Savings News & Alerts

Written by our founders Anna and Sue

Rate Alerts

Regular updates on the savings market

🔔 Up to £1,000 Tax Free - PSA Special

Author: Anna Bowes
12th April 2016

Savings Champion Rate Alert

Tuesday 12th April 2016

Latest News



On Wednesday 6th April, the government launched the new Personal Savings Allowance (PSA).

Basic rate taxpayers will now receive the first £1,000 of interest earned on their savings tax free. For higher rate taxpayers it’ll be the first £500 but additional rate taxpayers will not receive an allowance.

For more information on the PSA and how it affects you, please refer to our Personal Savings Allowance Factsheet.

Below are a selection of some of the best rates on the market at the moment, with returns now tax free for many savers.

Provider Account Name Balance AER
TSB Bank

Classic Plus

£1 - £2,000

 5.00%

Nationwide Building Society

 FlexDirect Current Account

£1 - £2,500

 5.00%
Santander

123 Current Account

£3,000 - £20,000

 3.00%

RCI Bank

 Freedom Savings Account

£100+

 1.45%

State Bank of India

 Online Hi-Return Fixed Deposit Account - 5 Years

£10,000+

 2.90%
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 Savings Champion 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*

1.45%

Fixed Rate Bonds

State Bank of India (5 years)

2.90%

Variable Rate ISAs

Punjab National Bank

1.65%

Fixed Rate Cash ISAs

Punjab National Bank (5 years)

2.50%

Notice Accounts

 Charter Savings Bank

1.70%

Monthly Income

State Bank of India (5 years)

2.90%

Regular Savings

First Direct / M&S Bank

6.00%

Children's Accounts

Halifax (Regular Saver)

6.00%

Junior ISAs

Halifax

4.00%

Help to Buy ISAs

Halifax / Santander / Penrith

4.00%

* 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.