Hot savings deals, 11 September 2012Which? experts round up the best savings deals
11 September 2012
Which? Money provides its weekly look at the best savings deals currently available to help you deposit your cash in the right account.
The best cash Isas on the market
- Instant access cash Isa: Manchester Building Society offers the best instant-access cash Isa deal, paying 3.06% on initial balances of at least £1,000. This account includes a bonus of 1.05% payable for a year. The Post Office's Premier Cash Isa pays 3.01% (including a 1.26% bonus for 18 months). Marks & Spencer Money's Advantage Isa also stands out with a headline rate of 3.00% without a bonus period - so is worth considering if you want to avoid worry about the rate dropping off. You can also start with a minimum deposit of £25.
- Notice cash Isa: Notice cash Isa accounts used to pay a higher rate for locking up your money, but don't tend to anymore. Coventry BS's 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. This account does not allow transfers in from other providers.
- One-year fixed-rate cash Isa: Metro Bank offers the top one-year fixed-rate cash Isa account at 3.25% and allows transfers in from other providers. The Isas from Governor Money and Julian Hodge Bank also pay competitive rates at 3.20%.
- Two-year fixed-rate cash Isa: Bank of Cyprus and Santander lead with their Isas paying 3.30%. The two-year fixed-rate cash Isa deals from the Halifax, Post Office, Krbs and M&S Money also offer an attractive rate at 3.25% if you're happy to tie your money up for two years.
- Three-year fixed-rate cash Isa: The Halifax offers a decent rate of 3.75% and tops the three-year fixed rate cash Isa table. Krbs follows with a rate of 3.51% from balances of £1,000 and can be operated at a branch or by post.
- Four-year fixed-rate cash Isa: The Halifax Fixed Rate Isa Saver offers the top four-year fixed-rate cash Isa deal paying 3.80%. This is closely followed by Julian Hodge Bank's Isa paying 3.75%.
- Five-year fixed-rate cash Isa: BM Savings are top with its five-year fixed rate Isa paying 4.05% and requiring a minimum deposit of £500. Halifax and Julian Hodge Bank Fixed Rate Isa accounts currently pay 4.00%. All allow transfers in.
The best savings accounts
- Instant access savings: Saga tops the best instant-access savings table at 3.00% on balances from £10,000 (2.60% on balances of less than £10,000). The Post Office's Online Saver Issue 7 account is next at 2.95%.
- 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. United Bank UK's 90 Day Notice account is best at 3.12% on balances from £2,000.
- One-year fixed rate savings: Close Brothers Savings offers the top-paying one-year fixed-rate savings deal at 3.30%. Aldermore, Krbs, Post Office, Vanquis Bank and United Bank UK all offer a decent rate at 3.25%.
- Two-year fixed rate savings: Close Brothers Savings offer the top-paying two-year fixed-rate savings account at 3.75%. Tesco Bank follows closely behind with a deal paying 3.60% from initial deposits of £2,000.
- Three-year fixed rate savings: Krbs offers the best three-year fixed-rate savings account with a rate of 3.75%. However, Tesco Bank are hot on its heels at 3.70%.
- Four-year fixed rate savings: Julian Hodge Bank and Krbs offer the best four-year fixed-rate savings accounts at 3.75% from initial balances of £1,000..
- Five-year fixed rate savings: Julian Hodge Bank currently tops our five-year fixed-rate savings table, paying 4.00%. Vanquis Bank follows closely at 3.91% from balances of £1,000..
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 for a better deal if necessary.
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