This week's best savings rates

Last updated: May 21st, 2013
Feature by Moneywise editorial team

Whether it's for a rainy day or for a one-off big purchase, it's crucial to make your savings work hard for you. Moneywise reveals the best accounts on the market.

In this article, Moneywise reviews the best instant access, fixed rate, regular and children's savings accounts currently on the market.

If you haven't used your cash ISA allowance this tax year, then getting an ISA should be your first port of call, check our round-up of the best cash isa rates.

Compare the top savings and cash ISA accounts in the market

INSTANT ACCESS

If you're looking for an account where you can access your money quickly, then a no-notice deal is a good idea.

Just remember, the interest rate on these accounts is variable so it could decrease down the line.

Also, watch out for sneaky terms and conditions - not all instant access accounts offer unlimited withdrawals, so shop carefully. 

  • Nationwide BS MySave Online Plus offers 1.7% AER, including a 1.19% rate bonus for the first 12 months. The account can be opened with £1,000 and is managed online only.
  • Derbyshire Netsaver (Issue 11) offers savers 1.7% AER on minimum deposits of £1,000, but there is a bonus included at 1.19% for 12 months. The account can be accessed online only.
  • Triodos Online Saver Plus offers savers 1.65% AER including a 0.65% bonus rate available for 12 months. Minimum investment is £1 and the account can be managed online only. 

To stay up to date with latest rates as well as other money saving and money making ideas, sign up to our newsletter.

NOTICE ACCOUNTS

If you want to make withdrawals but are happy to give your bank or building society notice before you do, then you could get a better rate with a notice account, although recently rates have been disappointing.

  • United Bank UK offers savers 2.26% AER on its 90 Day Notice Gold. The account can be accessed in branch or by post.
  • Shawbrook Bank 120-Day Notice Personal Savings Account (Issue 8) pays 2.1% AER. The account can be opened with £1,000 and the saver can be accessed online or by post.
  • Investec High 5 Issue 2 Account pays a rate of 2.11% AER. Minimum investment for the saver is £25,000 and it can be accessed online, by post or over the phone.

FIXED RATE

Fixed-rate savings accounts are normally aimed at people with a lump sum that they wish to lock away for a pre-agreed period of time.

Interest is fixed so your return is guaranteed. However, bear in mind that withdrawals and further deposits are rarely allowed.

SHORT TERM

One year:

Two year:

MEDIUM TERM (THREE AND FOUR YEAR TERMS)

Three year:

LONG TERM (FIVE YEAR)

REGULAR SAVINGS

The current economic backdrop has not only highlighted the importance of saving, but means more people would like to do it little and often.

  • HSBC regular saver account pays 6% AER on deposits between £25 and £250 a month. The rate is fixed for 12 months, and you must hold a qualifying account with HSBC to apply. No withdrawals can be made and it can be operated via the telephone, online or in branch.
  • West Brom BS Fixed-Rate Regular Saver (Adult) pays 4.1% AER on regular monthly deposits between £10 and £250. The saver can be accessed in branch only and a missed payment results in a loss of 3.6% interest rate.
  • Kent Reliance Regular Savings pays offers a rate of 4% AER. The account is operated in branch. Savers must deposit between £25 and £500 a month. Interest is paid on maturity.

CHILDREN'S SAVINGS ACCOUNTS

  • Halifax Kid's Regular Saver offers a market-leading 6% AER 12 month bond. You can deposit between £10 and £100 in the account each month.
  • Lloyds TSB Young Saver account bond pays a fixed headline rate of 3% AER on investments of £1. The bond can be managed in branch only.
  • Chorley and District BS's Foxley Fund offers a rate of 2.9% AER on minimum deposits of just £1. The saver can be accessed in branch or by post and interest is paid annually. 

More about