July 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.

Virgin Money has cut the rate on its easy-access cash Isa for new customers. The new version of its Double Take E-Isa pays 1.43%, down from 1.5%. Customers are limited to two withdrawals a year.

The best easy-access rate of 1.44% is on offer through a new account with OakNorth Bank, followed by Shawbrook Bank at 1.43%.

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On fixed-rate cash Isas, you can earn 1.61% through Cynergy Bank, or 1.6% with Paragon Bank, for one year. The best two-year rate is available through AA Savings paying 1.8%, followed by OakNorth Bank at 1.77%.

In terms of easy-access taxable accounts, Virgin Money still pays 1.5% on its Double Take E-Saver to new customers. This top rate is also available through Goldman Sachs’ Marcus account, and Cynergy Bank.

However, they all come with catches. The Marcus account has a 0.15 percentage point bonus, payable for 12 months, built into the rate. At Cynergy, the bonus is 0.75 points for the first year only. Virgin Money’s Double Take E-Saver has no bonus, but you can withdraw money only twice a year.

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The best rate with no bonus or withdrawal restrictions is Shawbrook Bank’s new Easy Access account, which pays 1.48%.

On taxable fixed-rate bonds, Metro Bank pays 2% for one year, SmartSave Bank 1.95%, and OakNorth 1.93%.  

For two years, Axis Bank pays 2.2% via the savings platform Raisin UK. The next best rate is 2.1% through OakNorth or Masthaven banks.

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Really helpful and quick to access the information I was seeking. Thank you

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