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Written by our founders Anna and Sue

Rate Alerts

Regular updates on the savings market

🔔 Best buys dropping - what are the alternatives?

Author: Anna Bowes
23rd September 2016

Savings Champion Rate Alert

Friday 23rd September 2016
 
With best buy accounts disappearing fast, often being replaced with lower paying versions, you would be forgiven for thinking that all is doom and gloom in the savings market at the moment.
 
The latest example comes from RCI Bank, which has withdrawn its market leading easy access account paying 1.20% gross/AER and replaced it with a lower paying version at 1.00% gross/AER. Whilst the new rate is competitive, there are higher paying options for those willing to look at an alternative type of account.
 
If you are looking for easy access to your money, High Interest Current Accounts offer some of the best interest rates on the market, with up to 5% AER available from bothNationwide and TSB Bank. For those looking for a more straightforward current account with fewer rules to stick to, 3% AER is available from Tesco Bank.
 
There will be those of you that are concerned about falling rates and are looking at Fixed Rate Accounts. The highest paying Fixed Rate Bond on the market at the moment is fromVanquis Bank paying 2.01% gross/AER for 5 years.

Certainly this type of account may be worth considering, especially in these uncertain times. But remember, it is important to keep some money accessible for a rainy day.
 
As always, the best thing to do if you are getting a low interest rate, is switch to a better option and if you need any help with this or want to discuss further options, please call us on 0800 321 3581, we’d love to hear from you.

Best Savings Deals Summary

If you have any queries regarding our Best Buy Tables, an account featured or the suitability of the account for your needs, please call us on 0800 321 3581

Best Buy Table Best Account(s) Best Rate (AER)

High Interest Paying Current Account

TSB Bank /
Nationwide Building Society

5.00%

Easy Access

Investec Bank

1.09%

Fixed Rate Bonds

Vanquis Bank (5 years)

2.01%

Variable Rate ISAs

Clydesdale Bank / Yorkshire Bank

1.50%

Fixed Rate Cash ISAs

United Trust Bank (5 years)

1.75%

Notice Accounts

 Charter Savings Bank

1.31%

Monthly Income

Vanquis Bank (5 years)

2.01%

Regular Savings

First Direct / M&S Bank

6.00%

Children's Accounts

Halifax / Saffron Building Society (Regular Saver)

4.00%

Junior ISAs

Coventry Building Society

3.25%

Help to Buy ISAs

Barclays

2.27%

* Deposits held with RCI Bank are covered by the FGDR, which is the French equivalent of the UK Financial Services Compensation Scheme (FSCS). Please contact us if you would like further information.

Our Best Buy Tables are based on whole of market research, independent and have no commercial bias, ensuring that you can rely on them to make an informed decision. Alternatively, please call us on 0800 321 3581 to discuss your savings with one of our expert advisers.