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