Which? Money provides its weekly look at the best savings deals currently available to help you deposit your cash in the right account.
Rates on fixed terms deals on the rise
Over the last few weeks we’ve seen providers increasing the rates on their fixed term products or launching top-paying deals in a bid to attract new customers. The AA, BM Savings and Saga have made it to the top of the one, two and three-year fixed rate savings table with the introduction of new accounts.
On Tuesday, the Halifax reviewed the rates on selected fixed rate savings accounts and fixed rate cash Isas by increasing them by up to 0.40%. And Close Brother Savings increased the rate on its two and three-year fixed rate Select Gold accounts by up to 0.20%.
Although it’s good to see banks competing for the top spot by offering savers better rates, it’s still worth remembering that tying up your money for a long period may not always be the best option as rates are still low and you could miss out on more attractive offerings if the interest rates increase over the next few years.
Best fixed rate cash Isa accounts on the market
As savings rates are volatile, we highlight the top fixed-rate savings accounts for you.
The Halifax sits at the top of the two-year fixed rate cash Isa table this week, paying 2.10% and also leads the three and four-year fixed rate table, at 2.50% and 2.60% respectively.
If you’re able to tie your money up for longer, say five years – Leeds Building Society’s Fixed Rate Cash Isa offers the best rate, at 3.05% from initial deposits of just £1.
Find more Best Rate products
- Best Rate savings accounts – to find the best instant, notice and one to five-year fixed rate 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.