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Savings deals of the week, 08 May 2013

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. Just four months ago, the best instant access savings account paid 2.35% but today, the top deal is offering savers just 1.70% – 0.65% less. And four months previous to that – in August 2012, the top deal paid an impressive 3.20% – a whopping 1.50% less.

As savings rates are volatile, we highlight the top 3 instant access savings accounts for you.

There are two providers at the top of the instant access savings table this week. Aldermore Bank and the Derbyshire Building Society offer accounts paying 1.70% from initial balances of just £1,000. The Derbyshire account includes a variable rate bonus, so you will need to switch to a more competitive account once the bonus period has ended as the rate drops to just 0.50%. Virgin Money are next with its Easy Access e-Saver account which pays 1.55%. 

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.

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