Savings accounts: Five of the best - Savings - News - Moneyfacts


Savings accounts: Five of the best

Savings accounts: Five of the best

Category: Savings

Updated: 06/10/2011
First Published: 06/10/2011

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 It is now over 6 months old so the content may be out of date.

The past few years have not been all that kind to savers, but there are still a number of accounts that offer real bang for you buck.

Providers are in a constant battle to attract savers' money and with figures showing that there were almost 2,400 savings accounts to choose from at the end of August, there's an option for everybody, whether you want to invest a tenner or £100,000.

For many people, a simple instant access account is suitable, allowing them to get their hands on their money whenever they want.

However, if you're saving towards a goal – a new car or a wedding perhaps – then an account that forces you to give notice before you can access your fund may be more convenient.

Or maybe you'd like to give your children the best possible start to their adult life and would like to begin building up a tidy nest egg for when they turn 18?

Here is a showcase of some of the finest savings accounts currently available, and if you don't find what you're looking for, be sure to browse the Moneyfacts Best Buy savings tables.

Best for easy access

  • The NetSaver account from Derbyshire Building Society pays 3.25%, which includes a 2.25% bonus until 30.11.2012.
  • Savers can invest between £1 and £1m into the online operated account.
  • No notice is required to access funds, but all withdrawals must be made via a nominated account.

Best notice account

  • If savers don't want or need easy access to their money then they could consider the 120 Day Notice Account from Aldermore, which pays 3.20%.
  • For savers after a regular income from their money a monthly interest option of the account is available.
  • Between £1,000 and £1m can be invested into the account, which can be operated by post, telephone or online.
  • Before committing funds savers need to ensure they can give 120 days' notice to make a withdrawal as earlier access is not permitted.

Best regular saver

  • Families with children aged 16 years and under (18 if in full time education) are being offered a rate of 5.00% fixed for one year on the Family Regular Saver from Norwich & Peterborough Building Society.
  • Between £1 and £250 per month can be invested into the account, but if a payment is missed or more then one withdrawal is made during the year then a 3.00% loss of interest penalty is payable.
  • If people don't meet the family criteria, the society offers a rate of 4.00%.

Best short term fixed

  • Cheshire Building Society is offering a market leading rate of 3.55% on its one year fixed rate bond.
  • For savers after a regular income the account offers a monthly interest option.
  • Between £100 and £2m can be invested into the account, with further additions permitted whilst the account remains open.
  • Earlier access is not permitted during the term, so savers should ensure they won't need the funds during the year before committing.
  • The account is also available through Dunfermline and Derbyshire Building Societies.

Best long term fixed

  • If savers are looking to commit funds for five years then Saga is paying a rate of 4.65%.
  • The account is open to savers aged 50 years or over, investing between £1 and £10m.
  • Further additions are permitted whilst the issue remains open.
  • Earlier access to funds is permitted during the term, but all withdrawals will be subject to a 365 days' loss of interest penalty.

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.

Related Articles

Savings rates plummet to fresh lows yet again

It’s becoming a recurring theme, and unfortunately, it’s showing no signs of stopping. Savings rates have plummeted to fresh lows once again as the impact of the base rate cut continues – and this month, product availability has followed.

Less than half of savings accounts beat inflation

Official figures show that inflation jumped up during September, with CPI rising to 1%. Not only does this mean that consumers may begin to feel the impact on their wallets, but there are now far fewer savings accounts that will beat inflation.

Number of savings accounts falls to record low

As if the continued drop in savings rates wasn’t bad enough, our latest research reveals another blow to already hard-pressed savers, with the number of accounts available having fallen to a record low.