Andrew Bailey is the 'worst Bank of England boss' says Malone
We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
This increase is usually good news for savers however, the best-paying instant access account has only risen from 2.25 percent to 2.5 percent. According to Money.co.uk, the best-paying notice account have only risen from 3.12 percent in June to 3.2 percent today and the best-paying one-year fixed-rate bond has remained 4.65 percent for the whole period. James Andrews, senior personal finance editor at money.co.uk, said: “The message for savers is simple.
“Don’t hold your breath waiting for November’s rise in interest rates to filter through to your savings account as on past form it simply won’t.
“Instead, if you’re looking for more interest on your savings, move your money now.”
According to Money.co.uk’s savings page, which compares the savings accounts from a wide range banks and building society there are the top rates as of writing.
Instant access savings
The top four accounts in this category come from lesser well know banks and include RCI Bank, Investec, Paragon, and Yorkshire Building Society.
RCI Bank’s Freedom Savings Account offers a rate of 2.45 percent and can be opened with a £100 deposit.
Investec’s Online Flexi Saver again offers a 2.45 percent interest rate, however, people will need to open the account with a hefty £5,000 deposit.
READ MORE: Best high interest current accounts – top 10 products available right now
Next is Paragon’s Triple Access Account which offers a 2.3 percent rate and allows the account to be opened with just £1. However, the interest rate will drop if more than three withdrawals are made in a twelve-month period.
Finally, Yorkshire Building Society’s Society Internet Saver Plus again only needs £1 to open and pays two percent on balances from this until £10,000.
Balances between £10,000 and £50,000 can get an interest rate of 2.25 percent and over this amount the building society will offer a rate of 2.3 percent.
All of these accounts are protected by the FSCS scheme and have no notice, penalty, or charges when someone withdraws their cash.
Notice savings accounts
Money.co.uk says that these savings accounts could offer a higher interest rate as people will need to give a set amount of notice to withdraw their money.
Paragon bank features again with their 120 Day Notice Account which offers a rate of 2.9 percent,
As in the name, people will need to give 120 days notice to withdraw their money or close the account and it can be opened with a £500 deposit.
RCI matches this Paragon Banks 2.9 percent interest rate but only has a 95 day notice period on their 95 Day Notice Savings Accont however, the amount someone would need to open the account doubles to £1,000.
Raisin Bank’s 95 Day Notice account again needs £1,000 to open and offers a slightly lower rate of 2.71 percent.
However, if someone deposits £10,000 or more into their first savings account they will receive a free £30 bonus.
In fourth place on Money.co.uk’s highest rate Notice savings accounts is Investec’s 90-Day Notice Saver offers a 2.55 percent interest rate on deposits of £5,000.
READ MORE: ‘Don’t rely on state pension alone’ as age could rise ‘beyond’ 70 – how to plan ahead
The top paying cash ISAs are significantly higher than the easy-access accounts with the top spots being dominated by Leeds Building Society and Paragon Bank.
Leeds Building Society’s two year, three year and five year fixed rate ISA are all paying a rate of 4.31 percent which will remain the same until its term ends.
All these ISA accounts can be opened with just £100 and are subject to a loss of interest if withdrawals are made ranging from 150 days to 365 days.
Leeds Building Society’s one year Fixed Rate ISA features lower down on the list paying a rate of 3.85 percent and having only a 60 day loss of interest for withdrawals.
Paragon bank’s two and three year Fixed Rate ISAs paying an interest rate of 4.25 and 4.26 percent respectively.
Again, both come with loss of interest of 180 days and 270 days if withdrawals are made and need a £500 deposit to open.
On its two and three year fixed rate cash ISAs, Aldermore Bank offers a rate of four percent and 4.1 percent respectively.
People would need a £1,000 deposit to open and would face 180 days’ loss of interest if they withdrew their funds from both accounts.
Source: Read Full Article