Best savings accounts for August paying up to 7.5% interest rates | Personal Finance | Finance

Billions of pounds are languishing in accounts with no interest, yet top-paying savings accounts are currently offering between 4% and 7.5%. Savers are being urged to check their accounts and switch to more competitive deals if they can.

Research from Spring, a savings app owned by Paragon Bank, estimates that Brits may be missing out on £20billion in lost interest every year, with £526billion sitting idle in current and low-interest savings accounts. Derek Sprawling, managing director of savings at the savings app Spring, said: “The billions sat in non-interest-bearing accounts earning nothing could be generating billions of pounds of interest if transferred to savings accounts, helping to drive the economy and delivering improved financial resilience for consumers.”

He added: “There are 74 million current accounts in credit in the UK earning zero interest, and these do not simply comprise small balances, with 6.6 million containing £10,000 or more.”

Rachel Springall, finance expert at Moneyfactscompare, urged savers to “abandon loyalty” if it’s not being rewarded with a decent savings rate.

She said: “Savers will feel frustrated to see an abundance of providers cut rates since the Bank of England Base Rate cut. Over 20 providers have now cut since last Thursday. It shows how quickly cuts are passed on to hard-pressed savers. It is essential that consumers stay in tune with market movements and switch to ensure they are not getting a raw deal.”

Here is a list of the savings accounts offering the highest interest rates at the time of writing, according to Moneyfacts data.

Best easy-access savings accounts

Here are the top 10 easy-access savings accounts this week:

• Chip – 4.84% AER
• Chase – 4.75% AER
• Cahoot – 4.55% AER
• West Brom Building Society – 4.55% AER
• Revolut – 4.5% AER
• Principality Building Society – 4.45% AER
• Kent Reliance – 4.41% AER
• Hodge Bank – 4.4% AER
• Vida Savings – 4.38% AER
• Oxbury Bank – 4.36% AER

Best regular savings

Here are the top 10 regular savings accounts this week:

• Principality BS – 7.5% AER
• Zopa – 7.1% AER
• First direct – 7% AER
• The Co-operative Bank – 7% AER
• Melton BS – 6.5% AER
• Nationwide BS – 6.5% AER
• Virgin Money – 6.5% AER
• Lloyds Bank – 6.25% AER
• Darlington Building Society – 6% AER
• Monmouthshire Building Society – 6% AER

Best fixed-rate savings accounts

Here are the top three savings accounts with a one, two and three-year fixed rate this week:

One-year fixes:

• Aldermore Prosper – 4.43% AER
• Habib Bank Zurich – 4.4% Expected Profit Rate (EPR)
• Atom Bank – 4.36% AER

Two-year fixes:

• JN Bank – 4.45% AER
• DF Capital – 4.44% AER
• Oxbury Bank – 4.4% AER

Three-year fixes:

• JN Bank – 4.45% AER
• DF Capital – 4.43% AER
• Oxbury Bank – 4.33% AER

Best Cash ISAs

Here are the top 10 easy access cash ISAs this week:

• Chip – 4.7% AER
• Tembo Money – 4.64% AER
• Trading 212 – 4.46% AER
• Moneybox – 4.45% AER
• Plum – 4.41% AER
• Aldermore 4.4% AER
• Principality 4.4% AER
• Kent Reliance – 4.38% AER
• Vida Savings – 4.38% AER
• Charter Savings Bank – 4.31% AER

Here are the top 10 Cash ISAs with a one-year fixed rate this week:

• Chetwood Bank – 4.32% AER
• Shawbrook Bank – 4.31% AER
• Vida Savings – 4.31% AER
• Paragon Bank – 4.28% AER
• Tembo Money – 4.27% AER
• Kent Reliance – 4.26% AER
• Vanquis Bank – 4.23% AER
• Charter Savings Bank – 4.21% AER
• Aldermore – 4.2% AER
• Charter Savings Bank – 4.2% AER.