September 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.

Banks and building societies continue to cut rates for new savers.

Shawbrook Bank, which offered 1.48% on its easy-access account at the start of this month, has cut the rate twice and now offers just 1.25% to new savers.

Blow for savers as NS&I withdraws popular bonds and cuts rates

The top rate on offer is 1.45% through Goldman Sachs’ Marcus account, and Cynergy Bank, but both rates include a bonus for the first year.

The top rate without a bonus is 1.35% from RCI Bank, and Charter Savings Bank. Investec pays a slightly higher 1.4%, but it demands a minimum balance of £10,000.

On fixed-rate bonds, the best one-year rate is 1.86% from Arbuthnot Direct, followed by 1.85% from Metro Bank and SmartSave.  

For two years, Arbuthnot Direct pays 2%, and Axis Bank 1.98%. The Axis deal is available through savings platform Raisin.co.uk, where you qualify for a bonus of between £10 and £100 when you open an account. The size of the bonus depends on how much money you invest.

On cash Isas, Coventry Building Society’s new Limited Access Isa pays 1.44%. However, it restricts you to three withdrawals a year and the rate is also boosted by a 0.29 percentage point bonus, payable until January 2021. 

Charter Savings Bank pays 1.44% on its Easy Access Cash Isa issue 12 with no bonus or withdrawal restrictions. 

On fixed-rate cash Isas, Cynergy Bank pays the best one-year rate of 1.63%, while Ford Money pays 1.75% for two years.

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