April 2019: what are the best savings account rates?

With interest rates slowly back on the rise, we examine the best savings accounts and Isa accounts on offer in 2019.

Top rates on short-term fixed-rate bonds have fallen since the start of the year, according to number crunching carried out by researchers at Moneyfacts. The average rate on one-year bonds, at 1.42%, is at its lowest level for six months. 

Savers wanting to secure top rates need to move quickly. The top rates stay on sale for an average of 48 days compared with 62 days for bonds on sale in January. Some are on sale for less than a week.  

The best one-year rate available is 2% on new bonds launched by Kent Reliance and Metro Bank. For two years, PCF Bank pays 2.26%, while Aldermore, Close Brothers and Tandem all offer 2.25%.

On easy-access taxable accounts, Kent Reliance’s Easy Saver Online account pays a top 1.5%.

Marcus by Goldman Sachs and Virgin Money also pay 1.5%. The Marcus account includes a bonus of 0.15 percentage points for the first year, while Virgin Money’s Double Take online account limits you to two withdrawals a year.

On tax-free cash Isas, Kent Reliance’s Easy Access Cash Isa pays 1.46%, while Paragon Bank pays 1.45% on its Limited Edition Easy Access Cash Isa. They are followed closely by OakNorth’s Easy Access Isa, at 1.44%, and Shawbrook Bank’s Easy Access Isa, paying 1.43%.

Virgin Money pays a competitive 1.45% on its Double Take EIsa, but restricts you to two withdrawals a year. 

Yorkshire Building Society’s Single Access Isa at 1.46% also comes with complications. It limits you to withdrawals on one day a year, and after 12 months your money is moved into an account that pays less interest.

On fixed-rate cash Isas, the best one-year account comes from Kent Reliance at 1.8%, while Charter Savings Bank pays 1.75%. For two years, Charter Savings Bank pays 1.95%, and Kent Reliance 1.9%.

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