Returns on easy-access accounts are edging slowly upwards.
Kent Reliance has upped its rate to 1.3% for new savers in its Easy Access Account. The move puts it in top position along with RCI Bank’s Freedom Account, which is covered by the French deposit scheme.
Elsewhere, Yorkshire Building Society has introduced a new version of its Single Access Saver at 1.25%. The account is available through its branches but limits you to making withdrawals on just one day a year. There are no withdrawal restrictions on the Kent Reliance and RCI Bank accounts.
On taxable, fixed-rate bonds the best one-year rate comes United Trust Bank at 1.9%, while Oaknorth Bank pays 1.95% and Metro Bank and PCF Bank pay 1.9% for 18 months. For two-year fixes, the top rate is 2.16% from Secure Trust Bank.
On tax-free Cash Isas, Coventry Building Society has raised the rate on its Easy Access Isa 7 to 1.25%. It puts it in top place along with Shawbrook Bank, also at 1.25% on accounts with no withdrawal restrictions.
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 has found there are savings accounts that currently beat inflation.
This article was first written for our sister magazine Money Observer.