Here is a breakdown of the best savings accounts currently on offer the week beginning December 11, as well as the corresponding interest rates:
Easy access savings accounts
| Account type | Product name | |
| Easy access | Paragon Double Access Issue 4 | 5.16% |
| Easy Access | Ulster Bank Loyalty Saver | 5.20% (balances above £5,000) |
| Instant access | Metro Bank Instant Access Savings | 5.22% (limited edition rate) |
Notice savings accounts
| Account type | Product name | |
| 7-day notice savings account | Monument Bank 7 Day Notice Account | 5.10% |
| 14-day notice savings account | RCI Bank E-Volve Savings 14 Day Notice Account Monthly | 4.80% |
| 30-day notice savings account | FirstSave 30 Day Notice Account Monthly | 5.00% |
| 35-day notice savings account | Monument Bank 35 Day Notice Account | 5.22% |
| 60-day notice savings account | Monument Bank 60 Day Notice Account | 5.41% |
| 90-day notice savings account | Vanquis 90 Day Notice Account (Issue 2) Monthly | 5.50% |
| 95-day notice savings highaccount | Hampshire Trust Bank 95 Day Notice Account Issue 14 | 5.51% |
| 120-day notice savings account | Earl Shilton Select 120 | 5.70% |
| 180-day notice savings account | The Melton Building Society 180 Day Notice Monthly | 5.50% |
| 200-day notice account | United Trust Bank 200 Day Notice Deposit (Issue 2) | 5.58% |
Fixed-rate bonds
| Account type | Product name | |
| 1-year fixed-term | Union Bank of India (UK) Ltd 1 Year Union Premier Bond | 5.70% |
| 2-year fixed-term | Union Bank of India 2 Year Fixed Rate Deposit | 5.70% |
| 3-year fixed-term | Hanley Economic Building Society 3 Year Fixed Rate | 5.35% |
| 4-year fixed-term | Union Bank of India (UK) Ltd 4 Year Fixed Term Deposit | 5.00% |
| 5-year fixed-term | Union Bank of India (UK) Ltd 5 Year Union Premier Bond | 5.00% |
Cash ISAs
| Account type | Product name | |
| Instant Access | Metro Bank Instant Access Cash ISA | 5.11% |
| Notice | Mansfield eSaver 180 Day Notice Cash ISA (1st Issue) | 5.30% |
| 1-year fixed-term ISA | Metro Bank 1 Year Fixed Rate Cash ISA | 5.41% |
| 2-year fixed-term ISA | Zopa Smart ISA 2 Year Fixed Term ISA Pot | 5.07% |
| 3-year fixed-term ISA | UBL UK 3 Year Fixed Rate Cash ISA Monthly | 4.87% |
Lucinda O’Brien, money.co.uk’s savings expert, gave recommendations to households looking to bolster their savings.
She explained: “This week, the monthly average interest rate for all savings accounts has dropped to 4.3 percent, which is below inflation at 4.7 pecent.
“However, there are still providers offering rates above inflation, with easy access accounts remaining stable as Metro Bank continues to offer its instant access at 5.22 percent – but remember the £500 deposit to unlock that rate.
“We’ve also seen rates drop again on fixed-rate accounts, with Union Bank of India (UK) offering a one and two-year fixed-rate bond at the top rate of 5.70 percent.”
The savings expert highlighted how one of the bank’s particular offerings is ideal for long-term savers.
Ms O’Brien added: “If you can lock away your money for longer, Union Bank of India (UK) has an attractive five-year fixed-rate bond at five percent.
“However, it will be interesting to see how rates change after the Bank of England’s monetary committee meeting tomorrow.
“The committee will decide whether the base rate increases decreases or remains frozen for another month. Watch this space…”
The Bank of England’s MPC is due to announce any further changes to the base rate on December 14.