Hot savings deals, 13 November 2012Which? experts round up the best savings deals
13 November 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: Marks & Spencer Bank offers the best instant-access cash Isa deal which allows transfers, paying 3.00% on initial balances of at least £25. The Cheshire BS and Market Harborough BS also offer cash Isas paying 3.00% but transfers-in from other providers isn't permitted.
- 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: M&S Bank offers the top one-year fixed-rate cash Isa account at 2.80% and allow transfers in from other providers. The Isas from Krbs and Tesco Bank also pay competitive rates of 2.75%.
- 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 2.90% if you're happy to tie your money up for two years.
- Three-year fixed-rate cash Isa: Furness BS, Halifax, M&S Bank, United Trust Bank and Virgin Money all top the three-year fixed rate cash Isa table at 3.00%.
- Four-year fixed-rate cash Isa: The Halifax Fixed Rate Isa Saver offers the top four-year fixed-rate cash Isa deal paying 3.10% from initial balances of £500.
- Five-year fixed-rate cash Isa: United Trust Bank are top with its five-year fixed rate Isa paying 3.35%. Halifax follows with a rate of 3.20%.
The best savings accounts
- Instant access savings: The Derbyshire BS and Saffron BS top the best instant-access savings table at 2.50%. The account from Derbyshire BS includes a bonus, so you will need to switch once it has ended.
- 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. Hinckley & Rugby BS's 90 Day Notice postal account is best at 2.65% on balances from £2,500.
- One-year fixed rate savings: FirstSave offers the top-paying one-year fixed-rate savings deal at 3.00%. Krbs, tesco and United Bank UK also offer a decent rate at 2.75%.
- Two-year fixed rate savings: Tesco Bank and Shawbrook Bank offer the top-paying two-year fixed-rate savings accounts at 3.00%. Vanquis Bank follows closely behind with its deal paying 2.91%.
- Three-year fixed rate savings: Governor Money and Tesco Bank are top in the three-year fixed-rate savings account table with a rate of 3.10%. The Furness BS is next with its account paying 3.05%.
- Four-year fixed rate savings: The Halifax offers the best four-year fixed-rate savings accounts at 3.10% from initial deposits of £500.
- Five-year fixed rate savings: United Trust Bank currently tops our five-year fixed-rate savings table, paying 3.35%. This account can be operated at a branch or by post.
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