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Savings accounts with the best interest rates

If you want to be savvy with your savings, the first thing you need to do is find an account that offers a good rate of interest.

There are various types of account available on the high street, from easy access savers to ISAs and bonds. Each one is designed for different needs – for example, if you want unlimited access to your cash, an easy access account might be suitable, or if you are happy to lock your money away for a period of time, a bond or ISA may be ideal.

But if your main priority is finding the best savings accounts interest rates, here are some of the top ones on the market.

WeBSave Easy Access 3 – This account from the West Bromwich Building Society pays savers interest at a rate of 3.17 per cent, which includes a 1.42 per cent introductory bonus until October 31, 2012. You can choose to have your interest paid monthly or annually and the minimum amount required to open the account is £1,000. It’s an online only account and up to four penalty free withdrawals are permitted each year.

NatWest Preferential Fixed Rate ISA – This cash ISA pays 3.7 per cent interest, fixed for two years. It can be managed online, by phone or in any NatWest branch. The minimum deposit is £1,000 up to the annual ISA tax free allowance, which this year is £5,340. In addition, transfers in from previous ISAs are permitted, but savers are not allowed to withdraw any of their money during the fixed term.

HSBC Fixed Rate Savers – These bond savings accounts have different rates of interest depending on the term length. The range starts with a six month bond offering interest at 2.35 per cent. If you have at least £50,000 in your account, the rate goes up to 2.5 per cent. It can be managed by phone or in any branch, with a minimum deposit of £2,000 up to a limit of £1 million.

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