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Savings deals of the week, 20 June 2013

Which? experts round up the best savings deals

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

Best savings accounts on the market

As there are no savings accounts that beat or match the current rate of inflation (at 2.70%), it’s essential you keep track of the rate you’re getting on your savings and switch to a more competitive account if necessary. 

To maximise the interest you’re getting, use up your tax-free cash Isa allowance first, before putting your money in a taxable account. The cash Isa allowance for the current year is £5,760.

To match the rate of inflation, a basic-rate taxpayer would need a savings account paying 3.38% a year and a higher-rate taxpayer would need one paying 4.50%.

Most attractive cash Isas

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

Currently, the Isa Saver Issue 3 account from Cheshire Building Society offers the best instant-access cash Isa rate at 2.30%, which includes a 1.80% bonus payable to 31 October 2014. 

Nationwide’s Easy Saver Isa Issue 1 account pays 2.25% but doesn’t allow transfers in from other providers. If you’ve already used up your cash Isa allowance this year, the best ordinary instant access savings account, from NS&I, pays 1.75% – 1.40% after basic-rate tax at 20%.

Find more Best Rate products

  • Best Rate savings accounts – to find the best instant access, notice or fixed-rate savings accounts.
  • Best Rate cash Isas – to find the best tax-free instant access, 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 £5,000 over 3-years or £10,000 over 5-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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