High street Banks and Building Societies are still not fighting hard enough for our savings balances, but some of the less well known specialist and challenger banks are more than making up for it with some excellent rates currently on offer.
Savings rates are slowly edging upwards and Inflation (CPI) is now starting to ease so it’s a double dose of good news for savers.
Here are some of the very latest top paying accounts.
If you need instant access to your cash then Marcus is paying 1.50% (includes a 0.15% bonus which expires after 12 months), alternatively Tesco Bank and Post Office Money are both offering a very competitive 1.45%
Locking your cash away will earn you a higher return and here are some of the top picks at present:
- 1 Year fixed rate bond – Gatehouse Bank 2.10%
- 18 months fixed rate bond – Charter Savings Bank 2.05% or Investec Bank (min £25k) 2.15%
- 2 Year fixed rate bond – Tandem Bank 2.30%
- 3 Year fixed rate bond – Tandem Bank 2.40% or Paragon Bank 2.37%
Information correct as at 16th January 2019 – all the above providers are protected by the FSCS (Financial Services Compensation Scheme).
- Mainstream credit card rates unchanged in 2020 – for now - June 16, 2020
- Best Buy Fixed Rate Savings – 22nd May - May 22, 2020
- Best Cash ISA products for the new tax year – updated 13th May - May 13, 2020