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Hot money deals, 16 August 2012

Which? experts round up the best money deals

Faulty goods package

This week, we track down the best savings accounts and cash Isas, as well as the leading credit card and loan deals. We also help you get expert consumer advice at your finger tips with our iPhone app.

Best Rate savings accounts

  • Instant access savings: KRBS’s Direct Savings account tops the best instant-access savings table at 3.20% from initial balances of £1,000.
  • One-year fixed-rate savings: United Bank UK offers the top-paying one-year fixed-rate savings rate at 3.45%. This account can be operated at a branch, online or by post.
  • Three-year fixed-rate savings: The AA offers the best three-year fixed-rate savings deal at 4.00% from just £1.
  • Five-year fixed-rate savings: Vanquis Bank currently leads our five-year fixed-rate savings account table, paying 4.06% on balances of at least £1,000.

Best Rate cash Isas

  • Instant access cash Isa: Manchester Building Society leads our table for instant-access cash Isa deals, paying 3.06% (including a 1.05% bonus payable for a year). This account can be operated at branch or by post.
  • One-year fixed-rate cash Isa: Julian Hodge Bank offers the top one-year fixed-rate cash Isa account at 3.35% from balances of at least £5,100. This account can be operated by post only.
  • Three-year fixed-rate cash Isa: The Post Office and Saga currently top our three-year fixed-rate cash Isa table, paying 3.70%. The Saga account is available to people aged over 50 only.
  • Five-year fixed-rate cash Isa: BM Savings currently leads our five-year fixed-rate cash Isa table, paying 4.05% from initial balance of £500.

Best credit cards for cashback

There are currently several good cashback credit card deals on the market from American Express, Capital One and Santander:

  • The Platinum Cashback Card from Which? Recommended Credit Card Provider American Express pays 5% cashback for the first three months (max £100), followed by a standard cashback rate of 1.25% on everything you spend. The card comes with an annual fee of £25 a year, so is only suitable for big-spenders. If you spend in excess of £10,001 within a year, you’re eligible for 2.5% cashback during the anniversary month the following year. The card comes with a 14% purchase APR.
  • The Aspire World MasterCard from Which? Recommended Credit Card Provider Capital One offers 5% cashback for the first three months (max £100). You then earn 0.5% on an annual spend of up to £5,999, 1% on amounts between £6,000 and £9,999 and 1.25% on amounts above £10,000. The card comes with a relatively high APR of 19.9%, but charges no annual fee.
  • Which? Recommended Credit Card Provider Capital One also offers the Aspire Elite MasterCard for customers who have an income of more than £50,000 p.a. and own a home. This card offers the highest introductory rate on the market of 5% cashback for the first three months capped at £200. You then earn 1% on annual spend up to £15,000, 2% on amounts between £15,000 and £50,000 and then 1.35% for annual spend of £50,000 and above. The card charges an annual fee of £120 with a purchase APR of 17.69%. The card also comes with some additional benefits that include concierge service, extended warranty and best price protection.  
  • The Santander 123 Cashback MasterCard offers 1% cashback on shopping at selected supermarkets, 2% cashback at selected department stores and 3% cashback at selected major petrol stations. Santander charges an annual £24 fee on the card, so it’s only suitable if you use it a lot.

The cheapest unsecured personal loans

In our best rate personal loan tables we show the lowest rates available for loans that aren’t exclusive to specific account holders or existing customers of banks or other institutions. 

  • For those borrowing £5,000 over three years: Marks & Spencer Money offers a the leading rate of 7.30% APR for a £5,000 loan.
  • For those borrowing £10,000 over five years: Derbyshire Building Society offers a representative rate of 5.8% APR for a £10,000 loan.

And finally… this week’s tip

Our free and easy to use Consumer Rights iPhone app will give you access to expert consumer advice anytime you need it, whether at home or on the move. 

It gives advice and information on what you are entitled to, by law, as a consumer. The app covers things like consumer protection rules, dealing with faulty goods, flights and delays and cancellations, online shopping and catalogue problems, pricing disputes and information about the Consumer Credit Act and the Sale of Goods Act

More on this…

  • Consumer Rights – information on all your consumer rights
  • Which? Campaigns – find out how Which? is campaigning on your behalf
  • Which? Money Helpline – we can help you with your money queries
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