July 2024’s savings round-up & news

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 site.

July’s savings update video

July’s savings news

Chip adds transfers in and 2FA

A couple of big changes from Chip this month. Something that was lacking with the app was a mandatory PIN to protect your account. That’s now in force for new customers, and if you’ve not been prompted as an existing customer to do the same then make sure you do. It’s worth a look at other apps too (such as Trading212) and doings the same.

Also coming soon will be transfers to the Cash ISA. Though it’s not the best paying option, it’s right up there, and transfers will make it a good option for existing savings held elsewhere.

Trading212 Cash ISA warning for Chase, NatWest or Barclays customers

As you know the new Trading212 Cash ISA is protected by the FSCS up to £85,000 if the bank was to go bust (unlike it’s uninvested cash equivalent).

However, it’s worth noting that the money isn’t actually held by T212. Instead it’s split evenly between three other banks: JP Morgan (Chase’s parent), Barclays and NatWest. That’s not an issue unless you already have savings with any of those banks.

If you do then you need to make sure the total across both doesn’t exceed the £85,000 limit. So if you’ve £21,000 with T212, that’s actually £7,000 (more or less) that comes out of the £85,000 limit at each of the other banks.

July’s savings offers

Virgin Money 6.65% fix offer

This deal from Virgin Money sounds good, a 6.65% one year fix is available, but it’s not quite so clear cut.

The current rate on the one year fix is 4.65%, and if you meet the conditions you’ll get a bonus 2% on top. To trigger the bonus you need to deposit at least £5,000 into a Virgin Money Stocks & Shares ISA, you’ll then get the full 6.65% on matched funds in the saver.

So add £8,000 to the ISA, and you’ll get the full rate on up to £8,000 too. But anything above the amount deposited to the ISA will get the underlying 4.65% rate.

And of course you’ll also have money invested with Virgin Money, which needs to stay there for the full year too, starting when you open the savings account.

Still with me? Well, you need to remember than investments can fall or rise in value over that year. Hopefully you’ll get a decent return but there’s a chance you could lose out overall. There’s also a 0.75% fee to take into account. We’ve more details in our savings deals page.

Aviva offers newbies £10 to £100 voucher

Aviva is getting in on the savings marketplace game and offering new users a gift voucher for opening an account and depositing at least £1,000 in a single transaction.

Amount deposited	Voucher amount
£1,000 – £9,999	£10
£10,000 – £19,999	£20
£20,000 – £29,999	£30
£30,000 – £49,999	£40
£50,000 – £79,999	£50
£80,000 +	£100

You’ll need to open the account before 31 July 2024, and keep the cash there for at least six weeks.

The voucher can be for Amazon, B&Q or Sainsbury’s and you’ll be able to claim it 28 days after the initial six weeks have passed. Look out for an email from Aviva prompting this.

Rate wise it’s not too bad. A one year fix is available at 5.2%, and there’s a 30 day notice at 5.02%, which might be better if you just want the welcome offer. There’s also easy access at 4.67%.

Tembo LISA transfer boost

Another offer for those looking to transfer a Cash Lifetime ISA comes from Tembo (formally Nude). Their decent (though not top rate) of 4.3% can be increased by between £30 and £300, giving an effective rate of up to 5.07% for one year.

The extra money is added to your LISA account, which means you can’t access it except for buying your first home or when you reach 60 years old.

Amount transferred	Cash bonus
Less than £5,000	£0
£5,000 – £9,999	£30
£10,000 – £14,999	£75
£15,000 – £19,999	£100
£20,000 – £24,999	£125
£25,000 – £29,999	£150
£30,000 – £34,999	£175
£35,000 – £39,999	£200
£40,000 – £45,999	£225
£45,000 – £49,999	£250
£50,000 +	£300

The offer is only for new customers and ends 31 July 2024. You can’t withdraw any money within 12 months, though that’s the minimum for a LISA anyway.

Top savings accounts for July 2024

Remember, these are the accounts at the top of the tables. We’ve more options in our best savings accounts page, which is updated every day by the team.

Current account linked saver picks as of 10/7/24

• 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
• Chase Bank Easy Access Saver (5.1% AER variable – includes 1% bonus until 16 Jan 2025): min £1 / max £1m

Easy access picks as of 10/7/24

• Cahoot Sunny Day Saver (5.2% AER variable for 12 months): min £1 / max £3,000 (part of Santander)
• Monument Bank (5.03% AER variable): min £25,000 / max £400,000
• Oxbury Bank (5.02% AER variable): min £20,000/ max £500,000
• Cynergy Bank (4.94% AER variable includes 1.19% bonus for 12 months): min £1 / max £1m

Easy access from investment accounts pick as of 10/7/24

• Trading 212 (5.2% APY): min £0 / max N/A – see full analysis here.

Notice accounts picks as of 10/7/24

• 45 days notice Monument (5.2% AER variable): 45-day notice: min £25,000 / max £2m
• 2 month notice Monument (5.27% AER variable): 60-day notice: min £25,000 / max £2m
• 3 months notice OakNorth Bank (5.37% AER variable) 95-day notice: min £1 / max £500,000
• 4 months notice Vanquis Bank (5.2% AER variable): 120-day notice: min £1,000 / max £250,000
• 6 months notice United Trust Bank (5.25% AER variable – tracks the base rate) 180-day notice: min £5,000 / max £1m

Fixed savings accounts picks as of 10/7/24

Here are the leading options right now. Make sure you keep an eye on my best buy list for all the options.

• 3 months SmartSave via Raisin (5.05% AER fixed): min £1,000 / max £85,000
• 6 months Oxbury Bank (5.25% AER fixed): min £1,000 / max £500,000
• 9 months ISBank via Raisin (5.09% AER fixed): min £1,000 / max £85,000

• 12 months My Community Bank via My Community Finance (5.26% AER fixed): min £1,000 / max £85,000
• 18 months Nationwide Building Society Members Exclusive account (5.5% AER Fixed): min £1 / max £10,000

• 2-year Close Brothers (5.06% AER fixed): min £10,000 / max £2m
• 3 year fix Hodge Bank (4.81% AER fixed): min £1,000 / max £1m
• 4 year fix United Trust Bank (4.35% AER fixed): min £5,000 / max £1m
• 5 year fix Birmingham Bank (4.61% AER fixed): min £5,000 / max £250,000
• 7 year fix ISBank via Raisin (4.5% AER fixed): min £5,000 / max £85,000

Regular Saver accounts picks for current account holders as of 10/7/24

We’ve got a dedicated Regular Saver best buy article, so you can see further details and more rates there.

• 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 account picks for all as of 10/7/24

• Principality Building Society 6-month regular saver (8% AER fixed): min £0 / max £200 a month
• Progressive Building Society Online Regular Rainy Day Saver (7% AER variable): min £20 / max £300 per month

ISA picks as of 10/7/24

You can keep an eye on the tables (we update them every day) in our best Cash ISA accounts article.

• Easy access Trading212 (5.2% AER variable)
• Easy access for transfers Zopa Smart ISA (5.08%)
• 1 year Virgin Money (5.05% AER fixed) – requires current account
• 1 year Secure Trust Bank (4.95% AER fixed)
• 2 years Beehive Money (4.7% AER fixed)
• 3 years Principality Building Society (4.6% AER fixed)
• 4 years UBL (4.1% AER fixed)
• 5 years Beehive Money (4.25% AER fixed)
• Lifetime Dodl by AJ Bell (5.09% AER as uninvested cash in Stocks & Shares LISA)