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Savings deals of the week, 17 October 2013

Which? experts round up the best savings deals
piggy bank still life

Which? Money provides its weekly look at the best savings deals currently available to help you deposit your cash in the right account. 

Seven top tips to boost your savings

As interest rates on instant access, notice and cash Isa savings accounts have never been lower, it’s essential to maximise the interest you could earn on your savings by following the seven steps below:

  1. Don’t leave your savings in a low-paying account.
  2. If you’re a tax payer, choose a tax-free account such as a cash Isa to boost your savings.
  3. Open an online savings account as they tend to pay a better rate of interest.
  4. Remember the date your fixed term account matures and move your savings to a competitive account.
  5. Once the bonus period ends on your savings account, remember to move your money to a top-paying deal.
  6. Being loyal to your bank very rarely pays, so keep an eye on the rate you’re getting and switch if necessary.
  7. Read the small print as some accounts come with catches, such as restrictions on the number of withdrawals you can make.

Best cash Isa accounts on the market

As savings rates are still unpredictable, we highlight the top cash Isa deals for you.

Tesco Bank currently offers the best instant access cash Isa rate at 2.00%, but you can’t transfer in previous years’ money from other providers. The top-paying account which does allow transfers pays 1.75% and is offered from Virgin Money.

If you’re happy to tie-up your savings for a year and wish to transfer previous years’ money, The Post Office’s one-year fixed-rate cash Isa may be the deal for you, paying 1.90%. 

And if you want to save in a fixed-rate bond for a longer term, say five years, you could earn up to 3.05%.

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.

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