Savings Champion

Activity this week has been slow, with many returning to work after an extended Christmas break and getting back into the swing of things.

However, for a number of people, a new year is a great time to review their finances and, among other things, get their savings in order.

So, this week we run through some of the top options currently available to set you on the right path.

First and foremost, for those looking to earn more interest on their rainy day funds or money that they do not want to tie up, are the top easy access accounts, including a new entrant in the form of Family Building Society.

Next up are the popular fixed term accounts - we run through different term options in our fixed rate bond best buy tables and Sharia fixed term account best buy table, where still well ahead of the pack for a one year term is Gatehouse Bank*.

For those looking to make use of their cash ISA allowance before the deadline in April or considering a transfer of an existing ISA, we take you through the current leaders in our fixed rate cash ISA and variable rate cash ISA tables.

And to complete the overall picture, we take a look at notice accounts – offering a middle ground between easy access and fixed term accounts, so something to consider as part of a balanced savings portfolio.

For an overview of the whole savings market and to look at the top options in all categories, make sure you consult our independent best buy tables and if you want to keep up to date with best buy rates as they hit the market, sign up to our Rate Alert emails.

Easy Access Accounts

With little movement over the Christmas holidays, top of the table is still West Brom’s Direct Double Access, Virgin Money’s Double Take E-Saver and Marcus’ Online Savings Account, which are all paying the top rate of 1.50% AER.

However, there was a new entrant in our best buy tables this week in the form of Family Building Society, with its new Premium Saver (2) paying 1.45% gross/AER.

However, in exchange for these higher returns, each of the four accounts above have features to be aware of – both West Brom and Virgin restrict you to just two withdrawals per year and the account from Marcus includes an introductory bonus for the first year. The new account from Family Building Society has a cut-off date of 13 February 2019 to add funds to the account - so you can't add any more money after that date.

If you are looking for something more straightforward, there are two options to consider.

Ford Money’s Flexible Saver* pays 1.42% gross/AER and doesn’t feature an introductory bonus or restriction on the number of withdrawals you can make.

Also available at the same rate is the Freedom Savings Account* from RCI Bank – a provider that has been consistently competitive over the last 12 months.

Further information on the leading accounts and the rest of the current top five can be found in our easy access best buy table.

Fixed Rate Bonds

Again little change, with top accounts more likely to drop out of the running rather than burst onto the scene at the moment. That said, there are still a number of top-paying options that have remained available throughout the festive period.

In the one year table, Investec and Atom Bank are tied at the top, both paying 2.05% gross/AER.

Investec is also well placed in the two year table, paying 2.35% gross/AER and leading the way.

In the three year table, there are three leaders - Investec, Atom Bank and Tandem - which are all paying 2.40% gross/AER.

And for those looking for a longer term, Vanquis Bank is top of our four year table, paying 2.50% gross/AER* and the lead in the five year table is shared by Vanquis Bank* and Atom Bank – both providers paying 2.70% gross/AER.

For full information on each of these accounts and for a range of other options, please refer to our full fixed rate bond best buy tables.

Sharia Fixed Term Accounts

For those looking at alternative fixed term accounts, Sharia accounts continue to offer competitive rates.

Still offering the very best one year return on the market is Gatehouse Bank, with its one year fixed term account paying 2.10% gross/AER*.

In addition, this account is also available through the Raisin UK savings platform, where a welcome bonus of up to £100 is available for new customers.

>> Find out more about Raisin UK

BLME continues to pay a joint-leading return on its five year Premier Deposit Account, paying 2.70% gross/AER.

Please refer to our sharia fixed term accounts best buy table for more information on the accounts above and other options.

>> How do Sharia compliant accounts work?

Fixed Rate Cash ISAs

Shawbrook Bank continues to dominate this area of the cash ISA market, leading the way in each of our best buy tables.

The one year fixed rate cash ISA pays 1.66% tax free/AER and the two year ISA pays 1.86% tax free/AER.

Meanwhile, its three year option pays 2.01% tax free/AER and its five year fixed rate cash ISA is paying 2.27% tax free/AER.

To view our top five accounts across the full range of terms, please refer to our full fixed rate cash ISA best buy tables.

Variable Rate Cash ISAs

There are still two leaders in our variable rate cash ISA best buy table – but both have features that may not suit everyone.

Virgin Money’s Double Take E-ISA is paying 1.45% tax free/AER, but you are restricted to just two withdrawals per year.

Matching this rate is the consistent 95 day notice cash ISA from Charter Savings Bank, where - as the name suggests – you have to give notice to withdraw your money.

If you are looking for easy access to your money, without a restriction on the number of withdrawals you can make in a year, Leeds Building Society still offers the top rate at 1.38% tax free/AER.

For further information on these accounts and to see how the rest of the top five stacks up, please refer to our variable rate cash ISA best buy table.

Notice Accounts

Last but not least are notice accounts, which offer something a little different for those looking for a higher return without tying themselves in for too long a term.

Gatehouse Bank is still dominating this area of the market, occupying the top two slots in our best buy table.

The provider’s 120 day notice account pays 1.87% gross/AER and its 95 day notice account pays 1.85% gross/AER.

Elsewhere, for those looking for an account with a shorter notice period, Investec offers an interesting option, paying 1.40% AER on a 35 day notice account.

Investec offers a range of notice options and potentially easy access to a portion of the funds held in the account – so could be worth a further look.

>> Find out more about Investec’s innovative account

For further information on the accounts above and the rest of our top five, please refer to our notice account best buy table.

If you would like any help with your savings, why not give one of our Bath-based experts a call on 0800 011 9705, we’d love to hear from you.

*We are occasionally paid by some providers if you click through from our Best Buy Tables and open a savings or current account with them. We will never accept a payment that compromises in any way our independent, whole of market approach to providing information on savings products. For clarity we will indicate those companies who remunerate us with an asterisk (*).

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