Savings News & Alerts

Written by our founders Anna and Sue

Rate Alerts

Regular updates on the savings market

🔔 Cash incentive or 5% ongoing returns?

Author: Anna Bowes
08th September 2016

Savings Champion Rate Alert

Thursday 8th September 2016
With interest rates on savings accounts dropping left, right and centre, current accounts remain one of the most competitive areas of the market and are a great way for savers to boost their overall returns.

One way that providers are attracting new customers is through cash incentives and there are a number of these available to those who are willing to switch their current account. The latest comes from HSBC, which is offering £150 to switch to a new Advance or Premier Account and then a further £50 if you stay for 12 months, subject to terms and conditions.

Whilst this cash incentive is one of the largest avaiable at the moment, to take advantage you would need to switch your current account and you would not receive interest on balances held in the account.
High interest rates are another way that providers are attracting customers, with rates far in excess of those available from most traditional savings accounts. The good news for savers is that many of these current accounts allow you to take advantage of the high returns on offer without having to switch your main account.

Below is a summary of the best interest rates for High Interest Current Accounts, click on the links for more information.
Provider Account Name Balance AER
TSB Bank
Classic Plus Account
£1 - £2,000
5.00%
Nationwide Building Society
FlexDirect Current Account
£1 - £2,500
5.00%
Lloyds Bank
Club Lloyds Current Account
£4,000 - £5,000
4.00%
Tesco Bank
Current Account
£0 - £3,000
3.00%
Bank of Scotland
Vantage Current Account
£3,000 - £5,000
3.00%
Full Best Buy Tables »

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

RCI Bank*

1.20%

Fixed Rate Bonds

Clydesdale Bank / Yorkshire Bank (5 years)

2.00%

Variable Rate ISAs

Clydesdale Bank / Yorkshire Bank

1.50%

Fixed Rate Cash ISAs

United Trust Bank (5 years)

1.75%

Notice Accounts
Bank and Clients

1.50%

Monthly Income

Clydesdale Bank / Yorkshire Bank (5 years)

2.00%

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.