19 March 2010 :
Compare Credit Cards, Pet Insurance and Savings Accounts
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How to Guides
- Guide to savings accounts
Read our comprehensive guide to savings account and make your savings accounts work for you.
High Interest Savings Accounts
The highest interest savings accounts are Bonds/Term Accounts, Notice Accounts and ISAs. In return for more restriction on when and how you can access your money, the financial institution providing the account will offer you a higher interest rate.Read more...>
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Barclays 5 Year Fixed Rate Savings BondMinimum deposit of £500 |
4.25% | 14 days |
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Barclays 3 Year Fixed Rate Savings BondA fixed rate of interest for the term of the bond |
3.25% | 14 days |
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Nationwide eBondChoose from 6 months to 5 year term |
2.25% | 6m, 1, 2, 3 or 5 years |
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| ** In order to access this rate you will need to open a Nationwide current account or be an existing Nationwide current account holder ** | ||||
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Alliance & Leicester Online Saver2.75% AER a variable bonus for 12 months |
2.75% | Instant Access |
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Restrictions on High Interest Savings Accounts
Other restrictions will usually be in place to prevent you from adding to your deposit during the term. These accounts give the highest rates but are the least flexible. The rate that you agree to at the beginning will be fixed for the term and won't fluctuate with the Bank of England rate. That does mean that if the Bank of England rate increases substantially, you won't see the benefit but, by the same token, if the BoE rate falls your interest rate won't be affected.
As a more flexible, but still relatively high interest, savings option some banks offer Notice Accounts which require the customer to give a notice period before any withdrawal of money. Instant access from such accounts will usually result in a penalty charge. The notice period can vary from a week to six months but usually will be 1 to 2 months.
Unlike Bonds and Term Accounts, Notice Accounts have an interest rate that usually moves with the Bank of England rate and so it is not fixed throughout.
Top Tips for High Interest Savings Accounts
- Make sure that any money you commit to a Bond will not be needed - in most cases you will not be allowed access to it until the end of the term
- If you choose a Notice Account then be sure that you could manage for the notice period if you needed the money. Penalties can soon nullify any gains you've made through having the higher rate
- Check all the details such as maximum withdrawal, minimum deposit and whether you can add to your deposit
- If access to your money is not an issue then you can really compare the highest rates
Did you know?
The first credit cards were given out in 1950 to just 200 people. They were only accepted in 14 restaurants in New York.
Source: About.com (http://history1990s.about.com/
od/1950s/a/firstcreditcard_1.htm)
Savings Accounts News
Britons failing to meet savings goals
17-Mar-10
17-Mar-10
Many Brits are not adding to their savings accounts.
Two-fifths of over-50s 'use maximum ISA allowance'
09-Mar-10
09-Mar-10
Over-50s plan to take advantage of new ISA limits.
Winter brings fall in savings account deposits
05-Mar-10
05-Mar-10
Consumers neglected their savings accounts over winter.
Product Offers
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.
Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.
Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.