Best savings interest rates for June 2023

Britons are looking for the best savings interest rates to bolster their finances amid the cost of living crisis.

The Bank of England has opted to raise rates multiple times this year in a bid to mitigate the impact of inflation on the economy.

Currently, the base rate is at five percent and the central bank is set to announce potential further changes on August 3.

However, with inflation easing last month, further interest rates hike may not be guaranteed for savers.

In light of this, Money.co.uk has shared the top savings interest rates on offer for each potential product.

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Easy access savings accounts 

Account type	Product name	Interest rate
Instant access	Chip Instant Access Account	4.51 percent
Easy access	Chorley Building Society Easy Access Saver (1 Withdrawal)	4.65 percent

Notice savings accounts 

Account type	Product name	Interest rate
7-day notice savings account	Zopa Smart Saver (Boosted Pot – 7 Day Notice)	4.07 percent
14-day notice savings account	RCI Bank E-Volve Savings 14 Day Notice Account Monthly	4.30 percent
40-day notice savings account	United Trust Bank 40 Day Notice Deposit (Issue 2)	4.50 percent
60-day notice savings account	Kent Reliance 60 Day Notice Account Issue 48	4.75 percent
90-day notice savings account	Vanquis 90 Day Notice Account	5.35 percent

Fixed-rate bonds

Account type	Product name	Interest rate
6-months fixed-term	Monument Bank 6 Month Fixed Term Deposit	5.48 percent
1-year fixed-term	Beehive Money One Year Bond Issue 6	6.13 percent
2-year fixed-term	FirstSave 2 Year Fixed Rate Bond Jul23 Issue	6.15 percent

Cash ISAs

Account type	Product name	Interest rate
Easy access	Chorley Building Society Easy Access Cash ISA (2 Withdrawals)	4.30 percent
Notice	Loughborough 180 Day Notice Cash ISA	Five percent
1-year fixed-term ISA	NatWest Fixed Rate ISA – 1 Year Issue 326	5.70 percent
2-year fixed-term ISA	NatWest Fixed Rate ISA – 2 Year Issue 327	5.90 percent

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Lucinda O’Brien, Money.co.uk’s savings expert, shared her thoughts on what savers should take advantage of.

She explained: “Interest rates on savings accounts are mostly continuing to rise, albeit at a slower pace.

“The top rates for one-year and two-year fixed rate bonds are still above six percent, which will be attractive to those that have a lump sum to save.

“Elsewhere, instant and easy access accounts are still below the Bank of England’s base rate, but Chip’s instant access stands at 4.51 perent and Chorley Building Society Easy Access Saver is now at 4.65 percent. “

The personal finance expert broke down the other benefits of the savings products currently on offer on the market.

Ms O’Brien added: “However with Chorley’s offering you are only allowed one withdrawal per year so its accessibility is limited.

“This is in direct contrast to Chip’s account which allows withdrawals and deposits almost instantly. In terms of cash ISAs,

“NatWest remains at the top for another week, with a very competitive 5.90 percent for a two-year fixed-term.”

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