Cash Rates
As ever, this is not a list for advice, but a list to give guidance about some of the best or top paying rates currently available. You should always check the details of any deposit account in the terms and conditions. Also be aware of protection in the event of the Bank or Building Society going bust – this informaiton can generally be found at the FSCS wesbite. If you would like to do your own search on deposit account rates, then have a look at Moneyfacts. As inflation is currently 5.00% the vast majority of deposit accounts in all forms pay below this level, therefore the purchasing power of your savings is reducing. Locking in to a rate that is below inflation for a long period is generally not a wise idea.
One Year Deposit
Online: Yorkshire Bank 3.60%
Bank: Santander 4.20%
Building Society: Barnsley 5.00%
Two Year Deposit
Online: Yorkshire Bank 4.01%
Bank: Clydesdale 4.01%
Building Society: National Counties 3.76%
Instant Access
Online: Nationwide 3.12%
Bank: Santander: 2.50%
Building Society: Nottingham 3.25%
Cash ISA Fixed Rate
Online: Skipton 4.00%
Bank: Halifax 4.40%
Building Society: Barnsley 5.00%
Cash ISA Variable Rate
Online: AA Savings 3.05%
Bank: Santander 4.00%
Building Society: Newcastle 3.05%
Don’t forget that the FSCS limits apply per Banking Institution, not per Bank. If you find yourself looking at the Yorkshire Bank and Clydesdale Bank wesbites and find yourself thinking that they look very similar, that is because they are (a certified copy) – and both owned by National Australia Bank.
Dominic Thomas
Solomons IFA
You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk