Savings Update: More easy access accounts paying over 1%

11 July 2017

More easy-access deals are paying 1% or more on online accounts. 

Ford Money joined in last week when it raised the rate on its Flexible Saver to 1.07%.  Other top deals include Ulster Bank at 1.25%, RCI Bank at 1.10%, Shawbrook Bank at 1.05% and AA Savings Member Saver – exclusively available to AA members – at 1.03%. 

On fixed-rate bonds the top rate for one year is 1.85% from Paragon Bank followed by OakNorth Bank at 1.76%. 

For two years Paragon pays a top 2.05% and OakNorth 2.01%. 

On tax-free cash Isas, Ford Money has raised its rate to 1% for both new and existing savers while Sainsbury’s Bank pays 1.01%.

Virgin Money offers 1.05% but you are restricted to making three withdrawals a year on your account to earn this rate. 

The top one-year fixed cash Isa rate is 1.2% from Paragon Bank followed by Charter Savings Bank and Bank of Cyprus both at 1.16%.  For two years Charter Savings Bank pays 1.37%.  All accept transfers from other providers. 

To beat inflation compromises need to be made as all of the small number of regular savings accounts that pay more than inflation require savers to have a current account with the provider.

This article was written for our sister magazine Money Observer.





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