The most recent information that can assist you get essentially the most out of your financial savings account.
Right here’s my month-to-month replace sharing adjustments at main UK financial savings accounts, in addition to a few of the articles you might need missed on the positioning.
February’s financial savings replace video
February’s financial savings information
Base fee lower anticipated to be lower in February
Although issues can change, and infrequently do, it’s wanting extra seemingly than not we’ll see a base fee lower on 8 February from 4.75% to 4.5%. That’ll have an instantaneous impact on quite a lot of tracker charges, together with Chase, Chip and Kroo, whereas variable charges will little doubt drop too.
It’s much less clear with fastened fee bonds, because it all is determined by long run predictions on after we’ll see additional cuts. Predictions in January have been for a lot fewer cuts in 2025 than have been anticipated just some months in the past, and in consequence, the highest paying two, three, 4 and 5 yr fixes all increased than the highest charges in the beginning of December.
Straightforward Entry ISA conflict continues
Plum and Buying and selling 212 are nonetheless battling it out to be prime of the straightforward entry ISA tables, and in consequence beating the very best paying non-ISAs too.
Although Buying and selling 212 lower their fee to 4.9% for current clients again in December, they’re providing a 0.2% one yr bonus for newbies, including as much as 5.1%.
In the meantime the Plum ISA fee briefly went as much as 5.05%, however is now down to five.01%. In fact, each are variable so wil seemingly fall together with different charges however maybe not as little as others.
Be careful for six month bonuses
Each Chase and Chip have introduced bonus charges only for new clients that put them excessive up the non-ISA easy accessibility tables. However there’s a giant catch.
The welcome presents are for simply six months, in order that momentary increase you get will solely final a brief interval. I hope this isn’t one thing we see extra suppliers supply. It’s not at all times clear whenever you see the headline charges that’s only for a brief interval (not to mention, as already talked about, these charges are tied to the bottom fee so will fall once more when that occurs.)
Saying that, if you’re eligible, they could be value a glance, even whether it is only for a brief interval.
Chase Increase ended for a lot of clients
Final summer season Chase provided clients the prospect to get an additional 1% till 16 January 2025. That Chase Boost has now ended, that means a drop to three.5%. The tip of the bonus means you’ll be capable to get higher charges now when you change elsewhere – particularly with extra cuts coming to the Chase fee.
Editor’s decide: 5.1% financial savings
Quick access ISA from Buying and selling 212 paying 5.1%
Chase fee to drop AT LEAST ONCE in February
As talked about, we’d count on the Chase fee to fall if there’s a base fee lower in February. What you may not count on is for there will certainly be one other lower. On 19 February it’ll transfer from monitoring the bottom fee minus 1.25%, to minus 1.5%.
With most clients who signed up for a bonus final yr now on the usual fee of three.5%, it’ll imply a drop to three.25%, or 3% if the bottom fee was lower just a few weeks earlier.
It will imply there can have been four cuts to the Chase rate in seven months! We’ve seen a lot of feedback from you about how complicated the Chase charges at the moment are – and we completely agree.
Tandem prime up may be prolonged
Tandem in the meantime had a 0.25% increase for purchasers for 12 months, which many would have activated this time final yr. When the increase ends you’ll now get 4.15%.
Nevertheless, when you go into your Tandem app near the top of the highest up, you may hit to increase it. The 4.4% on supply proper now isn’t on the prime, and will fall (it’s variable beneath the bonus), but it surely’s not too unhealthy when you don’t wish to hold shifting cash round.
Buying and selling 212 strikes to month-to-month curiosity
Beginning in January, the curiosity funds on Buying and selling 212’s Money ISA moved from being added every day to month-to-month. A few of you have got been involved by that, however you shouldn’t be. For the reason that AER stays the identical, you’ll get the identical quantity of curiosity over the yr. Right here’s extra on how compounding and AER work for savings.
Barclays Blue Rewards Wet Day fee falls
These of you who’ve caught with the Barclays Blue Rewards add on, regardless of it’s £5 month-to-month price, so as to get the Wet Day Saver, might want to rethink. The speed will fall on 13 February to 4.87% on the primary £5,000 saved there. Although that’s nonetheless aggressive based mostly on different choices, whenever you issue within the price the best you can hope for is actually 3.56%.
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Starling in account curiosity ends
A reminder that you just’ll cease incomes curiosity in your Starling present accounts from 10 February 2025. You’ll be able to as an alternative open a separate 4% saver with the financial institution if you wish to hold your money in the identical place.
