Savings: 5 accounts to get your cash working harder

Posted on September 26th, 2014 | Categories - Savings

5 accounts to get your cash working harderSavers have waited for over five years for interest rates to rise and there is no sign that they will start to move during the next few months.

So we’ve scoured our best buy tables and come up with five accounts; ISAs, non-ISA and for children, which we really like and will get your savings work harder for you.

Here they are, click on the name of the account for more information.


Tax-free and instant access: Coventry Building Society Branch Instant ISA

You’ve got to visit a branch of the Coventry Building Society, but if you do you will be rewarded with a market leading rate of 2% per year.

Once opened, the account can be managed online, over the phone or in a branch.

The minimum amount you need to open the account is just £1, although it’s a shame the account isn’t available for transfers. The variable rate of interest is paid annually.


Tax-free regular savings: Buckinghamshire Building Society Chiltern Gold Nuggets

If you don’t have a lump sum or an existing ISA to transfer, you can still get a tax-free return by making regular payments into an ISA.

This account from the Buckinghamshire Building Society can be opened in a branch or by post and allows you to save between £10 and £1,250 per month.

Interest is paid at a rate of 2% per year and you can have one penalty free withdrawal each year.


Fixed rate and tax-free: Post Office Fixed Rate Cash ISA

If you want a guarantee that the interest rate won’t be cut for at least a year, take a look at the Post Office Fixed Rate Cash ISA, which pays 1.70%.

The account can be opened in Post Office branches or by post and is available with a minimum contribution of £500. It is also available for transfers from existing Cash ISAs.

If you would rather have an internet based account, take a look at the Tesco Bank Fixed Rate Cash ISA, which pays 1.65%, just slightly less than the Post Office fixed rate.


Instant access to your savings: Post Office Online Saver Issue 12

Once you’ve used your ISA allowance which account should you consider if you want instant access to your savings? Back to the Post Office and their Online Saver.

The account pays an interest rate of 1.40%, although this includes a bonus of 0.65% during the first 12 months so remember to shop around after the first year.

The minimum deposit is just £1 and interest is paid annually, although there is a monthly option if this is how you would prefer to receive your interest.


Tax-free savings for children: Danske Bank Junior Cash ISA

It isn’t just adults who can enjoy tax free returns; children can too by opening a Junior ISA.

Danske Bank might not be the most well-known bank, but deposits are protected by the Financial Services Compensation Scheme (FSCS) and the interest rate is very attractive at 4%.

The Junior Cash ISA can be opened over the phone with just £25 and it also accepts transfers from existing Junior ISAs.


More savings accounts

Our best buy tables are independent and updated regularly. If the accounts we’ve selected don’t meet your needs, click here and browse the hundreds of others currently available.

Of course if you have any questions we’re here to help and can be contacted on 0115 933 8433 or by completing our online enquiry form, which you can find by clicking here.

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