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The best savings accounts of the week beginning March 20, 2023 are being highlighted by money.co.uk. This comes ahead of tomorrow’s interest rate announcement from the Bank of England and recent updates from banks such as Santander.
Currently, Santander is offering a favourable interest rate of 4.25 percent on one of its top savings accounts.
Money.co.uk has broken down the best savings accounts from multiple banks and building societies.
This week’s list has highlighted the top easy-access and notice savings accounts, fixed-rate bonds and cash ISAs.
Savers should be aware this list does not include deals for existing customers or children’s savings accounts.
Easy-access savings accounts
- Clearbank Chip Instant Access – pays an interest rate of 3.40 percent.
Notice savings accounts
- Zopa Smart Saver (Boosted Pot – seven-day notice) – pays an interest rate of 3.25 percent
- Zopa Smart Saver (Boosted Pot – 31-day notice) – pays an interest rate of 3.31 percent
- Investec 90-Day Notice Saver – pays an interest rate of 3.55 percent.
- Monument Bank Six Month Fixed Term Deposit – pays an interest rate of 3.85 percent
- Cynergy Bank UK One-Year Bond – pays an interest rate of 4.42 percent
- Cynergy Bank UK Two-Year Bond – pays an interest rate of 4.50 percent
- Tandem Five-Year Fixed Saver – pays an interest rate of 4.60 percent.
- Paragon Triple Access ISA (Issue 12) – pays an interest rate of 3.10 percent
- Furness Building Society 45-Day Notice Cash ISA – pays an interest rate of 3.30 percent
- Santander One Year Fixed Rate ISA – pays an interest rate of 4.15 percent
- Santander 18 Month Fixed Rate ISA – pays an interest rate of 4.25 percent.
Lucinda O’Brien, money.co.uk’s savings expert, discussed which accounts savers should rush to take advantage of in particular.
She explained: “The new tax year is nearly here and we’ve seen some ISA deals come through from providers.
“Santander is currently offering the top rates for a one-year fixed-term ISA at 4.15 percent and its 18 months offering is at a competitive 4.25 percent.
“The bank is also offering a £50 voucher if someone transfers a non-Santander ISA of £10,000 or more to one of its fixed-rate ISAs.”
The savings expert spotlighted savings products from other financial institutions outside of Santander.
Ms O’Brien added: “Elsewhere, Paragon’s Triple Access ISA has the best interest rate for an easy access ISA at 3.10 percent and Furness Building Society’s 45-day notice ISA is just in front with 3.30 percent.”
Interest rates in the UK have risen dramatically over the past year as the Bank of England attempts to rein in inflation.
With CPI inflation rising once again in the 12 months to February 2023, more rate hikes may be implemented in the near future.
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