Best savings accounts in January offering up to bumper 8%

Savers are being urged to move fast to lock in now as returns fall month-on-month.

Research by Moneyfactscompare shows savings are on a downward trend following the Bank of England’s second Base Rate cut in November 2024, with one-year fixes now averaging 4.19%.

This decline highlights the importance of acting quickly, especially as Bank of England data reveals that £252billion is currently sitting in UK current or accounts earning no interest whatsoever.

Rachel Springall, finance expert at Moneyfacts, said: “It will be up to consumers to make time to move their hard-earned cash into an account which not just pays interest, but also provides a real return against the eroding impact of inflation, which is expected to stay above 2% for some time yet.”

Here is a list of the savings accounts offering the highest at the time of writing, according to Moneyfacts data.

Best easy-access savings accounts

Here are the top 10 easy-access savings accounts this week:

• Chase – 5% AER / 4.89% gross
• GB Bank NuWealth – 4.86% AER s
• Atom Bank – 4.85% AER / 4.75% gross
• Gatehouse Bank – 4.75% AER / 4.75% gross profit
• Sidekick Money – 4.75% AER
• Ulster Bank – 4.75% AER / gross
• Chip – 4.72% AER /
• Chetwood Bank – 4.71% AER / 4.61% gross
• Secure Trust Bank 4.65% AER / 4.55% gross
• West Brom Building Society – 4.65% AER / gross

Best regular savings

Here are the top 10 regular savings accounts this week:

• Principality BS – 8% AER / 7.85% gross
• First direct – 7% AER/ gross
• The Co-operative Bank – 7% AER/gross
• Principality BS (Christmas Saver) – 7% AER/gross
• Nationwide BS – 6.50% AER/gross
• Vernon Building Society – 6.50% AER/ gross
• Lloyds Bank – 6.25% AER/gross
• NatWest – 6.17% AER / 6% gross
• Royal Bank of Scotland – 6.17% AER / 6% gross
• Market Harborough BS – 6% AER/gross

Best fixed-rate savings accounts

Here the top three savings accounts with a one, two and three-year fixed rate this week:

One-year fixes:

• Vida Savings – 4.77% / gross
• SmartSave – 4.76% AER / gross
• Close Brothers – 4.75% AER / gross

Two-year fixes:

• Tandem Bank – 4.65% AER / gross
• Castle Trust Bank – 4.64% AER / gross
• SmartSave – 4.63% AER

Three-year fixes:

• Al Rayan Bank – 4.60% Expected Rate
• GB Bank (Prosper) – 4.60% AER/ gross
• JN Bank – 4.60% AER / gross

Best Cash ISAs

Here are the top 10 easy access cash ISAs this week:

• Moneybox – 5% AER / gross
• Plum – 4.93% AER
• Trading 212 – 4.90% AER / 4.78% gross
• Monument Bank – 4.76% AER / 4.66% gross
• Mansfield Building Society – 4.75% AER / gross
• Chip – 4.58% AER / gross
• Principality BS – 4.55% AER
• Zopa – 4.55% AER / 4.45% gross
• UBL UK – 4.51% / 4.42% gross
• Virgin Money – 4.51% AER

Here are the top 10 Cash ISAs with a one-year fixed rate this week:

• Shawbrook Bank – 4.53% AER / gross
• Virgin Money – 4.46% AER / gross
• Castle Trust Bank – 4.49% AER / gross
• Charter Savings Bank – 4.49% AER / gross
• Close Brothers Savings – 4.49% AER / gross
• Hodge Bank – 4.49% AER / gross
• Kent Reliance – 4.48% AER / gross
• Hampshire Trust Bank – 4.46% AER / gross
• Aldermore – 4.45% AER / gross
• Cynergy Bank – 4.45% AER / gross.