Savings update: Banks continue to make short-term rate tweaks

Published by Sylvia Morris on 13 December 2017.
Last updated on 13 December 2017

New banks and building societies continue to tweak their rates. 

They are launching easy-access accounts which pay top rates but are only on sale for a short time. The latest comes from Nottingham Building Society with its online ESaver Instant 8 paying 1.25%.  

The best rate comes from RCI Bank Freedom account at 1.3%. The Virgin Money Double Take eSaver pays a slightly higher 1.36%, but you are limited to making two withdrawals a year on this account rather than having the freedom to take money out whenever you need to. 

On fixed rate bonds, United Trust Bank pays a top 1.87% for one year, with online Charter Savings Bank just behind with 1.81%.  For two years you can earn 2.06% with Secure Trust Bank.  

The top easy-access Cash Isa comes from Shawbrook Bank at 1.1%. Meanwhile, on fixed rate Cash Isas, Virgin Money has upped its one-year rate to a top 1.41% while Charter Savings Bank at 1.72% pays the top two-year rate. 

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 accounts that currently beat inflation.

This article was written for our sister magazine Money Observer.

Read more on savings and cash Isas on Moneywise

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