UK savings deals: the heat is on as banks offer up to 8%

You can currently get easy-access accounts that pay up to 5% interest, while the average one-year fixed-rate bond pays 4.22% – the highest since November 2024. Photograph: Viktoria Rodriguez/Getty Images

It is shaping up to be a decent summer for savers as fierce competition among providers pushes up interest rates and increases choice.

You can currently get instant- and easy-access accounts that pay up to 5% interest, and fixed-rate savings bonds that pay almost that much. Meanwhile, those looking for a regular savings account can now get up to 8%.