Savings update: Easy access rates edge up

10 October 2017

Rates on easy-access accounts continue to edge up. 

French-owned RCI Bank has raised the rate on its Freedom Account to a top 1.3%.  The increase came within days of Kent Reliance raising the rate on its Easy Access account for new savers to 1.27%. 

The RCI account comes under the French compensation scheme, which gives you up to €100,000 (around £89,000) if the bank goes bust. 

The top one-year fixed rate deal comes from Harrods Bank at 1.9% while for two years you can earn 2.05% with Harrods Bank, Paragon Bank and Atom

On tax-free cash Isas, the best easy-access rate comes from Charter Savings Bank at 1.1%, or in the high street, 1.05% from Coventry Building Society.  

On short-term fixed rate deals the top rates include 1.5% from Yorkshire Bank fixed until January 2019 and Charter Savings Bank at 1.4% for a year.  

For two years Charter Savings Bank pays 1.65% and Virgin Money 1.55%. 

Savings accounts to beat inflation

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.

Moneywise keeps tabs on the savings market has found there are nine accounts that currently beat inflation.

This article was written for our sister magazine Money Observer.

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