months, so it’ll almost certainly plummet after. Make a note in your diary to ditch and transfer. Full best buys and Isa FAQs at www.
mse.me/isas.
Lock in for up to 2.57% AER If you’re prepared to lock cash away without access, you can earn more in a fi x. Yet it’s worth noting many pundits predict UK rates will rise in 2015. So today’s best rates may not look so good if you lock in for too long. These are the current top fi xed deals for both normal savings and cash Isas. They change daily – latest rates are at
mse.me/fi xedsavings
One-year fi xed savings: United Bank 1.9% (
www.ubluk.com). One-year cash Isa fi x: Britannia 1.85% (
britannia.co.uk) Two-year fi xed savings: United Bank 2.28% (
www.ubluk.com). Two-year cash Isa fi x: Post Offi ce 2.25% (
www.postoffi
ce.co.uk) Three-year fi xed savings: Bank of Cyprus 2.57% (
www.bankofcyprus.co.uk). Three-year cash Isa fi x: Virgin Money 2.4% (
virginmoney.com)
Check your local credit union too Credit unions are local savings and loans co-ops. Some have deals that beat the market’s best buys, such as 3% savings, 2.15% AER one-year fi xes and 2.5% easy-access cash Isas. They’re very localised, so whether you can get these deals depends on where you live or work. Locate ones near you at www. fi
ndyourcreditunion.co.uk.
1.5% AER standard easy access savings If you’ve any left, the fi nal option’s a normal
Please mention thewire when responding to adverts 83
easy access savings account. The top payers are
www.tescobank.com and www.icicibank.
co.uk at 1.5% AER, although Tesco’s account includes a bonus rate for the fi rst year, so it’s likely to plummet afterwards.
If you’ve big
cash, as you’re only protected up to £85,000 per institution, split the cash into diff erent institutions.
If you’re prepared to up the risk a little, it’s worth looking at peer-to-peer savings, which can pay up to 6%. Here your money’s lent to someone who wants to borrow it, via online fi nancial matchmakers such as
zopa.com,
fundingcircle.com and
ratesetter.com. This can be lucrative, but it has its risks, though the sites try to mitigate them. For full info, read
mse.me/peertopeer.
@MoneySavingExpert
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