Bizarrely some members of our group have reported being rejected for this new account, which is unusual contemplating they’re all current Starling present account clients. The excellent news is if you’re rejected it gained’t jave any impression in your credit score rating.
Revolut boosts customary fee to 4%
In case you are a Revolut fan, you will get 4% on financial savings. Once more, it’s okay. You’ll get extra when you pay for a distinct subscription, as much as 5% with Extremely.
- Commonplace Plan – 4% AER (variable)
- Plus Plan – 4% AER (variable)
- Premium Plan – 4.25% AER (variable)
- Steel Plan – 4.5% AER (variable)
- Extremely Plan – 5% AER (variable)
I’m not satisfied it’s definitely worth the charges, particularly as they’ll get very excessive – it’s £540 a yr for Extremely. However when you’re already paying for the opposite options, do examine the return in opposition to what’s elsewhere to see when you can profit.
Keep in mind, Revolut continues to be not totally licensed by the FCA, so the cash is held (and receives FSCS protection) from ClearBank. That’s common, however examine you probably have cash with different suppliers who use ClearBank, akin to Chip, the full doesn’t exceed £85,000.
Snoop launches new account
The budgeting/comparability app Snoop has entered the financial savings market with a 4% paying account. Proper now that may be simply overwhelmed, but it surely’s a supplier we’ll regulate in case charges enhance.
Kent Reliance presents fascinating fastened ISA
One to level out because it’s just a little totally different to most fastened ISAs. Although you may solely entry your money on the finish of the one or two yr repair, Kent Reliance permit you to hold including new cash everytime you need, relatively than simply within the first month or so.
Although you’re restricted to the annual USA allowances, it’s value if you wish to lock in a fee and hold saving tax-free.
Learn extra from Be Intelligent With Your Money on financial savings
February’s financial savings presents
We’ll share another offers in our savings deals web page if any extra come alongside.
High financial savings accounts for February 2025
Keep in mind, these are the accounts on the prime of the tables. We’ve extra choices in our best savings accounts page, which is up to date daily by the staff.
Present account linked saver picks as of 27/1/25
- Santander Edge Saver (6% AER variable, contains 1.5% bonus for 12 months): min £0 / max £4,000
Straightforward & restricted entry picks as of 27/1/25
- Trading212 Quick access ISA (5.1% AER variable): min £1 / max £20,000
- Chase (5% AER variable for six months): min £1 / max £3m
- Drops to 4.75% in February, and three.25% after six months
- Requires a present account
- Atom (4.85% AER fastened): min £50 / max £100,000
- Drops to three.25% in months you make withdrawals
- Close Brothers (4.7% AER variable): min £10,000 / max £2m
Quick access from funding accounts decide as of 27/1/25
Discover accounts picks as of 27/1/25
Mounted financial savings accounts picks as of 27/1/25
Listed here are the main choices proper now. Be sure you regulate my best buy list for all the options.
- 6 months Zenith (4.7% AER fastened): min £1,000 / max £2m
- 9 months Kuwait Finance House through Raisin (4.68% anticipated revenue fastened): min £1,000 / max £85,000
- 12 months Vida (4.77% AER fastened): min £100 / max £85,000
- 18 months Oxbury (4.65% AER fastened): min £1,000 / max £500,000
- 2-year Atom (4.7% AER fastened): min £50 / max £100,000
- 3 yr repair Birmingham Bank (4.63% AER fastened): min £5,000 / max £250,000
- 4 yr repair Oxbury Bank (4.54% AER fastened): min £1,000 / max £500,000
- 5 yr repair JN Bank (4.8% AER fastened): min £100 / max £500,000
Common Saver accounts picks as of 27/1/25
We’ve acquired a devoted Regular Saver best buy article, so you may see additional particulars and extra charges there.
- Principality Building Society 6-month common saver (8% AER fastened): min £0 / max £200 a month
- First Direct Common Saver (7% AER fastened): min £25 / max £300 a month
- requires a First Direct present account
- Co-operative Bank Common Saver (7% variable): min £1 / max £250 a month
- Requires a Co-op Financial institution present account
- Principality Building Society Christmas common saver (7% AER fastened): min £0 / max £125 a month
- Nationwide Flex Common Saver (6.5% AER variable): min £1 / max £200 per thirty days
- max 3 withdrawals per yr, after which your fee drops to 2.15%.
- Requires Nationwide present account
- Club Lloyds Month-to-month Saver (6.25% AER fastened): min £25 / max £400 a month
- Requires Membership Lloyds present account
ISA picks as of 27/1/25
You’ll be able to regulate the tables (we replace them daily) in our best Cash ISA accounts article.