Savings update: deals begin to disappear after tax year ends

Savers looking to use their cash Isa allowance for this tax year face disappearing top deals as banks and building societies either close their accounts or cut the rate.

The top rate on an easy-access cash Isa is 1.4% from both Coventry and Skipton building societies. But the Skipton account, Bonus Cash Isa, includes a 0.4 percentage point bonus paid for the first 12 months after which the rate drops to 1%.

Yorkshire BS pays 1.35%, Virgin Money 1.31% and Marks & Spencer Bank and Sainsbury's Bank 1.3%.

On fixed rate cash Isas, the top one-year deal is just 1.5% from Aldermore Bank. Skipton Building Society and Marks and Spencer Bank pay 1.4%. For two years Aldermore pays 1.75% and TSB 1.6%.

Rates on taxable accounts are on the downward path too. On easy-access accounts the top deals come from RCI Bank Freedom account at 1.45% before tax (1.16% after) and Aldermore Easy Access at 1.25% (1%). Yorkshire Building Society 1.3% (1.04%) but you are restricted to taking money out of the account to just one day each year.

On fixed rate bonds rates, the best deal comes from newcomer Atom Bank, which launched its first accounts last week. It pays 2% (1.6%) for one year or 2.2% (1.76%) for two years. But you need an Apple iphone or ipad and to be pre-registered with the bank through its website to download the app.

Both Swedish Bank Ikano and Paragon Bank pay 1.8% (1.44%) for one year and Charter Savings Bank 1.71% (1.37%). For two years the best deals include Ikano Bank at 2.15% (1.72%) and Charter Savings Bank and Paragon at 2% (1.6%).

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