Hot savings deals, 04 December 2012Which? experts round up the best savings deals
04 December 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: M&S Bank currently offers the best instant-access cash Isa deal which allows transfers, paying 3.00% on initial balances of at least £25. The Cheshire BS also offers a cash Isa 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 3.10%, 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 Isa from Tesco Bank also pays a competitive rate of 2.75%.
- Two-year fixed-rate cash Isa: M&S Bank leads with its Isa paying 2.90%. The two-year fixed-rate cash Isa deal from the Britannia also offers an attractive rate at 2.62% if you're happy to tie your money up for two years.
- Three-year fixed-rate cash Isa: M&S Bank tops the three-year fixed rate cash Isa table at 3.00%. The Bank of Scotland and Saga follows closely behind with Isas paying 2.75%.
- Four-year fixed-rate cash Isa: The Bank of Scotland offers the top four-year fixed-rate cash Isa deal paying 2.80% from initial balances of £500. Julian Hodge Bank is next at 2.65%.
- Five-year fixed-rate cash Isa: BM Savings and United Trust Bank are top with a five-year fixed rate Isa paying 3.00%.
The best savings accounts
- Instant access savings: Tesco Bank tops the best instant-access savings table at 2.40%. The accounts from M&S Bank and The Post Office are next at 2.35%. All these accounts 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. FirstSave's 90 Day Notice account is best at 2.50% on balances from £100.
- One-year fixed rate savings: Close Brothers Savings offers the top-paying one-year fixed-rate savings deal at 2.70%. National Counties BS also offers a decent rate at 2.69% from initial balances of £1,000.
- Two-year fixed rate savings: FirstSave offers the top-paying two-year fixed-rate savings account at 3.05%. Shawbrook Bank follows closely behind with its deal paying 3.00%.
- Three-year fixed rate savings: Close Brothers Savings is top in the three-year fixed-rate savings account table with a rate of 3.30%. Shawbrook Bank and Vanquis Bank are next with accounts paying 3.00%.
- Four-year fixed rate savings: Shawbrook Bank offers the best four-year fixed-rate savings accounts at 3.00% from initial deposits of £5,000.
- Five-year fixed rate savings: Vanquis Bank currently tops our five-year fixed-rate savings table, paying 3.17%. This account can be operated via the internet only.
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