Savings update: shop around to find the rates above 1%

6 September 2016

The best buys have been fairly stable over the last week - providers seem to be focused on cutting the rates for existing customers. Some will be falling to as low as 0.01%. But savers don't have to put up with this.

There are plenty of accounts that are paying over 1%, so it's vital to shop around and switch to the best account to meet your needs. Among the instant access accounts, RCI Bank's Freedom Savings Account is paying 1.2%, while Shawbrook's Easy Access Issue 6 pays 1.1%.

Better rates are available among notice accounts, with Bank and Client's 90-day Notice Account paying a market-leading 1.5%.

For some, using high interest paying current accounts may be the answer to boosting the interest earned, as they pay up to 5% AER - albeit on smaller balances, and with T&Cs that need to be adhered to otherwise you may not earn the rate of interest you are expecting.


High interest accounts

Look at TSB Bank's Classic Plus or Nationwide's Flexdirect accounts for a 5% payout, while Lloyds Bank pays 4% on its Club Lloyds account.

The one year fixed rate bond table is topped by Charter Savings Bank, paying 1.46%. For two years you can earn 1.55% from Paragon Bank.

Junior Isas offer better deals, with Coventry's Junior Cash Isa paying 3.25%, closely followed by Nationwide and Halifax's offerings on 3%.

*All information contained within this article was sourced from

This story was originally written for our sister publication, Money Observer.


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