Top 10 savings account rates offer little solace to savers

Savings down

Nationwide has launched its Instant Isa Saver paying a tax-free 1.5%.

It is a simple account with a competitive rate, no initial bonus and no withdrawal restrictions and you can transfer your existing cash Isas into the account.

The rate puts it among the top 10 easy-access deals. It is widely available through the society's 700 high street branches or on the internet.

The top easy-access cash Isa comes from Britannia at 1.75%, but you are limited to two withdrawals a year. Nationwide and its offshoots Derbyshire, Cheshire and Dunfermline pay 1.6% on Easy Isa 5, but you cannot transfer your existing cash Isas into this account.

On fixed rate deals Britannia pays 1.85% fixed until January 2015 or 2.05% fixed until January 2016. National Counties pays a slightly higher 2.1% but you have to tie your money up until 31 May 2016.

Top internet-based easy-access taxable accounts come from National Counties Online Saver at 1.36% before tax (1.09% after tax), West Bromwich WebSaver at 1.35% (1.08%) and Sainsbury's Bank Extra Saver at 1.3% (1.04%). Britannia pays a higher 1.5% (1.2%) on Select Saver available through Co-op and Britannia branches or over the telephone but you are limited to making four withdrawals a year from the account.

Find the best cash Isa or savings account for you

Fixed-rate deals continue to fall with Tesco cutting its top rates on Friday. The best one-year rate is 1.9% (1.52%) from internet bank, FirstSave or 1.75% (1.4%) from Leeds Building Society. FirstSave pays 2.35% (1.88%) for two years or 2.6% (2.08%) for three years.

This article was written for our sister website Money Observer

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Wonderful Nationwide here how ever they are not on our side as their ordinary savings account pays 1.6% net which is better than there Cash ISA.............................