Top savings rate deals begin to close

Pound coins down

Fixed-rate deals continue to fall, as banks and building societies close accounts to new savers and replace them with poorer deals.

The top one-year fixed rate bond now pays 1.8% before tax (1.44% after tax), available from State Bank of India UK and Post Office.

Yorkshire BS pays a slightly higher 1.9% (1.52%) if you are prepared to tie your money up until 31 March 2016.

The top easy-access account is from BM Savings, where the deposit taker is Halifax at 1.6% (1.28%), including a bonus which lasts for the first 12 months you are in the account.

After this the rate drops to 0.5% (0.4%). The top rate that is not boosted by an initial bonus and has no withdrawal restrictions comes from Virgin Money at 1.3% (1.04%).

Find the best Cash Isa or savings account for you

Tax-free Cash Isas

On tax-free cash Isas the best deal on easy-access accounts comes from BM Savings at 1.6%, including a bonus - and you can transfer your existing cash Isas into this account.

The top rate that does not include a bonus comes from Barclays Bank at 1.49%, but you need a minimum £30,000 to earn this. Teachers Building Society pays 1.45% and accepts transfers.

For this year's cash Isa money, National Savings & Investments pays a top 1.5%. You cannot transfer your existing cash Isas into this account.

If you are willing to tie your money up, you can earn 1.7% for a year with Post Office, or 2.1% for two years with Virgin Money.

This article was written for our sister website Money Observer

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