Best savings accounts: The instant options paying market-leading interest rates right now

Martin Lewis gives advice on best savings rates on This Morning

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From lump sums to regular savings, the way in which people opt to save will differ not only from person to person but also at different stages of a saver’s life. Financial situation for an individual and at a national scale will also play a role, and there may be times when a person is happy to opt for a fixed rate, while easy access may be more beneficial on other occasions.

Across the savings market, rates and options can and do change often.

That’s why many will head to money comparison websites to see what the current deals available are.

Moneyfacts.co.uk is one of these types of websites, and savings and ISA rates are some of the financial products it compares.

Moneyfacts updates savings rates throughout the day, and at the time of writing, it listed 969 products under its Savings Accounts section.

It must be noted that all rates subject to change without notice.

Moneyfacts says people should check all rates and terms before investing or borrowing.

Best easy access savings accounts

According to this website, the best easy access savings rates is currently 0.50 percent AER.

This is a rate which is offered by three different financial providers.

Yorkshire Building Society’s Annual Access Account Issue 7, Virgin Money’s M Plus Saver, and ICICI Bank UK’s SuperSaver Savings Account all currently pay 0.5 percent AER variable.

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Best Notice Accounts

According to Moneyfacts, the best notice accounts today are offering a 0.65 percent variable interest rate.

Charter Savings Bank offers a 120 Day Notice Postal – Issue 20 savings product with an interest rate.

As evident from the product name, it has a 120 day notice period.

Meanwhile, Moneycorp Bank90 Day Notice Account Issue 1, offers the same interest rate but with a 90 day notice term.

Best Instant Access ISA

According to the money comparison website, today’s best ISA rate is an expected rate of 0.60 percent AER offered by Al Rayan Bank via the Instant Access Cash ISA (Issue 2).

Meanwhile, Nationwide Building Society came in top for one year fixed rates, with the Member Exclusive Fixed Rate ISA paying 0.75 percent AER.

As the tax year end, and hence the ISA season, approaches, TSB’s Head of Savings, Peter Hatton, recently spoke about the savings market.

Addressing why interest rates on savings accounts are so low at the moment, he said: “The low rates we’re seeing are linked to The Bank of England’s Base Rate, and banks use this as a reference when they decide the rates on their own products.

“The Base Rate is currently at an all-time low, and banks have passed this on in the form of lower rates on their lending products and savings accounts.

“This is generally good news for borrowers, because it means mortgage and loan repayments will be lower, leaving more money in their pockets each month.

“But the flipside is that savers will see a lower return and their deposits will grow more slowly.”

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