June 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.

June’s savings update video

June’s savings news

Inflation finally reaches 2%

The latest inflation announcement saw the rate fall to 2%. However, the Bank of England is expected to keep the base rate at 5.25% on Thursday for another six weeks (at least). This means you can still beat inflation with every type of savings account. The next base rate meeting is on Thursday 1 August, so I’ll update you then with any changes.

Chase offers MOST customers a boost to 5.1%

Back in the May update I told you about a limited boost offer from Chase that only some customers could get. Well, that same a 1% bonus is back, and more people can get it.

To be eligible you need to have had less than £50,000 in a Chase Saver account on 2 May 2024 or not already have a boosted account. The 1% boost runs until 15 January 2025 so you’ll get 5.1% for now, though the underlying rate is linked to the base rate so it could fall a little before then.

If you opened up the boost in May, which runs until November, you can take advantage but you’ll need to close the other boosted saver account first. Then simply open the new one with the longer boost.

New Chase customers can get it too – for now at least. We don’t know when it’ll be pulled. You see it in your app if you are eligible.

However, alongside this, Chase will end the 1% interest on current account balances. Here’s our full analysis of the boosted Chase savings rate offer.

Nationwide offers 5.5% member fix

If you’re with Nationwide (and were before 22 May) then you can pick up a decent 5.5% 18 month fix. It’s got a max of £10,000 and the interest is paid at the end of the term – so it’ll count towards your 2025/26 Personal Savings Allowance.

Something worth noting for Nationwide members who get the £100 member bonus this month. It’ll count as interest, so you’ll need to factor this into your PSA this year, which could mean you pay tax on some of your earnings.

Cahoot 5.2% hack

Top of our easy access tables for a long time now has been the Sunny Day Saver from Santander owned Cahoot. This pays 5.2%, but only on balances up to £3,000. However, one of our community members spotted that you can have both a personal and a joint account, meaning couples can get this top rate on up to £9,000. However it is variable, so it could drop at any time.

Trading 212 pauses Cash ISA transfers

The new Cash ISA from Trading 212 pays a top of the table 5.2%, including on transfers (something rival Plum doesn’t do). However, it’s been really popular so transfers in have been paused. You can still open one for new deposits, but there’s no information yet about when you can move over other cash.

Trading 212 withdrawals can take 3 days

While we’re on T212, it’s worth noting that though it’s uninvested cash and Cash ISA accounts are sold as easy access, they can take up to three working days for the money to reach you. So though the rates are decent, you’ll want to ensure you a) plan ahead, and b) have some cash held elsewhere that you really can get instantly.

Moneybox boosts Lifetime ISA to 5%

If you’re in the market for a LISA, then there’s big jump from Moneybox, moving from 4.4% to 5%. This is actually a rate of 4% plus a 1% bonus for a year. So if you opt for it, it’s worth looking again in a year’s time.

Virgin Money to cut M Plus rates

Many of you will likely have a Virgin Money M Plus current account from when it offered the best rates around (that 2.02% seems pathetic now, but it was head and shoulders above the rest for a while). Well, hopefully you’ve already moved your money elsewhere, and if not you really should as it’s going to cut down to 1% from August.

This also impacts those of you who recently switched for a 10% bonus rate, as the overall return for the first year on your £1,000 will now be 11% rather than 12%.

NS&I British Bonds disappoint

One I forgot to mention last month – I expected these new bonds from National Savings & Investments wouldn’t be very exciting when announced at the Budget in March, and when they did launch that proved right.

They pay 4.15% for three years, which can be beaten by other rates elsewhere. The only benefit is they’re protected by up to £1million rather than the usual FSCS cap of £85,000. However unlike Premium Bonds the returns aren’t tax free.

Saffron offers loyalty 8% saver

This account sounds more exciting than it actually is. For a start, most of us can’t get it. You need to be a Saffron Building Society member since 1 June 2023.

Then that 8% rate is only on up to £50 a month for 12 months, so the interest itself won’t be much – just £26 in total. But if you qualify it’s worth a look at this regular saver.

Raisin offers £50 bonus to new users

Savings market place Raisin is back with another new user bonus. This time you can get £50 added to your account if you save £10,000 for six months. You need to go via our link and enter the code, details here.

There are actually some decent rates from providers on Raisin right now too, so you can get one of the top rates alongside the bonus. The offer ends 30 June 2024, and you need to have added the £10,000 (or more) by 15 July 2024.

Top savings accounts for June 2024

Current account linked saver picks as of 19/6/24

• 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 19/6/24

• Cahoot Sunny Day Saver (5.2% AER variable for 12 months): min £1 / max £3,000 (part of Santander)
• Oxbury Bank (5.02% AER variable): min £20,000/ max £500,000
• Monument Bank (5.01% AER variable): min £25,000 / max £400,000

• UBL via Raisin (4.87% AER variable + £50): min £10,000 / £85,000
• Chip powered by ClearBank (4.84% AER variable – tracks at 0.51% below base rate + up to £50): min £1 / max £250,000

Easy access from investment accounts pick as of 19/6/24

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

Notice accounts picks as of 19/6/24

• 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 Vanquis Bank (5.35% AER variable): 90-day notice: min £1,000 / max £250,000
• 3 months notice LHV via Raisin (5.3% AER variable + £50 bonus) 95-day notice: min £1,000 / max £850,000

• 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 19/6/24

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

• 3 months Mizrahi via Raisin (5.22% AER fixed + £50 bonus): min £1,000 / max £85,000
• 6 months Oxbury Bank (5.22% AER fixed): min £1,000 / max £500,000
• 6 months FCMB Bank via Raisin (5.11% AER fixed + £50): min £1,000 / max £85,000
• 9 months Atom Bank (5.15% AER fixed): min £50 / max £100,000
• 9 months FCMB Bank via Raisin (5.11% AER fixed + £50): min £1,000 / max £85,000

• 12 months My Community Bank via My Community Finance (5.22% AER fixed): min £1,000 / max £85,000
• 12 months Ziraat via Raisin (5.21% AER fixed + £50): min £1,000 / max £85,000

• 18 months Nationwide Building Society Members Exclusive account (5.5% AER Fixed): min £1 / max £10,000
• 18 months Al Rayan Bank via Raisin (4.85% expected profit rate fixed + £50): min £1,000 / max £85,000

• 2-year SmartSave (5.06% AER fixed): min £10,000 / max £85,000
• 3 year fix Vanquis (4.8% AER fixed): min £1,000 / max £250,000
• 4 year fix ISBank via Raisin (4.75% AER fixed + £50): min £5,000 / max £85,000

• 5 year fix United Trust Bank (4.6% AER fixed): min £50 / max £100,000
• 5 year fix Al Rayan Bank via Raisin (4.55% expected profit rate fixed + £50): min £5,000 / max £1m
• 7 year fix ISBank via Raisin (4.5% AER fixed + £50): min £5,000 / max £85,000

Regular Saver accounts for current account holders picks as of 19/6/24

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 accounts for all picks as of 19/6/24

• 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

Regular Saver accounts for existing customer as of 19/6/24

• 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 picks as of 19/6/24

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)
• Limited access Plum (5.17% AER variable) max 3 withdrawals
• 1 year Virgin Money (5.05% AER fixed) – requires current account
• 1 year Shawbrook Bank  (4.89% AER fixed)
• 2 years United Trust Bank (4.67% AER fixed)
• 3 years Principality Building Society (4.5% AER fixed)
• 4 years UBL (4.05% AER fixed)
• 5 years Principality Building Society(4.13% AER fixed)
• Lifetime Moneybox (5% AER, drops to 4% after one year)