Savers need to be quick to catch the top deals – some are only on sale for a few days.
Harrods Bank upped the rate on its one-year fixed rate bond to 1.95% at the start of October, but the bond was withdrawn from sale after ten days to be replaced by a new deal at a lower rate of 1.45%. Kent Reliance paid 1.27% on its Easy Access Issue 21 account but that too was on sale for just over two weeks. Its latest version, Issue 22, pays a lower 1.01%.
The top easy-access rate comes from French-owned RCI Bank at 1.3%. In this account your money comes under the French compensation scheme which gives you up to €100,000 (around £88,000) if the bank goes bust.
The best one-year fixed rate bond comes from Atom Bank at 1.8%. You run this account through an app on your smart phone or tablet. Internet-based Charter Savings Bank pays a slightly lower 1.77%. For two years Atom and Axis banks both pay 2.05%.
On tax-free cash Isas, Virgin Money has launched its Defined Access Isa 16 at 1.11%. You are limited to making three withdrawals a year from the account – if you make any more your rate drops to 0.25%.
Leeds Building Society has launched another edition of its Online Access Isa also paying 1.11%. This account runs until 31 January 2019 when your money is moved into an instant access Cash Isa maturity account.
Coventry Building Society pays 1.05% on its Easy Access Isa Issue 6 with no withdrawal restrictions or other complicated terms and conditions.
On short-term fixed rate cash Isas, Virgin Money’s one-year fix pays 1.51% while its two-year Isa returns 1.71%. Those looking to lock in for three years can earn 1.85% with Virgin Money while the top five-year fix comes from the same provider, paying 2.4%.
How to beat inflation
To beat inflation, currently running at 3%, 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. We regularly keeps tabs on the savings market has found there are accounts that currently beat inflation.
This article was written for our sister magazine Money Observer.