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Savings deals of the week, 11 July 2013

Which? experts round up the best savings deals

Savers kept in the dark

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 interest rates on savings accounts continue to fall, finding a decent home for your money has never been more of a challenge. 

If your savings are in a variable rate account, you could find the rate drop a short while after opening it. 

One way to ensure your rate won’t change so quickly is by opting for a fixed-rate account, as the rate of interest is fixed for the term (typically between one and five years), and therefore provides an element of security.

But, it’s worth noting that in return for a fixed rate of interest, you won’t be able to access your funds for the duration of the term, and in many cases you can only make one deposit – usually the one you open the account with. Early access to your money will incur a penalty.

Most attractive fixed-rate savings and cash Isa accounts

As savings rates are still unpredictable, we highlight the top one- and three-year fixed rate savings deals for your money.

Currently, Krbs offers the top-paying one-year fixed rate savings account at 2.05% (1.64% after basic-rate tax). You could earn up to 2.55% (2.04% after tax) in a three-year fixed rate bond.

If you haven’t already maximised your tax-free Isa allowance, the top one-year fixed rate cash Isa available from Tesco Bank pays 2.05%. Coventry Building Society leads the three-year fixed rate cash Isa table with its account paying 2.50%.

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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