ICICI Bank leaps to the top of savings tables

Published by Sylvia Morris on 20 January 2015.
Last updated on 20 January 2015

Pound coins stacked

The top easy-access account comes from ICICI Bank at 1.4% before tax (1.12% after). AA Savings, Tesco Bank and BM Savings have all cut their rate from this level for new savers in the last week or so.

Coventry Building Society still pays 1.4% (1.12%) on its PostSave account but you have to run the account through the post and are limited to 12 withdrawals a year.

Kent Reliance pays a top 1.5% (1.2%) but the account is only available through its limited branch network.

On fixed-rate bonds, Virgin Money has upped its one-year rate to 1.7% (1.36%), placing it just behind the leaders State Bank of India at 1.8% (1.44%), National Counties BS at 1.76% (1.41%) and Paragon, Kent Reliance, Aldermore and Harrods Bank all at 1.75% (1.4%).

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Cash Isas

Harrods Bank pays 1.95% (1.56%) for 18 months, while the best two-year deal is 2.25% (1.8%) from State Bank of India and Harrods Bank.

On tax-free fixed-rate cash Isas, the top one-year deal is now Virgin Money's 1.7%. For two years Post Office pays 1.95%, while both Kent Reliance and Aldermore Bank pay 1.85%.

On easy-access cash Isas you can earn a tax-free 1.5% on Post Office Premier Cash Isa. The rate includes a 0.85 percentage point bonus for the first 18 months you are in the account.

Top deals with no bonus include Barclays Bank Instant Cash Isa issue 1 at 1.49% on a minimum £30,000 or Sainsbury's Bank at 1.45%. All three accept transfers from other providers.

National Savings & Investments pays 1.5% on its Direct Isa, but you cannot move the cash Isas you hold with other providers into this account.

This article was written for our sister website Money Observer

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