Challenger banks edge rates up: here’s the top paying savings accounts

The top paying savings accounts

On easy-access accounts Bank of Cyprus has raised its Online Easy Access rate to 1.15 per cent, including a 0.55 percentage point bonus for the first 12 months.

Other top online deals - where the rate is not boosted by a bonus -  include Ulster Bank at 1.25 per cent, RCI Bank at 1.11 per cent, Shawbrook Bank at 1.05 per cent and Ford Money at 1.07 per cent. 

On fixed-rate bonds the top rate for one year is 1.85 per cent from Paragon Bank. OakNorth Bank pays 1.76 per cent and Shawbrook, Harrods and Atom banks 1.75 per cent.

On tax-free cash Isas, best rates come from Ford Money at 1 per cent for both new and existing savers while Sainsbury’s Bank pays 1.01 per cent. Virgin Money also pays 1.01 per cent but limits you to three withdrawals a year. 

The top one-year fixed cash Isa rate is 1.2 per cent from Paragon Bank followed by Charter Savings Bank and Bank of Cyprus both at 1.16 per cent.  Ford Money and Shawbrook banks offer 1.15 per cent and Yorkshire Building Society 1.12 per cent.

Nine savings accounts that are beating inflation

For two years Charter Savings Bank pays a top 1.37 per cent followed by Virgin Money, Yorkshire Building Society and Progressive Building Society all at 1.3 per cent.

All accept transfers from other providers.

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