November 2023’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 blog.

November’s savings update video

November’s savings news

No change on inflation or base rates

Inflation has remained at 6.7% (still well above the 2% target), but the Bank of England think it’ll drop to 4.5% by the end of the year.

As a result the base rate also still stands at 5.25%, and we’ve seen the top fixes drop over the last six weeks. More on this later.

Rates are the same or falling across the board

This table shows the increases on the best paying accounts at the time of writing, compared to my update last month.

Account typeBest rate 8 November 2023Best rate 11 October 2023Change in percentage points
Current account linked7%7%+0%
Easy access5.2%5.2%+0%
Limited access5.16%5.3%-0.14%
90-day notice5.51%5.6%-0.09%
120-day notice5.56%5.75%-0.19%
Open to all5.5%5.5%+0%
6 month fix5.58%5.75%-0.17%
9 month fix5.6%5.79%-0.19%
12 month fix5.9%6.12%-0.22%
2 year fix5.9%6%-0.1%
3 year fix5.9%5.97%-0.07%
4 year fix5.6%5.8%-0.2%
5 year fix5.6%5.8%-0.2%
Easy access ISA5.15%4.93+0.22%
1 year fix ISA5.85%5.85%+0%
2 year fix ISA5.61%5.65%-0.04%
Lifetime ISA4.25%4.25%+0

Easy access ISA above 5% – but are fixes about to fall?

For those of you who need the tax-free earnings offered by ISAs, it’s been really good news for easy access versions, with an expected profit rate of 5.15% available from Gatehouse.

Elsewhere rates have remained decent – but that could be about to change. Moneyfacts lists the Zopa fixed rate ISAs to reduce from Thursday 9 November 2023. Though they’ll still be near to the top, if not still the top rate, for those longer fixes, it could well prompt cuts elsewhere. In particular, the three year ISA drop is significant – from 5.51% to 5.16%. So act fast!

We’ll update the tables (as we do every day) in our best Cash ISA accounts article tomorrow.

ISA picks as of 8/11/23

  • Easy access Gatehouse (5.15% expected profit variable)
  • Limited access Mansfield Building Society double access ISA (5.5% AER variable) – post/branch only
  • Flexible fixed Barclays Bank 1-Year Flexible Cash ISA (5.25% AER variable)
  • 1 year Virgin Money (5.85% AER variable)
  • 2 years Zopa  (5.61% AER fixed) – drops to 5.49% from 9 November
  • 3 years Zopa  (5.51% AER fixed) – drops to 5.16% from 9 November
  • 4 years Zopa (5.05% AER fixed) min: £1 – drops to 4.91% from 9 November
  • 5 years Zopa (5.05% AER fixed) min: £1 – drops to 4.91% from 9 November
  • Lifetime Moneybox (4.25% AER, drops to 3.5% after one year): min £1

Fixed rates falling rapidly

The fall in fixed rates continues with now no accounts offering above 6%. I say none, though Union Bank of India does have a one year and a two year at this rate, but it has a charge for withdrawals above £1,000 and the website looks a mess. Personally I’d avoid it in favour of a slightly lower rate.

So it certainly does look like fixed savings rates have peaked. Every day they’re being reduced or withdrawn, and that’s likely to continue.

Of course there could be a provider who offers a better rate for a short period (as NS&I did in September), but if you hold off and it never happens, you’ll likely have missed these options too.

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.

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 8/11/23

  • 6 months BLME (5.58% expected profit rate fixed): min £1,000 / max £1m
  • 9 months Monument Bank (5.6% AER fixed): min £25,000 / max £400,000
  • 12 months JN Bank (5.9% AER fixed): min £1 / max £250,000
  • 15 months United Trust Bank (5.85% AER fixed) min £5,000 / max £1m
  • 18 months Gatehouse Bank (5.9% expected rate fixed): min £1,000 / max £1m
  • 2-year Loughborough Building Society (5.9% AER fixed): min £5,000 / max £250,000
  • 3-year JN Bank (5.9% AER fixed): min £1 / max £250,000
  • 4-year JN Bank (5.6% AER fixed): min £1 / max £250,000
  • 5-year JN Bank (5.6% AER fixed): min £1,000/ max £100,000

Easy access still above 5%, but some cuts

It’s a little more promising on easy access accounts. Ulster still offers 5.2% (though for how long we don’t know), and there are half a dozen more paying 5.1% or above. However a week ago it was a little rosier, with Beehive also at 5.2% (it’s now 5.15%).

Also reduced was a 5.25% limited access account from Paragon – that now offers 5.16%. So though things look decent don’t expect any big improvements.

Current account linked saver picks as of 8/11/23

  • Santander Edge Saver (7% AER variable, includes 2.5% bonus for 12 months): min £0 / max £4,000
  • Barclays Blue Rewards Rainy Day Saver (5.12% AER variable): min £0 / max £5,000

Easy access picks as of 8/11/23

  • Ulster Bank (5.2% AER variable): min £5,000 / max £1m (part of Natwest/RBS)
  • Beehive Money (5.15% AER variable, includes a 2.5% bonus until 30/11/2024): min £1,000 / max £85,000
  • Close Brothers (5.15% AER variable): min £10,000 / max £2m
  • Cynergy Bank (5.15% AER variable includes a 1.15% bonus for one year): min £1 / max £1m
  • Cahoot (5.12% variable): min £1 / max £2m (part of Santander)
  • Secure Trust Bank (5.1% AER variable): min £1,000 / max £85,000

Limited access picks as of 8/11/23

Notice accounts picks as of 8/11/23

  • 3 months notice Oxbury Bank (5.51% AER variable): 90-day notice: min £1,000 / max £500,000
  • 4 months notice Shawbrook Bank (5.56% AER variable): 120-day notice: min £1,000 / max £500,000
  • 6 months notice Oxbury Bank (5.59% AER variable): 180-day notice: min £1,000 / 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.

In case you missed previous savings account updates:

Check out my savings updates from previous months for details on the following and more

  • Nationwide’s 8% regular saver
  • Santander’s 7% Edge Saver

No change to regular savings

There’s hardly anything to say about regular and monthly savers – it’s the same as last month. Though with easy access and notice accounts edging 5.2%, I’d say there’s little reason to go for regular savers paying around 5.5% or below. Which means the best options are still tied to current accounts – incidentally, a few of which have switching offers running right now.

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

Regular Saver accounts picks as of 8/11/23

  • Nationwide Flex Regular Saver (8% 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
  • First Direct (7% AER variable) – min £25 / max £300 (requires current account)
  • Club Lloyds (6.25% AER fixed) – min £50 / max £400 (requires current account)
  • Natwest or RBS (6.17% AER variable) – min £1 / max £150 (requires current account)

Where to put your savings in November 2023

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 Ulster Bank for anything beyond this you need access to.

Amount savedAccountRateNotes
Between £2,000 and £4,000Santander Edge Saver7%£3 monthly fee
Between £5,000 and £85,000Ulster Bank5.2%

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. There’s also a £200 switching bonus to go for if you’re not already a customer.

Amount savedAccountRateNotes
Up to £200 a monthNationwide Flex Regular Saver8%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 savedAccountRateNotes
Up to £20,000 (more if transferred)Virgin Money year ISA5.85%

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. Here are the best paying options

Amount savedAccountRateNotes
Up to £85,000Family Building Society easy access5.04%
Up to £100,000Green Savings Bonds (three year fix)5.7%

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