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Savings deals of the week 25 February 2015

Which? experts round up the best savings deals

Which? Money provides our weekly look at the best savings deals on the market to help you to boost your savings.

If you’ve used your tax-free Isa allowance

If you’ve already used your tax-free Isa allowance for the 2014/15 tax-year, but you still have money to invest, we’ve rounded up the best instant access, notice and fixed-rate savings deals for you.

Here, we take a look at some of the best taxable savings accounts currently available. For the Best Rate savings accounts, we’ve also included a link to the Which? Money Compare tables where you can find out more details.

Best Rate savings accounts

Instant-access savings account

Currently topping the best instant-access savings account table is Saga, paying 1.35%. However, it’s worth noting that this account is only available to savers aged 50 or above. Click here to find out more about this savings account.

The AA, Bath Building Society, Kent Reliance, NS&I and Skipton Building Society are next, all paying 1.25%.

Notice savings account

Notice savings accounts used to pay higher rates for locking up your money, but at the moment there is just one notice account paying more than the top instant-access savings account rate.

Hampshire Trust Bank offers the top rate, at 1.40%, but you’ll need to give around three months’ notice to get at your cash.

One-year fixed-rate savings account

NS&I’s 65+ Guaranteed Growth Bond offers a market-leading one-year fixed term interest rate, at 2.80%. This account is available to people aged over 65 and the deadline for applications is 15 May 2015. You can find out more here

United Bank UK and United Trust Bank follow closely behind with accounts available to savers of any age, both paying 1.75%.

Two-year fixed-rate savings account

The two-year fixed-rate savings deal from Shawbrook Bank, paying 2.20%, is the best rate if you’re happy to tie up your money for two years. This account requires an initial investment of £5,000. Click here for more information. 

Following closely behind is the deal from United Bank UK, paying 2.15% from an initial opening balance of £2,000.

Three-year fixed-rate savings account

NS&I’s 65+ Guaranteed Growth Bond offers a market-leading three-year fixed term interest rate, at 4.00%. This account is available to people aged over 65 and the deadline for applications is 15 May 2015. You can find out more here

For savers aged under 65, the best rates are from Close Brothers Savings and United Bank UK, paying 2.50% and 2.45% respectively.

Four-year fixed-rate savings account

Vanquis Bank’s Fixed Rate savings account is offering a rate of 2.61%, and is the best rate offered on a four-year fixed-rate savings account. Click here to find out more about this savings account.

The deal from Shawbrook Bank isn’t far behind, at 2.60% from initial opening balances of £5,000.

Five-year fixed-rate savings account

Secure Trust Bank currently leads the five-year fixed-rate savings account table, paying 3.03%. More information can be found here.

United Bank UK’s deal is next, paying 3.02% from an initial deposit of £2,000. 

Which? Money Compare table: Fixed-term savings accounts – compare hundreds of deals

And finally… boost your savings

With interest rates on savings accounts continuing to tumble, you can now earn more interest on your cash in a current account. 

Savers with between £3,000 and £20,000 can earn 3% gross in Santander’s 123 account. Nationwide and TSB are also offer a top-paying current account, both paying 5% on balances up to £2,500 and £2,000 respectively.

It’s been tough to find the best rate on your savings and cash Isa in recent years, but Which? is here to help. 

The Which? Money Compare tables let you search hundreds of savings accounts and cash Isa deals from providers large and small so that you can find a great home for your nest egg. We also combine this with our unique customer scores that show you how well the provider you pick will treat you in the long run.

More on this… 

Which? Ltd is an Introducer Appointed Representative of Which? Financial Services Ltd, which is authorised and regulated by the Financial Conduct Authority. Which? Mortgage Advisers and Which? Money Compare are trading names of Which? Financial Services Limited.

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