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Savers hit by hundreds of rate cuts in August

Which? rounds up the top savings accounts and cash Isas
While hundreds of savings rates were cut in August, there were only three rate rises

A total of 354 savings rates were cut in August, according to Moneyfacts data.

The biggest cut came from United Bank UK, which reduced the rate on its seven-year bond from 2.12% AER to 0.82% AER. Elsewhere, Beverley Building Society sliced rates by up to 1%, while Progressive Building Society cut its rates by up to 0.75%.

This follows the Bank of England’s decision to lower the base rate from 0.5% to 0.25%.

The average instant-access savings account now pays just 0.49%, making it all the more important to shop around for the best possible rate.

Here, we round some of the savings account and cash Isa deals still available on the market. If you’re keen to find out more about any of these accounts, we’ve also included links to Which? Money Compare, the comparison site which lets you see banks’ customer scores as well as their rates, and where you’ll find more details about each Isa.

We have excluded Isas with certain qualifying conditions and restrictions on withdrawals.

Best instant-access savings rates

The top instant-access cash Isa rate meeting our criteria is from Family Building Society, paying 1.22% AER. Click the link to find out more about the Family Building Society Isa.

The best rate on an instant-access savings account in our tables is from RCI Bank, which pays 1.2% AER. Click the link to find out more about the RCI Bank Freedom Savings Account.

One-year fixed-rate accounts

In our Isa tables, the best one-year fixed-rate deal is with Al Rayan Bank, paying an expected profit rate of 1.36% AER. Click the link to find out more about Al Rayan Bank 12 Month Fixed Term Deposit Cash Isa.

The best rate in our tables on a one-year fixed-rate savings account comes from Charter Savings Bank, paying 1.46% AER. Click the link to find out more about the Charter Savings Bank 1 Year Fixed Rate Bond.

Three-year fixed rate accounts

Paragon Bank and Shawbrook Bank pay the best rates in our three-year fixed-rate cash Isa tables, both offering 1.5% AER.

The best rate available in three-year fixed-rate savings account tables comes from Al Rayan Bank 36 Month Fixed Term Deposit. It pays an expected profit rate of 1.76% AER. Click on the link to find out more about this account.

Five-year fixed rate accounts

For those willing to lock away their savings for five years, the best cash Isa rate in our tables comes from United Trust Bank. Its 5-Year Bond pays 1.75% AER. Click on the link to find out more about this account.

The best rate on a five-year fixed-rate savings account in our tables is 2% AER from Shawbrook Bank.

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Which? Limited is an Introducer Appointed Representative of Which? Financial Services Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 527029). Which? Mortgage Advisers and Which? Money Compare are trading names of Which? Financial Services Limited.

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