Top 10 savings account rates offer little solace to savers

Published by Sylvia Morris on 04 March 2014.
Last updated on 05 March 2014

Savings down

Nationwide has launched its Instant Isa Saver paying a tax-free 1.5%.

It is a simple account with a competitive rate, no initial bonus and no withdrawal restrictions and you can transfer your existing cash Isas into the account.

The rate puts it among the top 10 easy-access deals. It is widely available through the society's 700 high street branches or on the internet.

The top easy-access cash Isa comes from Britannia at 1.75%, but you are limited to two withdrawals a year. Nationwide and its offshoots Derbyshire, Cheshire and Dunfermline pay 1.6% on Easy Isa 5, but you cannot transfer your existing cash Isas into this account.

On fixed rate deals Britannia pays 1.85% fixed until January 2015 or 2.05% fixed until January 2016. National Counties pays a slightly higher 2.1% but you have to tie your money up until 31 May 2016.

Top internet-based easy-access taxable accounts come from National Counties Online Saver at 1.36% before tax (1.09% after tax), West Bromwich WebSaver at 1.35% (1.08%) and Sainsbury's Bank Extra Saver at 1.3% (1.04%). Britannia pays a higher 1.5% (1.2%) on Select Saver available through Co-op and Britannia branches or over the telephone but you are limited to making four withdrawals a year from the account.

Find the best cash Isa or savings account for you

Fixed-rate deals continue to fall with Tesco cutting its top rates on Friday. The best one-year rate is 1.9% (1.52%) from internet bank, FirstSave or 1.75% (1.4%) from Leeds Building Society. FirstSave pays 2.35% (1.88%) for two years or 2.6% (2.08%) for three years.

This article was written for our sister website Money Observer

More About

Leave a comment