Savings experts say UK rates could soon fall. Here’s where to invest while you can

It could be “grab them before they’re gone” time when it comes to some of the top-paying savings accounts, assuming that UK interest rates are now at or near their peak.

There are accounts on offer paying more than 6% but some savings experts said this week that those thinking of signing up may want to get a move on, as the very best deals may not be around for much longer.

This may already be starting to happen: during the last few days, some fixed-rate savings bonds have had their rates trimmed.

“With the base rate potentially having peaked sooner and lower than anticipated, we could start to see [fixed-rate] bonds being withdrawn once the tranches have been filled,” says Anna Bowes, a co-founder of the Savings Champion website.

She adds: “If you see something … now is the time to act.”

While we are not generally seeing further increases to fixed-rate bond interest rates after the decision by the Bank of England on 21 September to hold the base rate at 5.25%, Bowes says we are “still seeing a little bit of upward movement” on some easy-access account rates.

Sarah Coles, the head of personal finance at the investment platform Hargreaves Lansdown, says that if you have been waiting to grab a top fixed savings rate, “it’s worth getting your skates on”, although she adds: “While we may see some of the most competitive rates retreat, we’re not expecting dramatic drops in the immediate future.”

Here, we round up some of the top-paying accounts that may be worth grabbing now if you have money you can afford to put into savings.

The account paying 8% interest

Called Flex Regular Saver, this is available exclusively to Nationwide’s current account customers, and it tops the table for regular savings accounts. If you are not with Nationwide, the building society is attempting to attract new current account customers by offering a £200 payment to anyone who moves to it using the bank industry’s switching service.

The 8% interest rate lasts for a year, and customers can save up to £200 a month in the online-managed account, which permits up to three withdrawals within the 12 months. If four or more withdrawals are made, the rate on the account will drop to 2.15%.

If you put the maximum £200 into the Flex Regular Saver on the first day of each month, after the 12 months you would have earned £104 interest.

Fixed-rate bonds paying 6.2%

At the time of writing, National Savings and Investments’ (NS&I) one-year fixed-rate guaranteed growth and income bonds paying 6.2% still had the top spot in the best-buy table for one-year fixed-rate savings bonds – but it is far from clear how long they will be around for. They were launched at the end of August and are likely to have proved hugely popular, so if you want to benefit from that rate, it is probably best to apply sooner rather than later.

You can invest from £500 to £1m, and you can’t take your money out until after the 12 months are up. Once you have bought one of these bonds, you can’t add any more money to it. You can buy more bonds, though, assuming they are still on sale. (Each bond is a separate investment with its own maturity date.)

Fixed-rate savings bonds paying 6% or more

Ford Money and Ikano Bank are two of the slightly better-known providers offering bonds paying 6.05%. Ford Money – a division of Ford Motor Company – is paying that rate to people who tie up their money for one year, 18 months or two years.

To get 6.05% at Ikano Bank – originally part of Ikea and still owned by the family that founded the retailer – you need to put your money away for two years. If you go for a one-year account, the rate is 6%.