The UK's best rate savings accounts

A savings account allows people to store their money and earn interest each year. There are many different types of savings accounts to choose from, such as fixed rate or variable rate plans. Some allow unlimited free cash withdrawals, whereas others may charge a penalty after a customer exceed withdrawal limit set by the institution.

One of the best rate savings accounts is the WeBSave Easy Access of West Bromwich Building Society. As an easy access account, it provides an annual equivalent rate of 3.17 percent, in addition to a 1.42 percent bonus. The account is fully accessible online, however customers must invest a minimum of £1,000. Funds can only be withdrawn free of charge for a maximum of four times a year.

For people interested in investing their money from scratch, the Santander eSaver Issue 4 allows customers to deposit a minimum of just £1 into their account and still offers a competitive interest rate of 3.10pc. The best feature of the Santander account is that it also awards a 2.6 percent bonus for the first year and can be accessed online or by telephone.

The 2 year fixed rate bond of cahoot, a division of Santander, boasts one of the most generous interest rates available, paying in 4.01pc each year. With a minimum investment of £25,000, it is suitable for people who are hoping to earn interest on hard-earned savings. It must be noted that no cash withdrawals or modifications are allowed during the 2 years.

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