Which? Money provides its fortnightly look at the best savings deals out there to help you invest your cash in the right account.
The market’s best cash Isas
- Instant access cash Isa: Cheshire BS offers the best instant-access cash Isa deal, paying 3.50%. However, this account does not accept transfers in from other providers. The top account that does accept transfers in is Santander’s Direct Isa, paying 3.30%. Marks & Spencer Money’s Advantage Isa and Virgin Money’s Easy Access Isa/E-Isa are worth noting as they allow transfers in and the headline rates (3.0% and 2.85% respectively) don’t include a bonus, so you won’t have to worry about the rate dropping off after 12 months.
- Notice cash Isa: Notice cash Isa accounts used to pay a higher rate for locking up your money, but don’t tend to anymore. The Coventry BS 60 day Notice Isa does pay an attractive rate of 3.25%, but you’ll need to give 60 days notice to get at your cash.
- One-year fixed-rate cash Isa: Saga offers the top one-year fixed-rate cash Isa account at 3.60% but this account does not allow transfers in from other providers. Santander’s one-year fixed-rate cash Isa pays 3.50% and does allow transfers in. The one-year fixed-rate Isas from Aldermore also pays a competitive rate at 3.30%
- Two-year fixed-rate cash Isa: Santander’s Two-year Fixed Rate Major Isa offers 4.00% and has a minimum deposit of just £1. The two-year fixed-rate cash Isa deal from Halifax (3.70%) is also an attractive product if you’re happy to tie your money up for two years. Both of these Isas allow transfers in.
- Three-year fixed-rate cash Isa: The Halifax Fixed Rate Isa Saver account currently tops our three-year fixed-rate cash Isa table paying 4.25% on initial balances of at least £500. The Cheltenham & Gloucester Three-year Fixed Rate account is second best at 3.90%.
- Four-year fixed-rate cash Isa: The Halifax Fixed Rate Isa Saver pays 4.35% and is the only four-year fixed-rate cash Isa deal that qualifies to feature in our tables at the moment.
- Five-year fixed-rate cash Isa: Once again, Halifax leads the way with its five-year fixed rate Isa with a rate of 4.50%, a minimum deposit of £500 and allowing transfers in. BM Savings and Clydesdale/Yorkshire Bank Fixed-Rate Isa accounts are currently paying 4.30% and 4.25% respectively. These Isas all allow transfers in from other providers.
The best savings accounts
- Instant access savings: Derbyshire BS NetSaver Issue 3 account tops the best instant-access savings table at 3.06%. The rate includes a 2.06% bonus payable to 30 June 2013. Skipton BS’s Online Bonus Saver follows closely behind at 3.05% from initial balances of £1,000..
- Notice savings: Traditionally, notice savings accounts paid higher rates than instant access accounts in return for tying your money up but this is no longer always the case. Manchester BS’s Platinum Notice Issue 1 accounts leads our table at 3.16% which includes a bonus of 1.15% payable for a year.
- One-year fixed rate savings: Tesco Bank offers the top-paying one-year fixed-rate savings account at 3.50% which can be operated via the internet or over the telephone. Allied Irish Bank’s one-year fixed-rate savings account pays 3.40% from balances of £1,000.
- Two-year fixed rate savings: Scottish BS’s Scot Bond offers the top-paying two-year fixed-rate savings account at 3.85% from £1,000 and is operated at a branch or by post. Governor Money’s Progressive BS Fixed Rate deal pays a competitive rate at 3.75% from balances of £100.
- Three-year fixed rate savings: Close Brothers Savings offers the best three-year fixed-rate savings deal at 4.00%, with a minimum deposit of £10,000. Clydesdale and Yorkshire Bank also offer attractive rates at 3.90%.
- Four-year fixed rate savings: Governor Money and Halifax currently tops our four-year fixed-rate savings account table, paying 4.05% on initial balances of £100 and £500 respectively.
- Five-year fixed rate savings: Secure Trust Bank currently leads our five-year fixed-rate savings account table, paying an impressive 4.52% on initial balances of at least £1,000 The AA and BN Savings are next best at 4.4% from balances of just £1.
And finally… boost your savings
To find out if your savings account is paying a competitive interest rate, check out the Which? Savings Rate Booster tool and switch your account to a better paying deal if necessary.