Britannia tops easy-access savings table
Newcastle BS is the latest to cut rates to savers. Its latest Bobby Robson Foundation easy access account issue 6 pays 1% before tax (0.8% after), down from a previous 1.25% (1%).
The top easy access deal comes from Britannia, part of Co-op Bank at 1.65% (1.32%). But you are limited to four withdrawals a year.
The best rate with no withdrawal restrictions comes from Tesco Bank Internet Saver at 1.35% (1.08%).
On fixed rate bonds the top deals include 1.75% (1.4%) fixed for one year from BM Savings or 1.88% (1.5%) from internet bank Firstsave. Leeds BS pays 2% (1.6%) for 18 months and Kent Reliance 2.25% (1.8%) for two years.
On easy-access cash Isas, Cheshire and Derbyshire building societies pays a tax-free 1.6%, but you cannot transfer your existing cash Isas into these accounts. The best deal for transfers is 1.5% from Nationwide, NatWest and BM Savings.
You can earn 1.65% fixed for one year on cash Isas from Tesco Bank and Kent Reliance or 2.05% with Nationwide fixed for two years.
This article was written for our sister website Money Observer
Invidivual Savings Accounts were introduced on 6 April 1999 to replace personal equity plans (PEPs) and tax-exempt special savings accounts (TESSAs) with one plan that covered both stockmarket and savings products, the returns from which are tax-exempt. The ISA is not in itself an investment product. Rather, it’s a tax-free “wrapper” in which you place investments and savings up to a specified annual allowance where the returns (capital growth, dividends, interest) are tax-exempt (you don’t have to declare ISAs and their contents on your tax return). However, any dividends are taxed within the investment, and that can’t be reclaimed.