5,000 / max £250,000
- 4 months notice Cynergy Bank (5.2% AER variable): 120-day notice: min £500 / max £1m
- 6 months notice Market Harborough Building Society (5.45% AER variable) 195 days notice: min £10,000 / max £500,000
As ever, these could well change again in the coming days, so check out my best buys guide for more options and updates.
New British Savings Bond disappoints
Announced back in March at the Budget, the NS&I British Savings Bonds launched this week, and they’re nothing to get excited about.
They pay 4.15% over three years and you can choose for the interest to be paid monthly or at the end of the term. But the rate can be beaten by a number of accounts, so I wouldn’t bother. Here’s my full analysis.
Short fixes rates increase a little
With markets not predicting a later cut to the base rate, some of the shorter fixes have gone up – six and nine month ones. But elsewhere it’s very little change at the top.
Remember, most fixed rate accounts will pay all the interest at the end of the term, so the longer fixes will very likely take you over your personal savings allowance, meaning you’ll be subject to tax on the excess. So check what’s best for you when you apply.
Here are the leading options right now. Make sure you keep an eye on my best buy list for all the options.
Fixed savings accounts picks as of 3/4/24
- 6 months Secure Trust Bank (5.2% AER variable): min £1,000 / max £1m
- 9 months Charter Savings Bank via Hargreaves Lansdown (5.1% AER fixed): min £1 / max £10m
- 12 months MBNA (5.2% AER fixed): min £1,000 / max £750,000
- 18 months Cynergy Bank (4.8% AER fixed): min £1,000 / max £1m
- 2-year iFast Bank (5.1% AER fixed): min £0
- 3 year fix Zenith Bank (4.67% AER fixed): min £1,000 / max £2m
- 4 year fix ISBank via Raisin (4.5% AER fixed): min £5,000 / max £85,000
- 5 year fix Secure Trust Bank (4.55% AER variable): min £1,000 / max £1m
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Gatehouse reduces Regular Saver rate
The top paying ‘open to all’ regular saver from Gatehouse has been cut from 7% to 5.3%. That now leaves 5.5% as the best if you don’t want to open a linked current account elsewhere.
A loyalty regular saver did open from Coventry Building Society, paying 6.75%, but there are higher paying loyalty options elsewhere (if you’re eligible).
There’s still a chance we could see reductions on the other best buys, so do see if one will work for you. We’ve got a dedicated Regular Saver best buy article, so you can see further details and more rates there.
Regular Saver accounts for current account holders picks as of 3/4/24
- First Direct (7% AER fixed) – min £25 / max £300 (requires current account)
- Co-operative Bank Regular Saver (7% variable) – min £1 / max £250 a month (requires a current account)
- Nationwide Flex Regular Saver (6.5% AER variable) – min £1 / max £200 per month (max 3 withdrawals per year, after which your rate drops to 2.15%. (Requires Nationwide current account – full review)
- Club Lloyds (6.25% AER fixed) – min £50 / max £400 (requires current account)
Regular Saver accounts for all picks as of 3/4/24
- Halifax Regular Saver (5.5% AER fixed) – min £25 / max £250 a month
- Principality Building Society (5.5% AER fixed) – min £1 / max £250 a month
- Gatehouse Bank Regular Saver (5.3% expected profit rate variable) – min £1 / max £300 per month
Regular Saver accounts for existing customer as of 3/4/24
- Skipton Building Society Member Regular Saver (7% AER fixed) – min £0 / max £250 a month
- requires BS membership on or before 11 January 2024
ISA slowdown for the end of the financial year
With just days left before the new tax year, many providers have pulled their ISAs as there isn’t enough time to add money before the deadline of 6 April. That includes the well above market 5.25% 1 year fix from Virgin Money.
We have had a little battle at the top of the Limited Access Cash ISAs, with Plum at 5.17% and Moneybox at 5.16%.
I’d expect there to be some boosts to current rates in the new financial year, and I’ll write a special update next week with the best option, and any extra offers that might help boost your returns.
In the meantime, keep an eye on the tables (we update them every day) in our best Cash ISA accounts article.
ISA picks as of 3/4/24
- Easy access Chip (5.1% AER variable)
- Limited access Plum (5.17% AER variable) max 3 withdrawals
- 1 year Castle Trust Bank (5.05% AER variable)
- 2 years UBL (4.7% AER fixed)
- 3 years Close Brothers (4.4% AER fixed)
- 4 years UBL (4.05% AER fixed)
- 5 years UBL (4.16% AER fixed)
- Lifetime Moneybox (4.4% AER, drops to 3.5% after one year)
Editor’s savings pick
Earn a market leading 5.17% AER from this Trading 212 Cash ISA
Where to put your savings in April 2024
Below are my “simple” tips – the accounts that’ll give you the highest rates, though make sure you check for updates in my regularly updated savings best buy article,
Of course you might be able to fix your money for better rates. The same goes if you’re happy to have your money in lots of different places. And you might have existing accounts closed to new customers with better rates. But if you just want one or two accounts, these are the ones I’d go for right now.
Best places to save
The best rate is via Santander’s Edge Saver so it’s worth a look. But if you want to keep things simple, I’d look at using any of the accounts offer 5.1% for anything beyond this you need access to.
| Amount saved | Account | Rate | Notes |
| Between £2,000 and £4,000 | Santander Edge Saver | 7% | £3 monthly fee |
| Between £5,000 and £20,000 (more if transferred) | Plum Cash ISA | 5.17% | Only three withdrawals a year |
Best places to save extra each month
If you’re looking to save every month then it’s worth looking at a regular or monthly saver. The top paying ones all require a current account, but I’d go for the Nationwide Flex Regular Saver, or lock in the fixed 6.25% via Club Lloyds.
| Amount saved | Account | Rate | Notes |
| Up to £300 a month | First Direct Regular Saver | 7% | Requires a current account, fixed for 12 months |
Best places to avoid tax on interest
If you’re going above your Personal Savings Allowance (or don’t have one), then you can obviously save up to £20,000 in an ISA and £50,000 in Premium Bonds. I’m assuming you don’t need access to this money.
| Amount saved | Account | Rate | Notes |
| Up to £20,000 (more if transferred) | Plum Cash ISA | 5.17% | Only three withdrawals |
Best ethical savings option
The easy shorthand is to go for a building society account, though Tandem also claims to be building a green bank and has decent rates.
| Amount saved | Account | Rate | Notes |
| Up to £85,000 | Harpenden Building Society | 4.95% |
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I have had a couple of Edge Saver accounts for 6 months now and have not paid any fees on the associated Edge Accounts. Just deposited £10 in then when I opened them and then not used the accounts at all.