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Savings deals of the week, 13 December 2012

Which? experts round up the best savings deals

Green piggy bank

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

The best instant access savings accounts on the market

As speculation on a cut in the Bank of England base rate continues, we have seen savings rates plummet. Over the last few months, banks and building societies have been withdrawing top savings deals, and in some cases, replacing them with lower-paying products. Back in August, the best instant access savings account paid an impressive 3.2% but today, the top deal is offering savers just 2.35% – a whopping 0.85% less.

As savings rates are volatile, we highlight the top 5 instant access savings accounts for you.

There are two providers at the top of the instant access savings table this week. Marks & Spencer Bank and the Post Office offer accounts paying 2.35% from initial balances of just £1. Both accounts include a variable rate bonus, so you will need to switch to a more competitive account once the bonus period has ended. National Counties BS are next with its Online Saver account which pays 2.25% followed by Derbyshire BS and GE Capital Direct both at 2.20%.

Find more Best Rate products

  • Fixed rate savings accounts – to find the best one, two, three, four and five-year accounts.
  • Best Rate cash Isas – to find the best tax-free instant, notice or fixed rate cash Isa deal.
  • 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.

More on this…

  • Non-internet savings accounts – for the best rate non-internet accounts
  • Are my savings safe? – the Which? guide to savings protection
  • Regular savings accounts – for the best rate monthly savings accounts
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