Savings update: snap up top deals before Brexit hits rates

28 June 2016

Savers keen to snap up the top fixed rate on their money will need to act fast as the best deals are likely to be withdrawn imminently.

Already Close Brothers has closed its top-paying bonds following the UK's decision to leave the EU - which brings with it fear that interest rates could fall.

Top paying one-year bond comes from online provider Charter Savings Bank at 1.79% before tax (1.43% after tax) or, on the high street, 1.5% (1.2%) from Co-op Bank's Britannia Bond.

For two years Charter Savings Bank pays 1.91% (1.53%) while the rate at Co-op Bank is 1.6% (1.28%).

The top easy-access rate is 1.45% (1.16%) from French-owned RCI Bank's Freedom account. Your money is covered by the pan-European Union deposit protected scheme rather than your home-grown Financial Services Compensation Scheme.


Other top rates

Virgin Money Defined Access Saver pays 1.26% (1.01%) but you are limited to making three withdrawals a year on this account.

If you make more your rate tumbles to 0.5% (0.4%). Internet-based bank Shawbrook pays 1.25% (1%).

On tax-free cash Isas, the best easy-access rate comes from Coventry BS at 1.3% but you can't transfer your existing cash Isas into this account.

Virgin Money Defined Access Isa pays 1.26% and accepts transfers. On fixed rate deals the top one-year rate is just 1.25% with Leeds Building Society.

For two years you can earn 1.4% with Leeds Building Society, Virgin Money or Shawbrook Bank.

This article was originally written for our sister magazine, Money Observer.

Add new comment