April 2018: What are the best savings account rates?

We round-up the best savings accounts for the year.

Coventry Building Society has raised the rate on its Easy Access Isa issue 7 to 1.15 per cent.  It makes it one of the best deal in the high street for these tax-free accounts. Nottingham Building Society pays a slightly higher 1.2 per cent. 

Nationwide pays 1.3 per cent – but it limits you to making one withdrawal a year.  It also has a Loyalty version paying 1.4 per cent for its members of at least 12 months’ standing.  

The best online rate on easy-access cash Isas with no withdrawal restrictions is 1.25 per cent from Shawbrook Bank. 

On one-year fixed rate cash Isas the best rate is 1.48 per cent from Kent Reliance, followed by 1.45 per cent from both Ford Money and Tesco Bank. For two years Aldermore Bank pays 1.7 per cent, Kent Reliance 1.68 per cent and Principality Building Society 1.67 per cent. 

On easy-access taxable accounts French-owned RCI Bank pays 1.3 per cent on its Freedom account while Shawbrook Bank offers 1.25 per cent on its Easy Access issue 11.  

In the high street the top rate is 1.2 per cent from Yorkshire Building Society’s Single Access Saver but it limits you to making withdrawals on just one day a year. Family Building Society pays 1.11 per cent on its Branch Saver, Virgin Money 1.01 per cent on its Easy Access Saver and Coventry Building Society 1 per cent on its Easy Access Saver 5.  

On taxable fixed-rate bonds, the best one-year rate comes from Wyelands Bank at 1.85 per cent with Oaknorth, Atom and Tandem banks all paying 1.8 per cent.  

For 18 months you can fix at 1.95 per cent with Oaknorth Bank or 1.9 per cent with Metro Bank while Wyelands Bank pays 2.15 per cent for two years. 

How to beat inflation

To beat inflation, currently running at 3 per cent, 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. Our sister publication Moneywise regularly keeps tabs on the savings market and has found there are six accounts that currently beat inflation.

-UK inflation: where’s it heading in the long term?

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