After 11 consecutive Bank of England Base Rate rises, some banks and building societies are paying some of the highest interest rates seen in decades. There are a number of different savings accounts suitable for a variety of circumstances, and Express.co.uk has pulled together the accounts offering some of the top rates for each.
Easy access savings
Yorkshire Building Society’s Rainy Day Account (Issue 2) is offering an Annual Equivalent Rate of 3.6 percent on balances up to £5,000, while a slightly lower 3.1 percent rate is applied to funds over £5,000.01.
The account can be opened with just £1 and interest is calculated daily and applied annually on March 31.
Withdrawals are permitted on two days per year based on the anniversary of account opening, plus closure at any time.
The savings app Chip has increased the Annual Equivalent Rate (AER) on its Instant Access Account to 3.55 percent.
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The account can be opened online with just £1 and up to £250,000 can be invested. Instant withdrawals are permitted and interest can be paid away or compounded.
Zopa’s Smart Saver is offering an AER of 3.34 percent. The account can be opened with £1 and interest is applied monthly.
Zopa allows customers to open personalised pots, however, a maximum of £85,000 can be deposited to the account in total before account holders are no longer allowed to submit any more cash.
Fixed rates
For savers looking for a short-term fixed rate, Monument Bank’s Six Month Fixed Term Deposit is currently offering an AER of 4.03 percent.
Savers can open the account with a minimum deposit of £25,000 and withdrawals are not permitted throughout the course of the term.
Zopa allows customers to open personalised pots, however, a maximum of £85,000 can be deposited to the account in total before account holders are no longer allowed to submit any more cash.
SmartSave’s One Year Fixed Rate Saver is offering an AER of 4.51 percent.
The account can be opened with a minimum deposit of £10,000 and interest accrues daily and is paid annually. Withdrawals are not permitted except for exceptional circumstances.
For savers hoping to store cash away for two years, Al Rayan Bank’s 24 Month Fixed Term Deposit is currently offering an expected profit rate of 4.62 percent.
The bank operates under Shariah principles, which means people earn profit rather than interest on their savings.
The account requires a minimum deposit of £5,000 to open and profit is calculated and credited on the last working day of each calendar month. Withdrawals and early closure is not allowed.
United Trust Bank’s UTB Five Year Bond is offering savers an AER of 4.65 percent.
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For those looking for a two-year fixed rate, Virgin Money’s 2 Year Fixed Rate Cash E-ISA (Issue 561) is offering an AER of 4.26 percent.
The account can be opened with £1 and interest is paid annually on August 5. Any withdrawals made within the fixed rate period will be subject to a charge equivalent to 90 days’ loss of interest on the amount withdrawn.
For five-year terms, the State Bank of India’s Five Year Cash ISA Fixed Deposit is offering an AER of 4.15 percent.
The account can be opened with £5,000 and interest is paid on maturity. Withdrawals or transfers of the deposit can be made before the end of the term if 30 days’ notice is provided, however, there will be a loss of interest.
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