Savings rates are falling
Unfortunately the Government's Funding for Lending Scheme continues to have a negative effect on the best savings account rates. Across the board the best rates have fallen, which is even reflected in the Investec's High 5 account (which matches the best rates on the market) cutting its interest rate.
The rare bit of good news is that at least the best cash ISA rate has not fallen with Coventry Building Society leading the way. But as the tax year draws to an end the usual influx of competitive deals just isn't happening and looks unlikely to.
Best Cash ISA rates
Cash ISA variable rate
Coventry Building Society 60 Day Notice ISA (3)
- 2.80% (AER) - incl 0.60% bonus for first 12 months
- Min. deposit £1
- 60 days notice or loss of interest
- No transfers in accepted
Cash ISA fixed rate
Halifax ISA Saver Fixed - 5 Years
- 3.10% (AER) Fixed
- Min. deposit £500
- No withdrawals allowed and 365 days loss of interest if closed early.
- transfers in accepted
Instant Access
Derbyshire Building Society - NetSaver - Issue 10
- 2.00% (AER) - incl 1.5% bonus for first 12 months
- Minimum deposit £1,000
If you are comfortable with locking your cash in for a period of time, then these are the best rates at the moment.
Fixed Rate Bond - 1 Year Term
The Co-op 1 Year Fixed Term Deposit
- 2.31% (AER)
- Min. deposit £1,000
- No withdrawals during term
Fixed Rate Bond - 3 Year Term
The Co-op 3 Year Fixed Term Deposit
- 3.00% (AER)
- Min investment £1,000
- No withdrawals during term
Fixed Rate Bond - 5 Year Term
First Save 5 Year Fixed Rate Bond 1st Issue
- 3.05% (AER)
- Min. investment £1,000
- No withdrawals during term
Best account for those who don't want to shop around
The Investec High 5 Issue 2 takes the average of the top 5 best buy savings rates. Rates reviewed weekly.
- current rate 2.11% AER
- Minimum investment £25,000
- 180 days notice to withdraw funds