January 2019: what are the best savings account rates?

Average rates are rising across the board for first time in seven years.

Cynergy is the latest bank to raise its easy-access account rate to 1.5% for new savers.  

It now offers the same rate as Virgin Money’s Double Take E-Saver, Goldman Sachs’ Marcus Online Saver, and West Bromwich Building Society’s Double Access account.

However, both the Virgin and West Bromwich accounts limit you to two withdrawals a year, while the Cynergy Online Easy Access rate includes a 0.5 percentage point bonus for the first year that you hold the account. The Marcus rate also includes a bonus – a renewable 0.15 percentage point bonus for a year.  

The top rate offering you easy access to your money is 1.42%, available through Ford Money Flexible Saver and RCI Bank Freedom Saver.

On fixed-rate bonds, the top one-year rate is 2.05% from Atom Bank, followed by Charter Savings Bank at 2.03% and Paragon Bank at 2.01%. The top rate for two years is 2.35% through Investec Bank.

On fixed-rate tax-free cash Isas, Aldermore Bank has upped its rate to a top 1.7% for one year, while Cynergy Bank pays 1.68% and Charter Savings Bank 1.67%. The best two-year rate is 1.87% from Charter Savings.

On easy-access cash Isas, Paragon and Sainsbury’s Bank both pay 1.35%. Virgin Money pays 1.45 on its Double Take E-Isa, however, savers are limited to making two withdrawals a year. Leeds Building Society’s Limited Issue Online Access Isa Issue 9 pays 1.38%, but the account runs only until 1 March next year.

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