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Hot money deals, 15 November 2012

Which? experts round up the best money deals

This week, we track down the best savings accounts and cash Isas, as well as the leading credit card and loan deals. We also look at  ways to reduce motoring costs.

Best Rate savings accounts

  • Instant access savings: The Derbyshire BS and Saffron BS top the instant-access savings table at 2.50%. The account from Derbyshire BS includes a variable rate bonus, so you will need to switch to a more competitive account once the bonus period has ended.
  • One-year fixed-rate savings: FirstSave offers the top-paying one-year fixed-rate savings rate at 3.00% from initial balances of £1,000.
  • Three-year fixed-rate savings: Governor Money and Tesco Bank offer the best three-year fixed-rate savings deals at 3.10% from initial balances of £100 and £2,000 respectively.
  • Five-year fixed-rate savings: United Trust Bank currently leads our five-year fixed-rate savings account table, paying 3.35%. This account can be operated at a branch or by post.

Best Rate cash Isas

  • Instant access cash Isa: M&S Bank leads our table for instant-access cash Isa deals, paying 3.00% and allows transfers-in. Isas from Cheshire BS and Market Harborough BS also pay 3.00% but transfers-in from other providers are not permitted.
  • One-year fixed-rate cash Isa: M&S Bank offers the top one-year fixed-rate cash Isa account at 2.80%. This postal or telephone account requires a minimum initial deposit of £500.
  • Three-year fixed-rate cash Isa: Furness BS, Halifax, M&S Bank, United Trust Bank and Virgin Money currently top our three-year fixed-rate cash Isa table, all paying 3.00%.
  • Five-year fixed-rate cash Isa: United Trust Bank currently leads our five-year fixed-rate cash Isa table, paying 3.35% from initial balances of £5,000.

Best 0%-on-purchases credit cards

These cards won’t charge you interest on your shopping for up to 16 months. Make sure you make the minimum payment each month or you’ll lose the deal.

  • Tesco Clubcard MasterCard currently offer the longest deal on the market with 16 months interest-free. The card also comes with a reward scheme.
  • The Marks & Spencer MasterCard and Halifax All in One MasterCard offer the next best deals with 15 months interest-free.
  • NatWest/RBS YourPoints World MasterCard offers 13 months 0% purchases. The card also comes with a loyalty scheme. Points can be redeemed against flights and other travel products or for goods at some popular high street names.  
  • The Bank of Scotland MasterCard offers 13 months on both purchases and balance transfers with 3% handling fee of the amount transferred onto the card.

Take a look at our for more great 0% deals.

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: Sainsbury’s Bank offers the leading rate of 7.1% APR for a £5,000 loan.
  • For those borrowing £10,000 over five years: Derbyshire Building Society offers a market leading rate of 5.40% APR for a £10,000 loan.

And finally… this week’s money tip

Car clubs can be an innovative way of cutting down on motoring costs, but car owners can also make money on their cars when they’re not in use. Renting out your car via WhipCar just once a month can earn you more than £1,000 a year but you can set your own rental price based on the make, model, age and miles on the clock of the car you own. 

More on this…

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