Two smaller challenger banks have stormed the UK savings best buy tables this week with fresh fixed rate deals, while fintech giant Revolut has rolled out a fresh monthly prize draw to reward consistent savers. The combined moves give cash savers fresh reasons to shop around as competition heats up across both ends of the market.
GB Bank And Oxbury Bank Lead The Fixed Rate Charge
GB Bank has lifted its one year fixed rate to 4.7 per cent, making it the joint best buy in the independent savings tables. The account opens with a minimum of £1,000 and accepts deposits up to £100,000.
It can be opened through the bank’s website or its mobile app. Customer funds sit under Financial Services Compensation Scheme cover up to £120,000 per saver.
GB Bank is also offering 4.7 per cent on its two year fix, giving savers the option to lock in for longer at the same headline rate.
Oxbury Bank, meanwhile, has snatched the overall fixed rate crown with a three year deal paying 4.71 per cent. The account also opens online with a £1,000 minimum and carries full FSCS protection.
How The Top Fixed Rate Deals Stack Up
Savers now have a wider buffet of options paying more than 4.6 per cent over 12 months. Six accounts currently clear that bar in the independent tables, a clear sign that providers are scrapping hard for new money.
| Provider | Term | Rate (AER) | Minimum Deposit |
|---|---|---|---|
| GB Bank | 1 Year Fix | 4.70% | £1,000 |
| GB Bank | 2 Year Fix | 4.70% | £1,000 |
| Oxbury Bank | 3 Year Fix | 4.71% | £1,000 |
| Charter Savings Bank | 1 Year Cash Isa | 4.54% | £5,000 |
| Charter Savings Bank | 2 Year Cash Isa | 4.57% | £5,000 |
| Skipton Building Society | 18 Month Cash Isa | 4.56% | Varies |
The numbers tell a story that many analysts did not expect at the start of the year. The yield curve has flattened to the point where one, two and three year fixes are almost neck and neck.
That is the bond market signalling that the Bank of England base rate is unlikely to fall sharply any time soon. For savers, it means locking in for longer no longer means giving up much income today.
Tax Free Isa Deals Also Heating Up
For anyone looking to shield interest from the taxman, the cash Isa market is keeping pace. Charter Savings Bank is paying 4.54 per cent over one year and 4.57 per cent over two years, both available online.
Skipton Building Society has carved out a useful middle ground with an 18 month fix at 4.56 per cent. That option suits savers who want certainty without committing for a full two years.
The Isa allowance for the 2026/27 tax year remains £20,000. Anyone who has not yet used this year’s allowance should weigh up whether a fix beats a flexible easy access deal.
Revolut Targets Habit With New Monthly Prize Draw
Away from the traditional fixed rate tables, Revolut has launched its first UK savings challenge. The fintech wants to reward the rhythm of saving, not just the size of the pot.
Customers pick a weekly savings goal between £10 and £50. Revolut then sweeps that amount automatically into a dedicated savings account on the chosen day.
Here is how the rewards work:
- Save every week in a calendar month and you are entered into a £10,000 monthly prize draw.
- Keep the streak going for at least 50 weeks out of 52 and you also qualify for a £100,000 grand prize draw at the end.
- Funds remain accessible at any time and earn up to 4 per cent AER variable, depending on the user’s plan.
- Sign up closes on 31 May 2026 for the current cohort.
The move puts Revolut in the same arena as NS&I Premium Bonds and Halifax’s Savers Prize Draw. The twist is that the entry condition is consistency, not just a balance threshold.
What This Means For Your Money
The wider message for households is clear. Doing nothing with your savings has become an expensive habit.
Leaving money in a high street current account paying near zero costs real income every month. Switching to GB Bank’s 4.7 per cent one year fix on a £20,000 pot would earn £940 in a year before tax.
That same balance in Oxbury’s three year fix would generate £2,853 of interest over the full term, assuming rates are held to maturity. For savers worried about future cuts, that certainty has real value.
- Check the FSCS limit covers your total deposit with the same banking group.
- Use your £20,000 Isa allowance first if you pay tax on savings interest.
- Split deposits across one, two and three year fixes to spread interest rate risk.
- Read the small print on Revolut’s challenge to confirm withdrawal rules during the streak.
The savings market in May 2026 feels different to last year. Rates are creeping up rather than falling, fintechs are joining the rewards game, and even smaller banks are willing to fight for your cash. For anyone who has felt punished by years of low returns, this moment is a small but meaningful win. Share your experience in the comments below, tell us which deal you are eyeing, and pass this story on to a friend who could be earning more on every pound they save.
