Top High Interest Savings Accounts

With interest rates at an all time low, savers are finding it difficult to find a savings account which offers them a good return on their money. The market is definitely tough at the moment but so far in 2017 we’ve seen interest rates begin to slowly rise on savings accounts despite the historic low interest rate of 0.25%. In this article we take a look at some great offers on the market including the Current Accounts for savers, ‘Easy To Access’ Savings Accounts and Fixed Bonds.

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Top Current Accounts For Savers

TSB’s Classic Plus

The TSB Classic Plus is one of the best current accounts available at the moment. It offers 3% on balances of up to £1,500. It also offers up to £10 per month cashback based on paying at least 2 direct debits per month from the account and making 20 debit card transactions per month. These cashback offers are available until 30th June 2018.

The downside is that customers wanting to use the account are required to pay in a minimum of £500 each month to benefit from the rate. They also need to register for the online banking function and opt for paperless statements. A max of £85,000 is protected via the government’s savings guarantee.

Nationwide’s FlexDirect

FlexDirect from Nationwide also pays out 5% interest for account holders. The rate is applied for all savings held in the account, up to a maximum of £2,500. The downside, however, is that anyone wishing to use the account is required to pay in a minimum of £1,000 each month to maintain the rate. And after just twelve months Nationwide actually decreases the interest to just 1%.

Nationwide offer a “refer a friend scheme” which nets both you and your friend a £100 bonus if they switch to this account. You can refer up to 10 friends per year, earning you a nice £1,000 bonus if you’re a persuasive type. The account offers an interest-free overdraft for 12-mnths (reverts to 50p per day for the overdraft after 12-mnths). A max of £85,000 is protected via the government’s savings guarantee.

 

Santander 123

The Santander 123 account offers 1.5% interest on balances of up to and including £20,000 making it an attractive option for bigger savers. The account offers cashback of 3% on bills such as your mobile phone, broadband, digital TV package and home phone, 2% on home energy bills, 1% on home water, 1% on council tax and 1% on mortgages with Santander. To qualify for this and the interest rates you must pay in at least £500 per month and have 2 active, monthly direct debits on your account.

A max of £85,000 is protected via the government’s savings guarantee. Note Santander owns Cahoot so do not hold more than £85,000 in combined savings in these 2 banks.

 

 

Easy Access Savings Accounts

The West Brom Building Society

The West Brom Bonus Saver product offers 1.05% interest on balances of £1,000 and above. You are able to withdraw money as often as you like but note the interest rate bonus until June 2018 (0.35%). This means the account may become uncompetitive at this time so be prepared to switch again. A max of £85,000 is protected via the government’s savings guarantee.

Sainsbury’s Bank

Sainsbury’s eSaver account offers 1.05% interest on balances of £30,000 and above. £15,000 to £30,000 earns 0.9%, £1,000 to £15,000 earns 0.75% and smaller sums earn a measly 0.5%. This online account allows customers to make unlimited free withdrawals but the interest rate is variable and so could fall anytime. A max of £85,000 is protected via the government’s savings guarantee.

Post Office

The PO offers a savings rate of 1.01% but with a bonus of 0.76% for 12-mnths. After this the interest rates falls to 0.25% so this is only an attractive option for savers willing to switch accounts after 12-mnths. Savers can deposit anywhere between £1 and £2m and withdrawals are unlimited and penalty free. Savers have the option of monthly or annual interest payments with the monthly option offering a slightly lower interest rate. A max of £85,000 is protected via the government’s savings guarantee. Note the Post Office partners with the Bank Of Ireland so do not hold more than £85,000 in combined savings in these 2 banks.

 

 

Fixed Savings Bonds

1 Year

Atom Bank

Atom Bank offers a fixed interest rate of 1.8% on a 12 month Fixed Deposit Account. Savers can deposit an amount between £50 and £100,000 and access is exclusively via their mobile app. Withdrawals are not permitted within the 12 month period and interest is paid monthly or annually. A max of £85,000 is protected via the government’s savings guarantee.

Charter Savings Bank

Charter Savings Bank offers a fixed interest rate of 1.61% on a 12 month Fixed Deposit Account. Savers can deposit an amount between £1,000 and £250,000 and access is exclusively via their website. Withdrawals are not permitted within the 12 month period and interest is paid monthly or annually. A max of £85,000 is protected via the government’s savings guarantee.

United Trust Bank

United Trust Bank offers a fixed interest rate of 1.5% on a 12 month Fixed Deposit Account. Savers can deposit any amount between £500 and £500,000 and access is by internet. Withdrawals are not permitted within the 12 month period and interest is paid annually. A max of £85,000 is protected via the government’s savings guarantee.

3 Year

Atom Bank

Atom Bank offers a fixed interest rate of 2.2% on a 36 month Fixed Deposit Account. Savers can deposit an amount between £50 and £100,000 and access is exclusively via their mobile app. Withdrawals are not permitted within the 12 month period and interest is paid monthly or annually. A max of £85,000 is protected via the government’s savings guarantee.

Secure Trust Bank

Secure Trust Bank offers a fixed interest rate of 2% on a 3 year Fixed Deposit Account. Savers can deposit an amount between £1,000 and £1,000,000 and access is by post or online. Withdrawals are not permitted within the 3 year period and interest is paid annually. A max of £85,000 is protected via the government’s savings guarantee.

Vanquis Bank

Vanquis Bank offers a fixed interest rate of 1.85% on a 3 year Fixed Deposit Account. Savers can deposit an amount between £1,000 and £250,000 and access is by post or online. Withdrawals are not permitted within the 3 year period and interest is paid monthly or annually. A max of £85,000 is protected via the government’s savings guarantee.

Tesco Bank

Tesco Bank offers a fixed interest rate of 1.41% on a 3 year Fixed Deposit Account. Savers can deposit an amount between £2,000 and £5m and access is via their website. Withdrawals are not permitted within the 3 year period and interest is paid monthly or annually. A max of £85,000 is protected via the government’s savings guarantee.

5 Year

Atom Bank

Atom Bank offers a fixed interest rate of 2.4% on a 5 year Fixed Deposit Account. Savers can deposit an amount between £50 and £100,000 and access is exclusively via their mobile app. Withdrawals are not permitted within the 12 month period and interest is paid monthly or annually. A max of £85,000 is protected via the government’s savings guarantee.

Secure Trust Bank

Secure Trust Bank offers a fixed interest rate of 2.25% on a 5 year Fixed Deposit Account. Savers can deposit an amount between £1,000 and £1m and access is by post or telephone. Withdrawals are not permitted within the 5 year period and interest is paid monthly or annually. A max of £85,000 is protected via the government’s savings guarantee.

Vanquis Bank Savings

Vanquis Bank Savings offers a fixed interest rate of 2.21% on a 5 year Fixed Deposit Account. Savers can deposit an amount between £1,000 and £250,000 and access is by post or telephone. Withdrawals are not permitted within the 5 year period and interest is paid monthly or annually. A max of £85,000 is protected via the government’s savings guarantee.

Tesco Bank

Tesco Bank offers a fixed interest rate of 1.76% on a 5 year Fixed Deposit Account. Savers can deposit an amount between £2,000 and £5m and access is via their website. Withdrawals are not permitted within the 3 year period and interest is paid monthly or annually. A max of £85,000 is protected via the government’s savings guarantee.

Disclaimer: TheMoneyDaily’s service is not intended to be, nor should it be construed as financial advice. We help our readers make informed decisions and can introduce you to comparison services and provide impartial information and guides. Where appropriate, we may introduce FCA authorised partners who can provide services relating to financial products.
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