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Finding the savings account to suit you

Finding the savings account to suit you

Category: Savings

Updated: 08/09/2011
First Published: 08/09/2011

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Throughout the economic downturn, consumers have been told of the importance of squirreling away savings.

A record low base rate of interest and relatively high inflation has done little to help the nation's savers but there are still good deals to be had.

But with Moneyfacts.co.uk figures showing that at the end of July there was a choice of 2,387 savings accounts to choose from, it can sometimes be difficult to separate the savings wheat from the savings chaff.

To help you through the savings jungle, Moneyfacts.co.uk has handpicked eight of the best accounts currently available.

We know that circumstances dictate how you like to save, so we've tried to come up with a variety of different accounts to suit every savings need.

Best for easy access

  • West Brom Building Society is offering the highest easy access rate on the market through its WeBSave Easy Access account.
  • The online operated account pays 3.17%, which includes a 1.42% bonus until 31 October 2012.
  • Between £1,000 and £100,000 can be invested in the account.
  • Savers can make four withdrawals penalty free withdrawals per annum, further withdrawals are subject to a 90 day loss of interest penalty.

Best high street branch based easy access account

  • The Instant Access Saver from Santander pays 2.50%, which includes a 1.50% bonus for 12 months.
  • Between £1 and £2m can be invested in the account, which can be operated via the telephone or in branch.
  • Savers can get instant access to their money if they wish to make a withdrawal.

Best notice account

  • Manchester Building Society is offering customers bringing new money to the society a rate of 3.31%, including a 1.50% bonus for 12 months, on its Premier Notice Issue 34.
  • Savers can invest between £1,000 and £75,000 into the account, which is operated in branch or by post.
  • Savers can make up to four withdrawals per annum and must give 45 days' notice, earlier access is not permitted.

Best high street notice account

  • The Reward Saver account from the Post Office pays 2.75%, including a 1% bonus for 12 months.
  • Between £500 and £2m can be invested in the account, which can be operated in branch, by post or telephone.
  • Savers must either give 30 days' notice to make a withdrawal or take a 30 day loss of interest penalty for earlier access.

Best one year fixed

  • Skipton Building Society is offering a rate of 3.45% on its Fixed Rate e-Bond account.
  • For those after a regular income a monthly interest option is available.
  • Between £500 and £1m can be invested in the account, with further additions permitted whilst the issue remains open.
  • Savers must ensure they wont need the funds during the term as earlier access is not permitted.

Best two year fixed

  • Savers looking to commit funds for two years are being offered a rate of 4.00% from the Nottingham Building Society.
  • Savers can invest between £500 and £250,000 into the online operated account.
  • Further additions are permitted whilst the issue remains open, but access to funds is not permitted before the account maturity date of 30 September 2013.

Best three year fixed

  • United National Bank is offering a rate of 4.25% to customers looking to commit funds for three years, with a monthly interest option available for customers looking to take a regular income.
  • Up to £1m can be invested in the account, but further additions and earlier access is not permitted.

Best five year fixed

  • The highest rate on the market is being offer by SAGA, who are paying 4.65% to savers prepared to commit funds for five years.
  • Up to £10m can be invested into the account, which offer a monthly interest option.
  • Savers can get earlier access to their money, but a hefty 365 days' loss of interest penalty will be payable.

Find the best savings rates for you - Compare savings accounts

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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