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Savings deals of the week, 16 January 2014

Which? experts round up the best savings deals

Pink Piggy

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

There was a time when savings accounts aimed at people aged 50 and above paid better rates than accounts available to people of any age, but nowadays, this isn’t the case. 

The best over-50s instant access savings account pays less in interest over a year compared with the best instant access account for people of any age.

The best over-50s account allowing unlimited withdrawals is Market Harborough Building Society’s Onthedot Sixty+Surfer, paying 1.26% – 0.29% lower than the best instant access account open to anyone. Furthermore, of the eight instant access over-50s accounts on offer, just four pay interest of 1.00% or above.

Most attractive instant access rates

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

Currently, the Internet Saver account from Tesco Bank offers the best instant-access savings account rate at 1.55%, which includes a 0.80% bonus payable for the first year. However, you will need to switch to a more competitive account once the bonus period ends as the rate will drop to just 0.75%.

Virgin Money’s Easy Access Saver Issue 8 account pays 1.51%. This account doesn’t include a bonus rate, so is a good option if you prefer not to switch after a year. The next best deals come from the Post Office and Krbs, both paying 1.50%.

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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