Hot savings deals, 23 October 2012Which? experts round up the best savings deals
23 October 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: The Post Office offers the best instant-access cash Isa deal, paying 3.01% on initial balances of at least £100. This account includes a bonus of 1.26% payable for 18-months. Market Harborough BS and M&S Bank follow closely at 3.00%. The Isa from M&S Bank stands out as it comes without a bonus period - so is worth considering if you want to avoid worry about the rate dropping off.
- 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: Saga and Virgin Money offer the top one-year fixed-rate cash Isa accounts at 3.00% and allow transfers in from other providers. The Isa from M&S Bank also pays competitive rate of 2.95%.
- Two-year fixed-rate cash Isa: Santander leads with its Isa paying 3.30%. The two-year fixed-rate cash Isa deal from the M&S Bank also offers an attractive rate at 3.25% if you're happy to tie your money up for two years.
- Three-year fixed-rate cash Isa: United Trust Bank tops the three-year fixed rate cash Isa table at 3.55%. The Halifax and Virgin Money follow with accounts paying 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 3.55% from initial balances of £500.
- Five-year fixed-rate cash Isa: United Trust Bank are top with its five-year fixed rate Isa paying 4.00%. The Halifax follows with a rate of 3.60%.
The best savings accounts
- Instant access savings: NatWest tops the best instant-access savings table at 2.85% on balances from just £1. This account is operated via the internet only and includes a variable rate bonus payable for a year.
- Notice savings: Traditionally, notice savings accounts paid higher rates than instant access accounts in return for tying your money up but this is not 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: United Bank UK offers the top-paying one-year fixed-rate savings deal at 3.05%. FirstSave and United Trust Bank also offer decent rates at 3.00%.
- Two-year fixed rate savings: United Trust Bank offers the top-paying two-year fixed-rate savings account at 3.25%. BM Savings and United Bank UK follow closely behind with their deals paying 3.15%.
- Three-year fixed rate savings: United Trust Bank are top in the three-year fixed-rate savings account table with a rate of 3.55%. Vanquis Bank are next with their account paying 3.35% from balances of £1,000.
- Four-year fixed rate savings: Shawbrook Bank offers the best four-year fixed-rate savings accounts at 3.75% from initial deposits of £1,000.
- Five-year fixed rate savings: United Trust Bank currently tops our five-year fixed-rate savings table, paying 4.00%. Vanquis Bank follow at 3.71%.
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.
- Non-internet savings accounts - for the best rate non-internet accounts
- Are my savings safe? - the Which? guide to savings protection
- Regular savings accounts – for the best rate monthly savings accounts