Table-topping 3.11% on new Derbyshire BS instant access savingsBuilding society offers top-rate savings account

26 July 2011

piggy bank

You could get a better savings rate than you're on now by switching to a Which? Best Rate account

Derbyshire Building Society has launched an online instant-access savings account paying 3.11%, the best rate on the market.

The NetSaver account from Derbyshire BS goes straight to the top of our Instant Access Best Rate table. Savers can open this internet-only account with just £1 up to a maximum of £1million. Interest on the account is paid annually on 30 November.

Watch out when the bonus period ends

This deal includes a fixed introductory bonus of 2.11% paid until 30 November 2012 on balances of £1 or more. After 30 November 2012 the rate reverts to 1%.

Which? savings expert Jo Langenhan commented: 'Consumers will need to act quickly if they want to open this Best Rate instant access account as it's a limited offer and may be withdrawn at short notice. You will also need to review this account once the bonus period ends, as the rate drops to just 1% so will no longer be competitive after November 2012.'

Making the most of your money

If you had £10,000 in this account (paying 3.11%), you'd earn £226 more a year than you would in an average-paying account - and as much as £301 more than if you had your savings in a poor-value account offered by some of the high street banks.

As you can see, it's worth keeping an eye on the interest rate you are receiving and moving your money if necessary. For more information on choosing a savings account that will suit your circumstances and pay a competitive rate, read our guide on Finding the best savings account

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