Newcomer banks top savings tables

Published by Sylvia Morris on 15 June 2015.
Last updated on 15 June 2015

Piggy banks

New banks are dominating the best buy tables on both easy-access accounts and fixed-rate bonds.
Charter Savings Bank pays a top 1.91% before tax (1.53% after tax) for one year, while Aldermore and United Trust banks both pay 1.9% (1.52%).
The best deal on the high street is Post Office, where the deposit taker is Bank of Ireland, at 1.65% (1.32%), and Leeds Building Society at 1.55% (1.24%).
For two years you can earn 2.15% (1.72%) with FirstSave, or 2.1% (1.68%) with both Kent Reliance and Hampshire Trust, while in the high street Post Office pays 1.95% (1.56%) and the Leeds 1.8% (1.44%).
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Easy-access accounts
On easy access accounts the new French-owned RCI Bank Freedom Account pays 1.5% (1.2%), while the top rate from older providers is 1.25% (1%) with Leeds' ESaver or Skipton Building Society's Limited Edition eSaver.
BM Savings, part of Halifax, pays 1.5% (1.2%) but the rate is boosted by a one-year bonus. After this the rate drops to 0.5%.
On tax-free cash Isas Shawbrook Bank pays a top 1.65% for one year and Kent Reliance 1.85% for two years.
But on easy-access cash Isas older names pay the top rates. These include 1.5% from National Savings & Investments or 1.4% from Nationwide. Barclays pays 1.49% on deposits of £30,000 or more.

This article was written for our sister website Money Observer

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