With interest rates slowly back on the rise, we examine the best savings accounts and Isa accounts on offer in 2019.
Rates on fixed-rate bonds for new savers are falling. While at the start of the year there were plenty of providers offering 2% fixed interest for one year, now there is just one: Atom Bank.
The next best rate is 1.96% from OakNorth Bank, followed by newcomer SmartSave at 1.95%. Even if you tie up your money for two years, the best rate that you can achieve is 2.1% either directly from OakNorth or from Zenith Bank via the savings platform run by Raisin UK. Charter Savings Bank pays 2.05% fixed for 18 months.
On taxable accounts, the Marcus account by Goldman Sachs and Virgin Money both pay 1.5%. The Marcus account includes a bonus of 0.15 percentage points for the first 12 months, while Virgin Money restricts you to making two withdrawals a year.
The top rate with no bonus or withdrawal restrictions comes from Shawbrook Bank at 1.48%, followed by Ford Money at 1.42%.
On tax-free cash Isas, rates are slightly lower. The top easy-access account from Charter Savings Bank pays 1.44%, followed by Shawbrook Bank at 1.43%. A new account from Virgin Money pays 1.46% but restricts you to two withdrawals a year.
The best one-year fixed cash Isa rate is 1.61%, which is available through Cynergy Bank, while OakNorth, and Charter Savings Bank both pay 1.6 per cent. For two years, OakNorth pays 1.77%, and Charter Savings Bank 1.76%.
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