Which? Money provides its weekly look at the best savings deals currently available to help you deposit your cash in the right account.
Best market-leading instant access savings accounts
Over the last six months, we have seen the number of instant access savings accounts on the market fall. And on top of this, the number of accounts offering an introductory bonus as an incentive have also dropped over the same period. According to Moneyfacts, there were 470 instant access savings accounts at the start of August last year, of which 73 (16%) paid an introductory bonus. Now, in January, there are 416 such accounts on the market, of which 46 (11%) pay a bonus.
Today, around half of the Which? Best Rate instant-access accounts come with an introductory bonus payable for at least a year. But back in September, almost all accounts featured in our Best Rate table included a bonus.
As savings rates are still unpredictable, we highlight the top instant access savings deals for you.
The Post Office sits at the top of the instant-access table this week, paying 2.10% AER. After the first year, the rate plummets to just 0.1%, so you will need to switch to a competitive account once the bonus period comes to an end. Derbyshire BS, Leeds BS and Virgin Money are next with accounts paying 2%. The account from Derbyshire BS includes an introductory bonus.
Find more Best Rate products
- Best Rate savings accounts – to find the best instant, notice and one, two, three, four and five-year accounts.
- Best Rate cash Isas – to find the best tax-free instant, notice or fixed rate cash Isa deals.
- Best Rate credit cards – to find the best cards to suit your requirements.
- Top unsecured personal loans – for borrowing £10,000 over 5-years or £5,000 over 3-years.
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.