Banks continue to pare rates on offer to new savers. This week Kent Reliance will cut the 1.45% before tax (1.16% after) it pays on its Easy Access account to 1.35% (1.08%). The fall follows hot on the heels of Virgin Money’s cut to 1.25% (1%) on its Access Saver account.
The top easy access deal that you can run on the internet pays 1.36% (1.09%) from National Counties Building Society. On branch-based accounts Britannia, part of Co-op Bank pays 1.5% (1.2%) but you are limited to making a maximum four withdrawals a year.
On fixed rate bonds the top one-year deal comes from Post Office at 1.8% (1.44%) followed by National Counties at 1.76% (1.41%). Yorkshire Building Society pays a top 2% (1.5%) for 18 months while with Post Office your money earns 2.25% (1.8%).
On cash Isas the best easy-access rate comes from Britannia at 1.75% tax-free and you can transfer your existing cash Isas into this account. The top one-year fixed rate deal through branches and over the telephone comes from Britannia at 1.85%. You can earn 2% fixed for 18 months with Yorkshire Building Society or 2.1% fixed for two years with National Counties.
This article was written for our sister website Money Observer