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What are the best savings accounts of 2019?

What are the best savings accounts of 2019?

Category: Savings
Author: Leanne Macardle
Date: 30/01/2019

The savings market has been rife with activity in the first month of 2019, and although average rates haven't measurably improved as yet, the top rates available certainly have. Providers appear increasingly keen to compete as we head further into the new year, so just what are the best savings accounts of 2019 so far?


Competition has been particularly fierce in the easy access market in recent weeks, with both ICICI Bank UK and Family Building Society launching deals that were finally able to beat the 1.50% rate of Marcus by Goldman Sachs. Here's a quick overview of what they entail:

  • The HiSAVE Bonus Saver Account from ICICI Bank UK boasts a rate of 1.55% AER on a monthly basis (1.54% gross) from a minimum deposit of just £1, with unlimited further additions and withdrawals welcome via a nominated account. The account can be opened online and then managed by phone and mobile app as well, though it should be noted that the rate includes a bonus of 0.30% for 12 months, making a review of the account's competitiveness a must in a year's time.
  • The Family Building Society's Premium Saver (3) is a bonus-free deal that pays a variable rate of 1.51% yearly, though savers will need a hefty minimum deposit of £15,000 if they want to open an account. They can do so online, by post or in branch (and can then manage the account by phone as well), after which further additions are permitted until 8 March up to the £250,000 maximum investment limit, and withdrawals are restriction-free. Alternatively, for savers without so much to invest and who don't mind purely banking online, the mutual also offers an Online Saver paying a lower rate of 1.26% from a minimum of £100.


The fixed rate bond sector has seen plenty of action so far this year as well, with providers continually looking to leapfrog each other to get to the top of the Best Buys, either by launching new deals or raising rates on their current range. Let's take a look at some of the best options available:

  • As it stands, the best one-year savings accounts come from Gatehouse Bank and Bank of London and the Middle East (BLME), both of which have increased rates to offer expected profit rates of 2.15% on their one-year bonds and can be opened with a minimum investment of £1,000. The deal from Gatehouse Bank is available through the Raisin UK platform, which as an added incentive is currently offering a bonus of up to £100 depending on the amount invested.
  • In the two-year bond sector, the top rate comes from Al Rayan Bank with an expected profit rate of 2.42%, paid quarterly, and Al Rayan also takes the crown in the three-year sector with an expected profit rate of 2.52%.


Cash ISAs don't normally see much attention outside of ISA season, but even here, we've seen some activity in recent weeks, arguably as providers are trying to get ahead of the game. Here are the best cash ISA rates currently available:

  • Paragon Bank relaunched its Limited Edition Easy Access ISA earlier this month to see it paying 1.45% yearly (or 1.44% on a monthly basis), the joint-top deal among variable rate ISAs – and it permits further additions and withdrawals, too.
  • Competition is especially heightened in the one-year ISA sector, with Aldermore increasing the rate on its 1 Year Fixed Rate Cash ISA to a then market-leading 1.70% and Coventry Building Society quickly following suit to match it, only for Cynergy Bank to usurp them both with a 0.05% rate rise, seeing its one-year ISA take the crown with a rate of 1.73%.
  • For those looking to squirrel their money away for the longer term, Coventry continues to be the best bet, with its recent rate rises seeing its two-year ISA
    sit at the top of the charts by paying 1.90%, while its three-year deal pays a market-leading 2.05% and its five-year boasts a chart-topping 2.30%.

As you can see, competition has been ramping up across the savings market in recent weeks, and hopefully, the pattern will continue. If you're looking for the best savings accounts available, make sure to keep an eye on our Best Buys for any new entrants, and see if you can get more from your money this year.

Rates and details are correct at the time of publication (30.01.2019)

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.