July 2020: what are the best savings account rates?

by Sylvia Morris from interactive investor |

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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.

These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.

Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.

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