Manchester Building Society savings rates — compare every account, plus switch offers and guides

Who they are

Manchester Building Society was founded in 1922 and today operates as a trading name of Newcastle Building Society. The two societies merged on 1 July 2023, with the intention of building on Manchester's 100-year history while delivering value and high levels of service for members. As a mutual, it is owned by and operated for its members - so there are no outside shareholders taking a cut.

One thing worth knowing before you open an account: your eligible deposits are protected up to £120,000 by the FSCS, but that limit applies to the total of any deposits you hold across both Newcastle Building Society and Manchester Building Society combined. Anything above £120,000 is unlikely to be covered. If you already save with Newcastle Building Society, keep that shared limit in mind.

Savings accounts

Manchester offers a decent spread of account types. The standout for regular savers is the Regular Saver Issue 2, paying 5.75% variable with unlimited withdrawals permitted - a genuinely flexible rate for a regular saver. Issue 1 pays 5.40% variable with instant access, which is still competitive if you prefer a no-frills setup.

For tax-efficient saving, the 5 Year Fixed Rate ISA pays 4.65% fixed, though no withdrawals are permitted during the term, so only lock in what you can genuinely leave untouched. Fixed rate bonds start from just £1: the 2 Year Fixed Rate Bond pays 4.40% and the 1 Year Fixed Rate Bond pays 4.35%, both with no access until maturity.

If flexibility matters more than top rates, the Manchester Rainy Day Saver pays 4.15% variable and allows one penalty-free withdrawal per year - a sensible middle ground. The Manchester Easy Access Saver offers unlimited withdrawals with no notice period, though at 1.80% variable it sits well below the best easy access rates on the market right now.

There are no switch offers or bonus rates to factor in, so the rates you see are straightforward - no teaser periods or deferred reductions to watch out for.

Is it right for you?

Manchester Building Society suits savers who want a mutual, member-owned institution with a genuine local identity, and who value a clear, no-bonus product range. The regular saver and fixed ISA rates are worth a look. The easy access saver rate is low by today's standards, so if you need unrestricted access to your cash, it is worth comparing that account carefully before committing.

As always, the live rates shown on this page are the most up-to-date figures - rates change regularly, so check them before you decide.