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Savings deals of the week, 31 October 2013

Which? experts round up the best savings deals

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

Fixed-term rates increase further

The battle for the top spot in the fixed-rate savings account market heats up again this week as two providers increase the interest rates on their accounts.

Vanquis Bank is the latest provider to increase its rates. Despite an increase of just 0.10%, it’s enough to make its High Yield deal sit comfortably at the top of the four-year fixed rate table.

We’ve also seen a rate rise from Shawbrook Bank, by as much as 0.30% which has taken them to first place in the three and five-year fixed rate table, paying 2.65% and 3.10% respectively.

Although it’s good to see banks competing for the top spot by offering savers better rates, it’s still worth remembering that tying up your money for a long period may not always be the best option. Rates are still low and you could miss out on more attractive offerings if the interest rates increase over the next few years.

Best fixed-rate savings accounts on the market

As savings rates are volatile, we highlight the top fixed-rate savings accounts for you.

If you prefer to tie your money up for just one year, the best deal from BM Savings pays 2.00% from initial deposits of £1. 

However, if you’re able to tie your money up for a little longer, Close Brothers Select Gold account offers the best rate, at 2.30% from initial deposits of £10,000. But if you have a smaller amount to invest, The AA’s deal at 2.25% requires an initial investment of just £1.

Find more Best Rate products

  • Best Rate savings accounts – to find the best instant, notice and one to five-year fixed rate 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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