Tesco top for online easy access
West Bromwich Building Society has launched its Websaver Limited Access account at a top 1.4% before tax (1.12% after tax). But you are limited to making just three withdrawals a year.
Coventry BS also pays 1.4% (1.12%) and allows you a more generous 12 withdrawals a year, but you have to run the account through the post.
The top easy-access account with no withdrawal restrictions is Tesco Internet Saver at 1.35% but it includes a 0.6 (0.48) percentage point bonus payable for the first 12 months.
The best deal with no withdrawal restrictions where the rate is not boosted by an initial bonus is 1.3% (1.04%) from Virgin Money and GE Capital Direct.
Kent Reliance pays a higher 1.5% (1.2%) but the account is only available from its nine-strong branch network.
Top fixed-rate deals include Kent Reliance at 2.01% (1.61%) for one year or Kent Reliance and Investec both at 2.3% (1.84%) for two years.
On easy-access cash ISAs you can earn a tax-free 1.6% from Cheshire and Derbyshire building societies or 1.55% from Kent Reliance.
On fixed-rate cash ISAs Kent Reliance pays 1.75% and both Tesco Bank and Aldermore Bank offer 1.65% fixed for a year. For two years Kent Reliance pays 2.1% and Nationwide 2.05%.
This article was written by our sister website Money Observer.
This is a mutual organisation owned by its members and not by shareholders. These societies offer a range of financial services but have historically concentrated on taking deposits from savers and lending the money to borrowers as mortgages, hence the name. In the mid-1990s many societies “demutualised” and became banks. One academic study (Heffernan, 2003) found demutualised societies’ pricing on deposits and mortgages was more favourable to shareholders than to customers, with the remaining mutual building societies offering consistently better rates. In 1900, there were 2,286 building societies in the UK; in 2011, there are just 51.