Savers need to move fast to take advantage of the best rates now available; here’s a round-up of August’s best savings deals.
Rates on one-year fixed rate bonds have edged up, with several providers including Atom, Wyelands and Investec banks, paying 2.05 per cent fixed for 12 months.
But top rates do not stay around long. Last week Wyelands Bank launched a one-year bond at 2.15 per cent and Family BS an equivalent at 2.11 per cent. Both were on sale for just a few days before being withdrawn from the market.
On two-year fixed rate bonds, the best rate is 2.25 per cent from Wyelands and Investec banks.
Rates on easy-access accounts have yet to move up following the Bank of England’s 0.25 per cent base rate rise to 0.75 per cent at the start of the month. The top easy-access rate is still 1.4 per cent from Coventry Building Society on its Limited Access Saver 2. It comes with a 0.4 percentage point bonus for the first year and limits you to making three free withdrawals every 12 months.
The top rate with no bonus and no withdrawal restrictions comes from Paragon Bank Limited Edition Easy Access account at 1.31 per cent. RCI Bank Freedom Account and Shawbrook Bank Easy Access 12 follow close behind at 1.3 per cent.
On easy-access cash Isas, the best rate comes from Virgin Money’s Double Take E-Isa at 1.35 per cent, but you are limited to two withdrawals a year.
The top rate with no withdrawal restrictions is 1.31 per cent from Paragon Bank’s Limited Edition Easy Access Cash Isa. Shawbrook Bank Easy Access Cash Isa 4 pays a whisker less at 1.3 per cent.
On fixed rate cash Isas, Paragon Bank pays 1.5 per cent. You can also earn 1.5 per cent with Coventry Building Society if you tie your money up until the end of November next year rather for just 12 months.
The top two-year rates are 1.7 per cent from Paragon and Shawbrook bank.
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I've just come across your website and was pleasantly surprised at the straight forward, no frills, information provided with regard to easy access savings accounts. Well done and thank you.