{"id":12079,"date":"2023-11-20T21:46:31","date_gmt":"2023-11-20T16:16:31","guid":{"rendered":"https:\/\/farratanews.online\/best-isa-easy-access-and-fixed-savings-accounts-this-week-with-interest-up-to-8-personal-finance-finance\/"},"modified":"2023-11-20T21:46:31","modified_gmt":"2023-11-20T16:16:31","slug":"best-isa-easy-access-and-fixed-savings-accounts-this-week-with-interest-up-to-8-personal-finance-finance","status":"publish","type":"post","link":"https:\/\/farratanews.online\/best-isa-easy-access-and-fixed-savings-accounts-this-week-with-interest-up-to-8-personal-finance-finance\/","title":{"rendered":"Best ISA, easy access, and fixed savings accounts this week with interest up to 8% | Personal Finance | Finance"},"content":{"rendered":"

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\"Nationwide<\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/picture><\/p>\n

Best savings accounts this week offering interest rates up to 8% (Image: GETTY)<\/span><\/span><\/div>\n

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While the Bank of England Base Rate remains at a 15-year high of 5.25 percent, high street banks and building societies are still offering savers competitive returns on their money.<\/p>\n

Interest rates have dipped in recent weeks, but some savings accounts are still paying rates of up to eight percent and a significant number of people are missing out. According to Paragon Bank, nearly one in six fixed and instant access accounts opened in the 12 months to August 2023 offered a rate of 1.5 percent or less.<\/p>\n

Challenger banks have been holding the top spots across a number of sectors, however, Rachel Springall, finance expert at Moneyfactscompare.co.uk noted: “They also act quickly to pull offers when they become fully subscribed. Consumers will need to act quickly to grab the top deals on offer and consider the more unfamiliar brands when comparing deals.”<\/p>\n

There are a number of different accounts suitable for a range of needs, from easy access accounts to fixed term savers, and some are offering some of the highest interest rates seen in decades. Here are the top rate easy access, regular, fixed rate, and cash ISA accounts on offer this week.<\/p>\n<\/div>\n

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READ MORE: <\/strong> Rates on savings accounts fall AGAIN but you can still get 5.5% today <\/strong><\/p>\n<\/div>\n

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The Bank of England Base Rate has been frozen at 5.25 percent since September (Image: EXPRESS)<\/span><\/span><\/div>\n

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Top easy access savings accounts<\/strong><\/h3>\n

Easy access accounts are typically more flexible, as these allow savers to make payments and withdrawals with minimal restrictions and with small opening deposit requirements. Given the current high-living-cost environment, a survey from Hodge found more than half of respondents have had to dip into their savings for everyday expenses.<\/p>\n

Topping the leaderboard of easy access savings accounts offering the highest interest rate is Metro Bank’s Instant Access Savings Account <\/strong>with an Annual Equivalent Rate (AER) 5.22 percent. At least \u00a3500 must be deposited within 28 days to earn the limited edition rate and interest is paid monthly. Access is allowed at any time in a branch, online, or by phone.<\/p>\n

Ulster Bank’s Loyalty Saver<\/strong> falls just behind with an AER of 5.2 percent on deposits of over \u00a35,000. Those with deposits lower than \u00a35,000 will be paid a lower AER of 2.25 percent. Interest is paid annually and on account closure, and withdrawals are permitted at any time up to the daily limits.<\/p>\n

For savers with a smaller deposit, Beehive Money’s Limited Issue Easy Access (Issue Two) <\/strong>places just behind with an AER of 5.15 percent. The account can be opened with just \u00a31,000 and up to \u00a385,000 can be invested overall. Interest is paid annually and unlimited withdrawals are permitted, provided at least \u00a31,000 is kept in the account at all times.<\/p>\n<\/div>\n

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Metro Bank’s instant access saver is currently topping the list in its category (Image: Getty)<\/span><\/span><\/div>\n

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Top fixed rate savings accounts<\/strong><\/h3>\n

Fixed-rate savers can be beneficial during the current period of falling rates, as these enable people to lock in an interest rate for a set length of time. However, they typically impose stricter withdrawal limits on customers, meaning savers should be comfortable investing money without needing to access it during the account term.<\/p>\n

Metro Bank<\/b> tops the table for one-year fixed savings accounts with an AER of 5.91 percent. The account can be opened with a minimum deposit of \u00a3500 and interest can be paid monthly or annually. Up to \u00a32million can be invested overall and withdrawals are not permitted. People must have another Metro Bank account to apply.<\/p>\n

For two-year fixes, the Union Bank of India<\/strong> takes the top spot with an AER of 5.8 percent. The account can be opened with \u00a31,000 and interest is paid on maturity. Up to \u00a31million can be invested overall and withdrawals are not permitted.<\/p>\n

Al Rayan Bank <\/strong>takes the lead for three-year fixes with an Expected Profit Rate of 5.6 percent on its 36 Month Fixed Term Deposit. <\/strong>The account requires a minimum deposit of \u00a35,000 and profit is paid quarterly. Up to \u00a31million can be invested and withdrawals are not permitted until the term ends.<\/p>\n

Meanwhile, JN Bank<\/strong> tops the list for four, and five-year fixes with its Fixed Term Savings Account<\/strong> offering AERs of 5.5 percent on each. The accounts can be opened with a minimum deposit of \u00a31,000 and interest is paid annually and on maturity. Up to \u00a3500,000 can be invested overall and withdrawals are not permitted.<\/p>\n<\/div>\n