High street Banks and Building Societies are still not fighting hard enough for our savings balances, with many failing to pass on the August 0.25% interest rate hike to their customers.
However it’s not all bad news with some of the Challenger Banks and less well known brands battling it out in the best buys.
Rates are changing daily and with inflation remaining stubborn we may see another interest rate hike before the year is out, but for now here are some of the 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 Shawbrook Bank and Charter Savings Bank are both offering a very competitive 1.40%
Locking your cash away will earn you a higher return and here are some of the top picks at present:
- 18 months fixed rate bond – Charter Savings Bank 2.11% or Masthaven Bank 2.05%
- 2 Year fixed rate bond – Shawbrook Bank 2.27% or Paragon Bank 2.26%
- 3 Year fixed rate bond – Tandem Bank 2.40% or Paragon Bank 2.37%
Information correct as at 9th October 2018 – all the above providers are protected by the FSCS (Financial Services Compensation Scheme).
- Fixed rate savings – best buy rates edging upwards - September 17, 2020
- 0% Credit Card Balance Transfer terms on the slide since lockdown - July 13, 2020
- Mainstream credit card rates unchanged in 2020 – for now - June 16, 2020