As ever, this is not advice – you should always check the detail of any account that you consider using. Personally if you have not heard of the bank, I suggest you do not use it, if you are still tempted by the rate make sure you do some proper research… don’t forget the lessons from the recent past…Iceland.. not the frozen food retailer.

Online: Derbyshire 3.55%

Bank: Santander 4.20%

Building Society: Barnsley 5.00%

Online: The Post Office 3.96% (yes Postman Pat finally delivers!)

Bank: Yorkshire 3.82%

Building Society: National Counties 3.76%

Online: Nationwide 3.12%

Bank: Santander 2.50%

Building Society: Nottingham 3.25%

Online: Governor Money Progessive 4.50%

Bank: Halifax 4.40%

Building Society: Barnsley 5.00%

Online: AA Internet 3.05%

Bank: Santander 4.00%

Building Society: Newcastle 3.05%

Remember, look below the surface of the account, some Banks are marketing accounts as deposit accounts, when they are not really deposit accounts at all but investment linked products. Remember that deposits up to £85,000 are covered by the FSCS. So there’s some protection if a Bank fails. None of the rates are terribly attractive, and these days I do have sympathy with those that suggest the Banks have turned the tables and are now the robbers. Somewhat harsh, but the sentiment is fairly widespread, hence the picture of “Public Enemies” a Johnny Depp film about American gangster/bank robber John Dillinger from the 1930s.

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