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.
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March’s savings update video
March’s savings news
Base rate cut leads to fall in top savings accounts
It’s often the case that banks are slow to pass on base rate increases and incredily fast to drop rates if there’s been a base rate cut. And that was certainly true for the latest Bank of England reduction to 4.5% at the start of February.
A month ago you could get 5.12% on easy access and 4.7% on a one year fix. Now you’re looking at 4.76% and 4.58% respectively for the best accounts.
Of course, your own account could well pay far, less so check what you’re earning and see if you can get a better rate. We’ve listed the best ones further down the page.
In terms of what to expect as the year goes on, it’s unlikely we’ll see another cut at the next meeting on 20 March 2025, but another could happen at the one after this on 8 May 2025, and another later in the year bring it down to 4%.
Though there are alternative predictions that could see the base rate drop to 3.75% or 3.5% by the end of the year. Obviously, if some or all of these happen, we’ll see more drops to what you can earn on your savings too.
Premium Bond rate cut again
The base rate drop also triggered NS&I to announce another cut to the Premium Bond prize rate from April 2025.
It’ll fall from 4% to 3.8%, and though the odds of winning a prize remain the same, there are more £25 prizes and fewer higher prizes. Full analysis of the Premium Bond cut here.
Barclays announces another Rainy Day saver cut
It was only last month that the Barclays Rainy Day Saver account rate was slashed from 5.12% to 4.86% – and it’s falling again! From 6 May 2025 it’ll be 4.61%.
Though that sounds not too bad compared to other rates right now, remember there is a £5 monthly fee you need to account for if you have a standard Barclays current account with Blue Rewards (it’s free for Barclays Premier users).
Could Cash ISAs change?
There’s been a lot of speculation in recent weeks about changes to ISAs, in particular the Cash ISA. From rumours of scapping Cash ISAs altogether, through to reducing the annual allowance from £20,000 to £4,000.
The Chancellor could announce new ISA plans at the Spring Statement on 26 March. We’ve written more about how likely these ISA changes are, and what it would mean if true.
Chip ends Apple & Google wallet top ups
Adding money to any Chip account via a digital wallet will end from 31 March 2025. The savings and investment app say it’s because people don’t use the feature.
Instead you can send instantly via an open banking connection to your app, or in one or two days via a debit card top up.
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March’s savings offers
We’ll share any other deals in our savings deals page if any more come along.
Raisin: £100 welcome offer
Until midday on 14 March 2025, Raisin is offering a £100 welcome bonus if you open a savings account via our link and fund it with at least £10,000 by 28 March. You’ll need the code SAVINGS100 for this.
This applies to easy access accounts and notice accounts, as long as you keep the money in the account for at least 6 months; and fixed rate accounts with a term of 6 months or over.
For £10,000 in a 12-month fix, this is effectively 1% added to the account rate. The best option on Raisin right now is a 4.5% account, so you’ll get £450 plus £100, which is £550, or 5.5%
Better is a six month fix where that £100 works out as a 2% increase (though of course you won’t have the money saved there for a full year). The top one here is 4.42%, so you’ll effectively get 6.42% on your cash, which would be £322.50.
The more money deposited and longer you save will reduce this effective rate.
Knowing this will help you compare Raisin accounts to other rates.
Within 14 days of meeting the eligibility criteria (so 6 and a half months from now), you’ll get the bonus.
To get the offer:
- Click on the below link, which will add the promo code SAVINGS100
- Sign up for a new Raisin UK Account
- Apply for and open a savings account
- Put at least £10,000 into your new savings account by midday on 14 March 2025.
If you need to access the money within 6 months, you won’t get the bonus.
Can you earn extra on your savings?
Check out our list of the best savings special offers
Top savings accounts for March 2025
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 3/3/25
- Santander Edge Saver (6% AER variable, includes 1.5% bonus for 12 months): min £0 / max £4,000
Easy access ISA picks as of 3/3/25
- Chip (5.25% AER variable for three months, then 4.32%)
- Trading 212 (4.77% AER variable)
- Moneybox (4.77% AER variable)
- Only three withdrawals a year
Easy & limited access picks as of 3/3/25
- Monument (4.75% AER variable): min £25,000 / max £2m
- Principality Building Society (4.7% AER fixed): min £1 / max £1m
- Only three withdrawals a year
- Sidekick Money(4.59% AER variable): min £1,000 / max £35,000
Notice accounts picks as of 3/3/25
- 1 month notice Investec via Raisin (4.76 % AER variable) 32-day notice: min £1,000 / max £1m)
- £100 bonus if you save £10k for six months
- 3 months notice Vida (4.95% AER variable): 90-days notice: min £20,000 / max £500,000
Easy access from investment accounts pick as of 3/3/25
- Trading 212 (4.6% APY): min £0 / max N/A – see full analysis here.
Editor’s pick: £100 savings bonus
Effective 6.45% rate for six months as a new Raisin customer
Fixed savings accounts picks with offers as of 3/3/25
Here are the leading options right now. Make sure you keep an eye on my best buy list for all the options.
- 6 months FCMB via Raisin (4.42% AER / 6.42% with £100 bonus)
- 12 months FCMB via Raisin (4.45% AER / 5.5% with £100 bonus)
Fixed ISA accounts picks as of 3/3/25
- 12 months Vida Savings via HL (4.55% AER fixed)
- 2-years Close Brothers (4.41% AER fixed)
- 3-years Close Brothers (4.43% AER fixed)
- 4-years UBL (4.05% AER fixed)
- 5-years Hodge Bank (4.45% AER fixed)
Fixed savings accounts picks as of 3/3/25
- 6 months Hampshire Trust Bank (4.51% AER fixed)
- 9 months Shawbrook Bank (4.5% AER fixed)
- 12 months Close Brothers (4.58% AER fixed)
- 18 months Oxbury (4.61% AER fixed)
- 2-year Oxbury (4.53% AER fixed)
- 3 year fix Close Brothers (4.63% AER fixed)
Lifetime ISA pick as of 3/3/25
- Lifetime ISA Moneybox (4.6% AER variable)
Regular Saver accounts picks as of 3/3/25
We’ve got a dedicated Regular Saver best buy article, so you can see further details and more rates there.
- Principality Building Society 6-month regular saver (8% AER fixed): min £0 / max £200 a month
- First Direct Regular Saver (7% AER fixed): min £25 / max £300 a month
- requires a First Direct current account
- Co-operative Bank Regular Saver (7% variable): min £1 / max £250 a month
- Requires a Co-op Bank 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
- Club Lloyds Monthly Saver (6.25% AER fixed): min £25 / max £400 a month
- Requires Club Lloyds current account
The best monthly savings accounts
Check out our list of the highest paying regular or monthly savings accounts.
