Challenger banks edge rates up: here’s the top paying savings accounts

17 July 2017

On easy-access accounts Bank of Cyprus has raised its Online Easy Access rate to 1.15%, including a 0.55 percentage point bonus for the first 12 months.

Other top online deals - where the rate is not boosted by a bonus -  include Ulster Bank at 1.25%, RCI Bank at 1.11%, Shawbrook Bank at 1.05% and Ford Money at 1.07%. 

On fixed-rate bonds the top rate for one year is 1.85% from Paragon Bank. OakNorth Bank pays 1.76% and Shawbrook, Harrods and Atom banks 1.75%.

On tax-free cash Isas, best rates come from Ford Money at 1% for both new and existing savers while Sainsbury’s Bank pays 1.01%. Virgin Money also pays 1.01% but limits you to three withdrawals a year. 

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%.  Ford Money and Shawbrook banks offer 1.15% and Yorkshire Building Society 1.12%.

For two years Charter Savings Bank pays a top 1.37% followed by Virgin Money, Yorkshire Building Society and Progressive Building Society all at 1.3%.

All accept transfers from other providers.

This article was written for our sister magazine Money Observer.

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