There are currently some great savings accounts offering excellent rates. The following are the top 10 savings accounts in the UK.
- ING Direct Savings Account - this account has an annual equivalent rate (AER) of 3.1%. Interest is paid monthly and there is easy access with no charges for withdrawing your money. The minimum investment is just £1.
- Santander eSaver - this savings account has an AER of 3.1%. Interest is paid either monthly or annually. You have easy access to your account both online and over the telephone.
- HSBC 6 month fixed rate saver - this is a fixed rate bond with an AER of 2.35%. The minimum investment is £2,000 and the maximum is £100,000. The term is for 6 months.
- Northern Rock fixed rate e-ISA - this is a cash ISA with an AER of 3.8%. There is a minimum investment of £500. Transfers in are accepted and withdrawals are allowed subject to a loss of interest charge.
- Nationwide - this is an online ISA with an AER of 2.75%. Interest is paid yearly. There is a minimum balance of £100 and a maximum of £5,100.
- SAGA Internet Saver - this savings account has an AER of 2.75%. Interest is paid either monthly or yearly. To open this account you must be 50 years of age or older.
- Natwest e-ISA - this account is a cash ISA with an AER of 2.5%. Interest is paid monthly and transfers in are allowed. The minimum balance is £1 and the maximum is £5,100.
- Cahoots 2 year fixed rate bond - this bond has an AER of 4.01%. The minimum investment is £25,000 and the term is 2 years. You have immediate access to your money once the account matures.
- Leeds BS online access account - this is an easy access online savings account. The AER is 3.05% and the minimum investment is £100. Unlimited withdrawals can be made without notice or loss of interest.
- Lloyds TSB cash ISA saver - this ISA has an AER of 2.35%. Interest is paid yearly. Because it is an ISA you do not pay tax on the interest earned.
