What are the best savings accounts of 2019?

With the continuing economic uncertainty the savings market has not been offering savers the rates that were available in previous year and with the ongoing rumours of an upcoming base rate cut, along with the fact that in the past week alone 15 providers have reduced rates or withdrawn products and only two providers launching new products,  savers could be better off switching savings accounts now than waiting and hoping that rates will improve. So what are the best savings accounts of 2019 so far?

Competition within the ISA market reached its peak during the traditional ISA season in March and April, but there was still strong competition in the market as late as May. In recent months, however, competition within the market has fallen with many providers cutting rates or withdrawing products. Here are the best cash ISA rates currently available:

• Fixed rate ISAs dominate the chart offering the best rates with United Trust Bank topping the ISA chart overall with its ISA 7 Year Bond. This is a fixed account that pays 2.25% on a deposit of £15,000. It doesn’t allow further additions but does permit earlier access subject to a penalty. It is opened by post then can be managed in branch as well.
• Another highly competitive ISA is Metro Bank’s 5 Year Fixed Rate Cash ISA (Issue 7) paying 2.10% on a £1 deposit. This account allows further additions, while earlier access is allowed on closure only on 180 days’ loss of interest. The account can be opened in branch then managed online and by phone as well.
• At the beginning of the year Buckinghamshire Building Society relaunched its 180 Day Cash ISA which is now paying 1.51% on a £100 deposit. This is a branch and postal account that allows unlimited further additions, while earlier access is allowed but subject to 180 days’ loss of interest.
• Virgin Money is offering the best rate on an ISA without a term or opening restriction with its Double Take E-ISA Issue 9 paying 1.46%. This is an online-only account that requires a £1 opening deposit and allows unlimited further additions. Withdrawals are allowed by restricted to two per calendar year.

Competition within the easy access accounts has been particularly fierce this year with several providers offering the top rate for a number of months, resulting in Marcus by Goldman Sachs® no longer dominating the market as it did at the end of 2018. Here’s a quick overview of the best easy access accounts available:

• While Marcus by Goldman Sachs® no longer has solo domination of the easy access chart it still offers the top rate of 1.50% on its Online Savings Account, which includes a 0.15% bonus for 12 months. There is no opening deposit required for this account, which allows unlimited further additions and withdrawals. It is online account that can also be managed by phone and requires a UK mobile number to open.
• Virgin Money also offers the top rate of 1.50% which is available on its Double Take E-Saver Issue 10 and Man Utd Double Take E-Saver Issue 5 accounts. These are both online-only accounts that require a minimum deposit of £1 to open. They allow unlimited further additions but withdrawals are restricted to two per calendar year including closure.
• Shawbrook Bank is currently also offering a highly competitive easy access rate of 1.48% on its Easy Access – Issue 15. The account requires a deposit of £1,000 to open and allows unlimited further additions, while withdrawals can be made via a nominated account. It is an online account that can also be managed by phone.

This week Bank of London and The Middle East (BLME), which had been dominating all terms within the fixed rate bond sector, reduced its rates. While this has led to lower rates within the chart, fixed rate bonds still offer the best saving rates available. Here are the top rates currently in the fixed rate bond chart:

• Overall PCF Bank offers the top rate within the chart with its 7 Year Term Deposit Issue 10 paying 2.75% on a £1,000 deposit. This account allows further additions, but savers will not be able to access their money until the seven year term has ended. It can be opened online and by post and then managed by phone as well.
• While it has reduced rates this week, BLME still offers highly competitive expected profit rates on its premier Deposit Accounts offering 2.55% on a seven year term, 2.50% on a five year term and 2.45% on a three year term. All these accounts do not allow further additions or withdrawals and can be opened online and then managed by post.
• Al Rayan Bank pays an expected profit rate of 2.42% on its Fixed Term Deposit for a 36 month term. Savers cannot make any further additions or withdrawals with this account, which can be opened and managed online, in branch, by post, phone and its mobile app.

Please note that all rates are correct at time of publishing.