March 2020: what are the best savings account rates?

We share the best interest rates on Isas, bonds, and easy-access savings accounts.

Savers have until Sunday 5 April to use their £20,000 cash Isa allowances for this tax year. Banks are warning savers not to leave opening an account to the last minute. 

For fixed-rate cash Isas, Virgin Money offers a top 1.36% interest rate for one year. The bank says that it can take up to 48 hours to process an electronic payment and your money must be in your account no later than 10pm on 5 April.

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Other good one-year rates are available through Charter Savings Bank and Kent Reliance, which both pay 1.35%. For two years, Charter Savings Bank pays a top 1.46%, with Paragon and Kent Reliance both offering 1.45%.

For easy-access cash Isas, Virgin Money is still paying 1.31% on its Double Take e-Isa, but this restricts you to two withdrawals a year. Coventry Building Society pays 1.25% on its Easy Access Isa Online.  

Rates on easy-access accounts are likely to be cut following the fall in the Bank of England base rate from 0.75% to 0.1%. 

On taxable fixed-rate bonds, the best one-year rate on offer is 1.58% via Secure Trust Bank. Investec, Hampshire Trust and United Trust banks all pay 1.55%, and Charter Savings Bank 1.51%.

For 15 months, you can earn 1.6% through United Trust Bank. Hampshire Trust and Investec pay 1.6% for 18 months, with Charter Savings Bank at 1.59%. For two years, the top rate is 1.68% from Secure Trust Bank. 

On taxable easy-access accounts, the best rate is currently 1.31% from Virgin Money Double Take account, but are you limited to two withdrawals a year. Goldman Sachs's Marcus account pays 1.3%.

 

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Comments

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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.

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Marcus 1.5% - Review & Renew Bonus

If you have a Marcus account that is nearing the end of its bonus period it is possible to reset it for another year. Just go to Account Activity Details and scroll down past all the transactions to the 'Review your savings' link.

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