Hot savings deals, 18 September 2012Which? experts round up the best savings deals

18 September 2012

Piggy bank with glasses

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: Bank of Cyprus UK offers the top one-year fixed-rate cash Isa account at 3.15% and allows transfers in from other providers. The Isas from Julian Hodge Bank, Krbs, M&S Money and the Post Office also pay competitive rates at 3.10%.
  • Two-year fixed-rate cash Isa: Santander leads with its Isa paying 3.30%. The two-year fixed-rate cash Isa deals from the Halifax, the Post Office 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. Julian Hodge Bank, M&S Money and the Post Office follow with a  rate of 3.50%.
  • 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: The Halifax and Julian Hodge Bank are top with their five-year fixed rate Isa paying 4.00%. They require a minimum investment of £500 and £5,100 respectively.

The best savings accounts

  • Instant access savings: The Post Office tops the best instant-access savings table at 2.95% on balances from just £1. The Derbyshire BS and Sainsbury's Finance are next at 2.90%.
  • 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%. The Post Office also offers a decent rate at 3.25% from initial balances of £500.
  • Two-year fixed rate savings: Close Brothers Savings offer the top-paying two-year fixed-rate savings account at 3.75%. The Post Office and United Bank UK follow closely behind with their deals paying 3.51% from initial deposits of £500 and £2,000 respectively.
  • Three-year fixed rate savings: The Co-operative Bank tops the three-year fixed-rate savings account table with a rate of 3.62%. However, The Post Office are hot on its heels at 3.61%.
  • Four-year fixed rate savings: Julian Hodge Bank and Hsawbrook Bank offer the best four-year fixed-rate savings accounts at 3.75%, followed by Halifax and Krbs at 3.50%
  • Five-year fixed rate savings: Julian Hodge Bank's postal account currently tops our five-year fixed-rate savings table, paying 4.00% from initial 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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