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Why now is the time to ditch and switch your savings account
01st June, 2026 09:16 PM
Every week, we take a look at what is happening in the savings market with the help of expert Anna Bowes from The Private Office.
This week, she runs through the best rates available for all your savings needs…
Although the base rate has remained the same and inflation eased slightly last month, savings rates have continued to rise – in some cases quite significantly.
But it feels like the momentum is slowing slightly, which makes now a great time to review your savings and ditch and switch if you could be earning more.
In the easy-access table, Spring has launched a new unlimited-access account paying 4.3%, slotting into 2nd place behind the enduring Chase Saver, which is still leading the pack with a rate of 4.5%.
Easy access cash ISAs
It’s been a bit busier in the easy access cash ISA table – including the return of an all-too-familiar battle of the financial app cash ISAs.
Tembo, Plum, Moneybox and Chip have all been fighting it out.
Two weeks ago, the top rate available was 4.32%.
But today it’s 4.75%, courtesy of the Moneybox Cash ISA.
“As we’ve mentioned before, these companies are not banks themselves, but they do place your funds with regulated banks which are part of the Financial Services Compensation Scheme. So, your money is protected as long as the total amount held with the underlying banks, whether directly or via one of these companies or another cash platform, does not exceed £120,000,” Bowes says.
Fixed-rate bonds
Across the board, the top fixed rates available have continued to improve – with the top rates across all terms now paying 4.8% or more.
In the one-year table a couple of weeks ago, Kent Reliance was top, paying 4.71%, but there have been many challengers since then, pushing the top rate up to its current level of 4.85% with MBNA.
Over a two-year term, the top rate is now 4.8% with app-only provider Afin Bank, which is the best-paying bond in the three-year table too.
In the five-year fixed-rate bond table, the top rate has improved from 4.75% at Chetwood Bank to 4.85% at Afin Bank.
“There has been a plethora of other rate rises across all the terms. How long this will continue is anyone’s guess, but if you have cash sitting in a low-paying account, waiting for rates to rise further, you are missing out in the meantime and might just miss the peak. Therefore, now could be a good time to act,” Bowes says.
Fixed-rate cash ISAs
In the one-year ISA table, UBL is top with its ISA paying 4.66%, though it has now been joined by Vanquis paying the same rate.
In the two-year table, Hodge Bank, Charter Savings Bank and Close Brothers are all sharing the limelight, paying 4.71%.
In the three-year table, the best rate has jumped from 4.6% to 4.66% with Close Brothers.
The good news has continued into the longer-term five-year table, with the current leader, Close Brothers, paying 4.71% – 0.1% more than the top rate two weeks ago.
