With interest rates slowly back on the rise, here are some of the best savings accounts and Isa accounts on offer in June 2018.
Coventry BS has launched its Limited Access Saver account paying 1.3 per cent, while Tesco Bank has also pushed its Internet Saver rate for new customers up to the same level. The Coventry account includes a 0.3 percentage point bonus which only lasts for 12 months, and it limits you to making three free withdrawals a year. Tesco Bank has no withdrawal limits but also includes a bonus – of 0.75 points for a year.
Shawbrook Bank and RCI Bank also both pay a top 1.3 per cent with no withdrawal restrictions and no bonus which disappears after a year.
On fixed rate accounts Atom Bank pays a 2.05 per cent for one year. Other good deals include Secure Trust Bank at 1.88 per cent and OakNorth at 1.87 per cent, along with Paragon and Masthaven banks at 1.86 per cent. If you are willing to tie your money up for two years, you can earn 2.14 per cent with Oaknorth and Secure Trust.
On fixed-rate cash Isas, Charter Savings Bank tops the table with 1.52 per cent, followed by Paragon Bank at 1.5 per cent. The top rate for two years is 1.7 per cent from Shawbrook Bank followed by 1.69 per cent from Charter Savings Bank.
Shawbrook also pays the top rate of 1.3 per cent on easy-access cash Isas.
How to beat inflation
To beat inflation, currently running at 2.5 per cent, compromises need to be made as all of the small number of regular savings accounts that pay more than inflation require savers to have a current account with the provider. Our sister publication Moneywise regularly keeps tabs on the savings market and has tracked down the savings accounts that are beating inflation.
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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.