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Savings deals of the week, 04 July 2013

Which? experts round up the best savings deals

Green piggy bank on grass

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

The number of savings accounts offering bonuses as an incentive has hugely reduced since The Funding For Lending Scheme was launched.

At the start of August last year, there were 470 easy access accounts available, of which 73 (16%) paid an introductory bonus. Today, there are 354 easy access accounts, of which only 22 (6%) come with a bonus.

It’s no different when it come to notice savings accounts. Last August 9% offered an introductory bonus, compared with just 4% today.

It’s essential for savers to ensure they’re getting the most competitive rate on their savings. As a result of poorer interest rates and fewer accounts offering bonuses, savers now have less choice than they had a year ago.

Most attractive instant access and notice account rates

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

Currently, the Income Bonds account from NS&I offers the best instant-access savings account rate at 1.75% from an initial investment of £500.

Virgin Money’s Easy Access Saver account pays 1.55%, closely followed by Aldermore Bank, Krbs, and The Post Office, all paying 1.50%.

The top-paying notice savings account is offered by Aldermore, paying 1.75%. You will need to give 30 days notice to access your money otherwise you will incur a penalty. Krbs and Saffron Building Society are next with accounts paying 1.65%.Again, you will need to give notice to access your money.

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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