Which? Money provides its weekly look at the best savings deals currently available to help you deposit your cash in the right account.
Is your savings bonus coming to an end?
This time last year, just under 20% of savings accounts came with a bonus rate to entice new customers. As a result of The Funding For Lending Scheme, only 6% of savings accounts offer a bonus rate today.
If you were tempted by top savings rates this time last year, you’ll need to think about moving your savings to another account as your bonus period will be drawing to an end.
For example, if you opened AA’s Internet Extra Issue 4 account a year ago (paying 2.80% including the bonus), the rate is due to drop massively, to just 0.50%.
It’s essential for savers to ensure they’re getting the most competitive rate on their savings. As a result of poorer interest rates and fewer accounts offering bonuses, savers now have less choice than they had a year ago.
Most attractive instant access and notice account rates
As savings rates are still unpredictable, we highlight the top instant access and notice savings deals for you.
Currently, the eSaver Special account from Sainsbury’s Bank offers the best instant-access savings account rate at 1.55% from an initial investment of £1,000.
Instant-access savings accounts from the AA, Krbs and the Post Office follow closely behind, all offering a rate of 1.50%. If you prefer an account without a bonus period, the deal from Krbs doesn’t include a bonus.
The top-paying notice savings account is offered by Aldermore, paying 1.75%. You will need to give 30 days notice to access your money otherwise you will incur a penalty. Krbs and Saffron Building Society are next with accounts paying 1.65%. Again, you will need to give notice to access your money.
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.