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%.

Stampede out of active funds as investor withdrawals hit three-year high

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.

- What’s worse than Brexit? Six bigger investment threats

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.

Subscribe to Money Observer Magazine

Be the first to receive expert investment news and analysis of shares, funds, regions and strategies we expect to deliver top returns, plus free access to the digital issues on your desktop or via the Money Observer App.

Subscribe now

Comments

Excellent Website

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.

Website

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

Add new comment