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Best savings accounts today from easy access to ISAs paying interest up to 6.2% | Personal Finance | Finance
Following the 14 consecutive Base Rate hikes, high street banks and building societies have been increasing interest rates to offer savers better returns – and some are paying more than six percent.
There are a number of different savings accounts suitable for a variety of circumstances – from easy access to cash ISAS – and savings expert Lucinda O’Brien has pulled together some of the top rates on offer today.
Money.co.uk’s Ms O’Brien said: “Interest rates on savings accounts appear to be stalling, but there are still some providers offering around six percent for fixed-rate accounts.
“For example, Ford Money is offering 6.05 percent for its two-year fixed-rate bond, so this is worth exploring if you wish to lock your money away for this set period of time.”
Ms O’Brien added: “Unfortunately, it is not the case that the longer fixed-term, the higher the interest rate, but it’s worth weighing up if it’s better to lock in a competitive interest rate now if you think rates could be considerably lower in a few years. For example, you could benefit from 5.85 percent for five years with Tandem’s fixed saver.”
Here are the top rate easy access, fixed rate and cash ISA accounts on offer today.
Easy access savings accounts
Easy access accounts are typically more flexible, as these allow savers to make payments and withdrawals with minimal restrictions and with small opening deposit requirements.
Topping the leaderboard of easy access savings accounts offering the highest interest rate is Oxbury Bank’s Personal Easy Access Saver (Issue 1) with an Annual Equivalent Rate (AER) of 4.94 percent.
The account can be opened with a minimum deposit of £1,000 and interest can be paid monthly. Up to £500,000 can be invested and unlimited withdrawals are permitted.
Shawbrook Bank’s Easy Access (Issue 36) places just behind with an AER of 4.93 percent. The account can also be opened with a minimum deposit of £1,000 and interest is paid on the anniversary. Up to £85,000 can be invested and withdrawals can be made at any time without notice.
Cahoot, which is a division of Santander, is offering an AER of 4.9 percent on its Simple Saver account, and savers can get started with just £1. Interest can be paid annually or monthly, up to £2million can be invested, and withdrawals are also permitted at any time.
Fixed rate savings accounts
Fixed-rate accounts add another level of certainty to savings, as these accounts enable savers to lock in an interest rate for a set length of time.
NS&I’s Guaranteed Growth Bond (Issue 72) is currently topping the list for one year fixed savers with an AER of 6.2 percent and interest can be paid monthly or annually. The account can be opened with a minimum deposit of £500 and up to £1million can be invested overall. Withdrawals are not permitted until the end of the term.
Topping Ms O’Brien’s list for two year savers is Ford Money with an AER of 6.05 percent. The account can be opened with £500 and up to £2million can be invested. Interest is paid on the anniversary and withdrawals are not permitted.
For longer-term savers, Tandem Bank is topping the list for five-year bonds with an AER of 5.85 percent. The account can be opened with just £1 and up to £2.5million can be invested. Interest is paid annually and withdrawals, similar to the other accounts, are not allowed until the term ends.
Cash ISAs
Cash ISAs enable savers’ money to grow without having to pay tax on the interest above the Personal Savings Allowance (PSA). However, some ISAs can come with a few more restrictions, like penalty charges for early access or transfers.
For those who need instant access to their cash ISA, Shawbrook Bank’s Easy Access Cash ISA (Issue 25) tops the list with an AER of 4.43 percent. The account can be opened with a minimum deposit of £1,000 and withdrawals can be made at any time.
For those looking for a fixed rate, Shawbrook Bank, Charter Savings Bank and Zopa are topping the lists for one, two and three-year accounts.
Shawbrook’s one-year fixed ISA offers an AER of 5.78 percent, while Charter Savings and Zopa offer AERs of 5.57 percent anf 5.56 percent respectively.
Mumbai:
The Indian equity benchmark indices opened higher on Friday amid positive global cues, as buying was seen in the IT, pharma and auto sectors in the early trade.
At around 9.27 am, Sensex was trading 265.3 points or 0.33 per cent up at 80,066.81 while the Nifty added 89.85 points or 0.37 per cent at 24,336.55.
Nifty Bank was down 222.85 points or 0.40 per cent at 54,978.55. The Nifty Midcap 100 index was trading at 54,980.80 after increasing 10.95 points or 0.02 per cent. Nifty Smallcap 100 index was at 16,903.30 after declining 60.20 points or 0.35 per cent.
According to market watchers, “after a positive opening, Nifty can find support at 24,200 followed by 24,100 and 24,000. On the higher side, 24,500 can be an immediate resistance, followed by 24,600 and 24,700.
