With living costs putting additional pressure on pockets and bank interest rates fluctuating, Britons have been searching to secure the highest returns on their savings. Savings expert Lucinda O’Brien unveiled the top rates offered across easy access, fixed rate and cash ISA accounts today.
Money.co.uk’s Ms O’Brien commented: “The Bank of England announced last Thursday that the Base Rate had increased from 3.5 percent to four percent, and although it is still early days, we are already seeing some small changes to the rates on offer.
“Fixed-rate bond rates have dropped slightly compared to last week, with the highest rate standing at 4.5 percent from Raisin UK with its five-year fixed-term. However, cash ISAs are starting to look more favourable as Barclays’ one-year flexible cash ISA has an interest rate of four percent.”
Alternatively, she continued: “If you would prefer to access your money sooner, the 120-day notice savings account from Furness Building Society has a competitive interest rate of 3.5 percent.”
There is a wide range of different savings accounts people can opt into to suit different needs and requirements.
READ MORE: Barclays, HSBC, Lloyds and NatWest pay 0.5% but savers can get 4.17%
Withdrawals are permitted on two days per year based on the anniversary of account opening, plus closure at any time.
Fixed rate savings accounts
Fixed-rate accounts add another level of certainty to savings, as these accounts enable savers to secure an interest rate for a set length of time.
Taking the lead in six-month term savings accounts is ICICI Bank UK’s Six Month SuperSaver Bond with an AER of 3.5 percent, while My Community Bank’s One Year Fixed Term Deposit is currently taking the lead of one-year savers with an AER of 4.18 percent, according to experts at Money.co.uk.
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For those who need instant access to their cash ISA, Cynergy Bank Online ISA (Issue 29) is offering the highest rate today with an AER of 2.85 percent. The account can be opened with just £1 and savers can withdraw funds anytime without penalty.
Barclays’ One Year Flexible Cash ISA (Issue 36) tops the list in this category with an AER of four percent. The account can also be opened with just £1, however, a maximum number of three free withdrawals are allowed during the term.
For those looking to put money away for a slightly longer period of time, Close Brothers Savings Five Year Fixed Rate Cash ISA tops the list with an AER of 4.2 percent.
The minimum opening deposit for this account is £10,000 and withdrawals are not permitted without penalty.
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