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Savings deals of the week, 03 January 2013

Which? experts round up the best savings deals

Piggy bank with glasses

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

Best instant access cash Isa accounts on the market

Although interest rates on taxable instant access and fixed term accounts are continuing to fall, rates on cash Isas have fared a little better overall. 

Savers can earn 2.75% tax-free in Marks & Spencer’s instant access Advantage Isa while the best ordinary instant access account pays just 2.25% gross (1.80% after basic-rate tax at 20%). 

If you haven’t used all of this year’s Isa allowance (£5,640 to 5 April) and you’re searching for a short-term home for your savings, the M&S cash Isa account may be the one for you. You can save from as little as £100 as a lump sum or £25 a month by direct debit and can operate the account via the internet, by post or over the phone.

As savings rates are still unpredictable, we highlight the top instant access cash Isa deals for you.

M&S Bank sit at the top of the instant access cash Isa table this week, paying an impressive 2.75%. The West Bromwich BS are second with its WebSave Isa account paying 2.52% but Tesco Bank follows closely behind at 2.50%. It’s also worth noting that M&S Bank offer top rates on their one, two and three-year fixed term Isas paying 2.35%, 2.45% and 2.55% respectively.

Find more Best Rate products

  • Best Rate savings accounts – to find the best instant, notice and 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 deals.
  • 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.

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