“The charts of Bank Nifty indicate that it may get support at 55,000 followed by 54,700 and 54,500. If the index advances further, 55,500 would be the initial key resistance, followed by 55,800 and 56,200,” said Hardik Matalia, Derivative Analyst of Choice Broking.
Meanwhile, in the Sensex pack, TCS, Tata Steel, Maruti Suzuki, Eternal, ICICI Bank, SBI, HDFC Bank, Infosys, M&M and Tata Motors were the top gainers. Whereas, Axis Bank, Tech Mahindra, Nestle India and IndusInd Bank were the top losers.
In the last trading session, Dow Jones in the US added 1.23 per cent to close at 40,093.40. The S&P 500 climbed 2.03 per cent to 5,484.77 and the Nasdaq added 2.74 per cent to close at 17,166.04.
In the Asian markets, Jakarta, Bangkok, Seoul, Hong Kong, China and Japan were trading in green.
According to analysts, US markets extended their rally on Thursday as investors snapped up hard-hit technology stocks, helping boost the S&P 500 out of correction territory.
The foreign institutional investors (FIIs) bought equities worth Rs 8,250.53 crore on April 24. However, domestic institutional investors (DIIs) sold equities of Rs 534.54 crore on the same day.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Mumbai:
Indian equity markets are trading in the red as tensions soar between India and Pakistan over the Pahalgam terror attack in Kashmir. Sensex, the 30-share BSE benchmark, has crashed over 1,000 points and is now trading below the 79,000-mark. Nifty, the NSE index of 50 shares, fell below 24,000 points.
The markets went up in early trade, driven by a global rally and fund inflows, but the momentum got lost thereafter, and it gave up the initial gains.
The markets are also upset by unimpressive March quarter earnings by Axis Bank, the third-largest private sector bank of the country. The bank’s shares have fallen 4.65% after reporting a decline in quarterly profit from Rs 7,130 crore in the year-ago period to Rs 7,117 crore.
Besides Axis Bank, major laggards include Bajaj Finance, Bajaj Finserv, Tata Motors, and Tech Mahindra. On the gaining side are TCS, Infosys, Reliance, HCL Tech, HDFC Bank, and ICICI Bank.
At least 26 civilians were massacred by terrorists in a tourist hotspot known as ‘Mini Switzerland’, leading to both countries pulling out their diplomatic staff and suspending visas issued to the other nation’s citizens. (Follow live updates here)
The latest flare-up at the Line of Control was speculative firing by Pakistani troops, which is being seen as an attempt to provoke the Indian side. Indian troops retaliated effectively against the firing from multiple Pakistani posts.
As Indian equities braced for the impact, global equities, including the Asian markets, were charting in the positive territory. South Korea’s Kospi index, Tokyo’s Nikkei 225, Hong Kong’s Hang Seng, and Shanghai SSE Composite were all in green.
Similar trends were seen in US equities, too. Last evening, Nasdaq Composite closed 2.74 per cent higher. S&P 500 jumped over 2 per cent and Dow Jones Industrial Average surged 1.23 per cent.
Mumbai:
Equity benchmark indices Sensex and Nifty declined in early trade on Thursday amid profit-taking after a seven-day rally and muted trend in Asian markets.
The 30-share BSE benchmark declined 242.01 points to 79,874.48 in early trade. The NSE Nifty went down by 72.3 points to 24,256.65.
In the past seven trading days, the BSE benchmark gauge zoomed 6,269.34 points or 8.48 per cent and the Nifty jumped 1,929.8 points or 8.61 per cent.
From the Sensex firms, Eternal, Bharti Airtel, ICICI Bank, Mahindra & Mahindra, HCL Technologies, Reliance Industries, and HDFC Bank were among the laggards.
IndusInd Bank, Tech Mahindra, Nestle, Bajaj Finance, Axis Bank, and Tata Motors were among the gainers.
In Asian markets, South Korea’s Kospi index, Shanghai SSE Composite, and Hong Kong’s Hang Seng were trading lower while Tokyo’s Nikkei 225 quoted in the positive territory.
US markets ended sharply higher on Wednesday. Nasdaq Composite jumped 2.50 per cent, S&P 500 surged 1.67 per cent and Dow Jones Industrial Average climbed 1.07 per cent.
Global oil benchmark Brent crude climbed 0.12 per cent to USD 66.20 a barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 3,332.93 crore on Wednesday, according to exchange data.
The BSE benchmark jumped 520.90 points or 0.65 per cent to settle at 80,116.49, the highest closing level since December 18, on Wednesday. The Nifty rallied 161.70 points or 0.67 per cent to 24,328.95.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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