Which? Money provides its weekly look at the best savings deals currently available to help you deposit your cash in the right account.
Best notice savings accounts on the market
The Bank of England base rate has remained at an all-time low of 0.50% for more than four years (the longest hold for 60 years), meaning that savers have continued to suffer with poor interest rates on their savings.
We’ve seen rates on instant access accounts plummet over recent months but, in turn, notice accounts have offered some of the best variable rates available. There are currently four Best Rate notice accounts (up to 90 days) offering a better rate than the top two instant access savings accounts.
A rate of 1.60% is the best on offer
The best notice account currently pays 1.60% – that is 0.10% more than the top-paying instant access account. So, if you’re happy to tie-up your money for just 30 days, this Best Rate account from the Post Office is a worthy option. However, this account comes with a 0.70% bonus payable for a year, so you’ll need to switch to a more competitive account once the bonus period has ended as the rate will revert to just 0.90%.
Accounts from Krbs, United Trust Bank and United Bank UK also offer a slightly better rate of interest compared to the top-paying instant access account, at 1.55%, 1.55% and 1.51% respectively.
If you haven’t yet used up your tax-free cash Isa allowance and are happy to give 60 days notice to access your savings, the top notice cash Isa account from Krbs pays 1.80% – slightly more than the best instant access Isa accepting transfers.
If you prefer instant access to your savings, the top accounts from The AA and Tesco Bank currently pay 1.50%, closely followed by Krbs, at 1.45%.
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.