July 2020: what are the best savings account rates?
We share the best interest rates on Isas, bonds, and easy-access savings accounts.
20th July 2020 12:05
by Sylvia Morris from interactive investor
We share the best interest rates on Isas, bonds, and easy-access savings accounts.
Fixed rate bonds have edged up marginally, with the top rate now at 1% from United Trust Bank for one year. Charter Savings Bank has also launched a new one-year bond at 0.91%, also a top payer.
For two years the best rate is 1.15% from Close Brothers, followed by United Trust Bank at 1.1%.
On easy access accounts, National Savings & Investments (NS&I) remains at the top of the best buy tables with its Direct Saver at 1% on £1 or more. Its Income Bond pays a higher 1.15%, but automatically pays out interest each month rather than adding it to your savings account. The next best rate is Yorkshire Building Society’s Internet Saver Plus paying 0.8% on a minimum £10,000.
For fixed rate cash Isas, the best one-year rate is 0.76% available from Charter Savings Bank, followed by Metro Bank at 0.7% and both Newcastle Building Society and Leeds Building Society at 0.65%. Skipton Building Society pays 0.75% for 16 months, while the top two-year rate is 0.85% from Charter Savings Bank.
The best easy-access cash Isa comes from NS&I’s Direct Isa at 0.9%. You can’t transfer your existing cash Isas into this account, however. The top rate for transfers is Yorkshire Building Society’s Internet Saver Isa Plus at 0.65% on £10,000 or 0.75% for £50,000.
This article was originally published in our sister magazine Money Observer, which ceased publication in August 2020.
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