1950: Highly Dangerous – Baker
Here’s an up to date list of some of the better paying accounts available at the moment. Remember this is not advice, just a list (I’m not deliberately being patronising, but it seems that the regulators assume that people are incapable of recognising the difference). My advice is to check the details, think about the FSCS compensation limits and the number of Banks covered by a single Banking license.
Instant Access Accounts
Online: ING 3.24%
Bank: Virgin Money 2.60%
Building Society: Manchester 2.81%
Cash ISA – Variable Rate
Online: Santander 3.30%
Bank: Barclays 3.05%
Building Society: Newcastle 2.60%
Cash ISA – Fixed Rate
Online: Governor Money 4.05% (5 year fix)
Bank: Halifax 4.15% (5 year fix)
Building Society: Kent Reliance 3.75% (5 year fix)
I hope that this is helpful in the fight against inflation and dreadful deposit account rates for short-term holdings. Please note that it is very rare that I would encourage anyone to lock into a 5 year cash deposit account – this is for people that have very specific time based goals over 5 years. Inflation is ruining the value of the cash. Don’t forget that interest within a Cash ISA is tax free.
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