Which savings accounts are best? It's an age old question, but one that is even more important at the moment with rates being so low.
To get the best savings rate you need to think about how much access you need to your money.
You can tie it up for longer in a fixed rate bond, but you won't necessarily be able to get at your cash (if you can you'll no doubt forfeit a fair amount of interest). Alternatively you could opt for an easy access account but at the expense of not getting the very best rates available.
Notice savings accounts strike a happy medium between access and rate. They also usually pay an interest rate that's not reliant on an introductory bonus. That means that, unlike most of the better paying easy access accounts, you've got a savings account with a solid rate that you don't need to change every 12 months.
At the moment, the moneyfacts.co.uk notice account best buys are dominated by one name – Shawbrook Bank.
Shawbrook Bank 120 Day Notice Personal Savings Account Issue 1
If you haven't heard of Shawbrook Bank don't worry. It might not be a high street name that you are familiar with, but it does hold a UK banking licence.
That means that you get the same depositor protection with it as you'd get with Lloyds, Barclays, etc. – up to £85,000 held with Shawbrook is protected.
Find out more about Shawbrook Bank.
Notice savings accounts can be suitable if you:
If you're looking for a notice account, Shawbrook offers a couple of competitive accounts – with 95 and 120 day access. Both these accounts pay more than the best easy access account: Nationwide Building Society's MySave Online Plus Issue 4 (3.12% AER).
On the other hand these notice accounts don't pay quite as much as the top 1 year fixed bond from the AA at 3.60%. However, the AA bond won't let you get at your money for a year.
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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