Which? Money provides its weekly look at the best savings deals currently available to help you deposit your cash in the right account.
Best savings accounts on the market
There was a time when savings accounts aimed at people aged 50 and above paid better rates than accounts available to people of any age, but nowadays, this isn’t the case.
The best over-50s instant access account pays less in interest over a year compared with the best instant access account for any age.
The best over-50s account allowing unlimited withdrawals is from Chorley & District Building Society at 1.50% – 0.25% lower than the instant access account open to anyone – NS&I offers 1.75% on its Income Bonds account. Furthermore, of the 11 instant access over-50s accounts on offer, just six pay interest of 1.00% or above.
Most attractive instant access rates
As savings rates are still unpredictable, we highlight the top instant access savings deals for you.
Currently, the Income Bonds account from NS&I offers the best instant-access savings account rate at 1.75% from an initial investment of £500.
Derbyshire Building Society’s NetSaver Issue 11 account pays 1.70%, which includes a 1.20% bonus payable to 30 June 2014. However, you will need to switch to a more competitive account once the bonus period ends as the rate will drop to just 0.50%. Virgin Money’s Instant Access Saver account is next at 1.55%.
Find more Best Rate products
- Best Rate savings accounts – to find the best instant access, notice or fixed-rate savings accounts.
- Best Rate cash Isas – to find the best tax-free instant access, 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 £5,000 over 3-years or £10,000 over 5-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.