Bread Crumb Trail

Banking & Saving Savings Accounts
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Are you intending to deposit more than £50,000?
If you are, you should read our 'Top 10 Savings Accounts Tips' at the bottom of this page.

ProviderAccountAERNoticeInterest PaidMin BalApply
NO withdrawal Penalties. Rate includes a 1.65% bonus payable until 2nd August 2010.
3.15%
Instant
Annually
£1
Guaranteed rate of 3.00% AER for 12 months from account opening (2.96% gross p.a.). Interest paid monthly
3%
Instant
Monthly
£1
NO withdrawal Penalties. 2.85% AER flat rate with a 1.20% AER bonus period for 12 months!
2.85%
Instant
Annually
£1
NO withdrawal Penalties. Rate includes 1.55% gross p.a./AER Bonus for the first 12 months
2.80%
Instant
Annually
£1
Minimum Deposit £1000+. 2.80% AER (variable) with NO bonus included. Offer available until 31st July 2009.
2.80%
Instant
Annually
£1,000
NO withdrawal Penalties. Rate includes 2.00% gross p.a./AER Bonus for the first 12 months
2.50%
Instant
Monthly
£1
No Withdrawal Restrictions. Rate includes 1.00% gross p.a./AER Bonus for the first 12 months
2.25%
Instant
Annually
£1
2.00% AER flat rate with no bonus period included! Lower rate of interest will occur if you make 3+ Withdrawals per Year
2%
Instant
Annually
£1
Get 6 free withdrawals per year - and only £1 per withdrawal thereafter. Rate includes 1.0% gross p.a./AER Bonus for the first 12 months
1.10%
Instant
Annually
£500
  • SAVE from £1 up to £2,000,000.
  • Interest PAID annually.
  • Rate includes a BONUS of at least 1.65% payable until 2nd August 2010.
  • No withdrawal charges.
  • Online account.
  • Available to those aged 18 or over.
  • New ING Direct Savings Account customers can enjoy a guaranteed rate of 3.00% AER for 12 months from account opening (2.96% gross p.a.)
  • Interest paid monthly
  • After 12 months the rate will revert to our ING Direct Savings Account variable rate, currently 0.50% AER
  • Move your money when you like, with no penalties or restrictions
  • Start saving from £1, with no minimum or maximum monthly deposits required
  • Open an account in minutes
  • Award winning UK call centres
  • 2.85% Gross p.a./AER variable interest.
  • Year 1 includes a bonus rate of 1.20% from the date of account opening
  • Standard rate for year 2 onwards is 1.65% p.a. (variable)
  • Unlimited access with no notice required.
  • Manage your savings online.
  • Invest between £1 and £1,000,000.
  • Secure and easy to use.
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS – Financial Services Compensation Scheme.
  • Get 2.80% gross pa/AER variable
  • Includes an introductory 12 month variable bonus rate of 1.55% gross pa from the date your account is opened on balances up to £100,000.
  • No interest payable on balances over £100,000 during the first 12 months.
  • After 12 months you move to a standard variable rate; currently 1.25% gross pa/AER (variable).
  • No penalties for withdrawals.
  • Easy access 24 hours a day, every day.
  • It's easy to set up a regular deposit, then sit back and watch your savings grow.
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
  • Open an Internet Saver account before 31st July 2009 and receive this new higher variable rate of 2.80% AER.
  • Although the rate can change, it is guaranteed to be at least 2% above the Bank of England base rate for 12 months from your account opening date.
  • Minimum Deposit = £1000
  • Maximum Deposit = £500,000
  • Interest is calculated daily and paid annually on the anniversary of account opening
  • Have Multiple Accounts & Keep track of your savings - name your accounts, such as 'Holiday', 'Wedding' or 'Rainy Day'
  • Online servicing ensures you can access your account at any time
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
  • Abbey are part of the Santander group one of the 10 largest banks in the world!
  • Great return of 2.50% gross/AER (variable), which includes a bonus of 2.00% gross/AER (variable) for the first 12 months from account opening.
  • Save from just £1
  • 24/7 access to your money without notice or penalty - Cash Card with every account!
  • Interest is calculated daily and paid Monthly
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
  • Minimum Deposit £1
  • 2.25% AER/Gross which includes a 1.00% bonus interest for 12 months on balances up to £100k.
  • No withdrawal Restrictions
  • Deposit & Withdraw money via online transfer
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
  • Get 2.00% gross p.a./AER providing you don't make more than 3 withdrawals per year (more than this will result in a lower rate of interest).
  • Save from £1 to £500,000
  • If you ARE a Nationwide FlexAccount holder, you can set up a high interest internet savings account online
  • If you are NOT a Nationwide FlexAccount holder, you WILL need to open a FlexAccount Online at the same time as opening your e-Savings Plus.
  • Get 1.10% AER (includes a 1.0% gross introductory bonus for 12 months from Account opening)
  • Get 6 free withdrawals per year - and only £1 per withdrawal thereafter
  • Save £500 to £1million
  • Interest is paid annually in March
  • Post Office guarantee to pass on any rise in the Bank of England Base Rate (within 30 days) until January 2010
  • Post Office also guarantee that your interest rate will never be more than 1% below the Bank of England Base Rate for the life of the account.
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
ProviderAccountAERNoticeDeposit Per YearApply
MinMax
Deposit £1 - £9k and get 2.0% AER for 12 months. Deposit £9K+ and get 3.0% AER for 12 months. Transfer your existing ISA balances to this ISA. NO withdrawal Restrictions
3%
Instant
£9,000 £150,000
Deposit £1 - £9k and get 2.0% AER for 12 months. Deposit £9K+ and get 3.0% AER for 12 months. Transfer your existing ISA balances to this ISA. NO withdrawal Restrictions
2%
Instant
£1 £9,000
NO bonus period included. NO Withdrawal Restrictions. Only available to customers who already hold a HSBC Current Account with Internet Banking
1.75%
Instant
£1 £3,600
  • Save up to £3,600 in the 2009/10 tax year without paying any tax on the interest
  • Transfer/Deposit £1 - £9,000 & get 2.0% AER (includes a 12 month variable rate bonus of 1.50% gross/AER)
  • Transfer/Deposit £9,000+ & get 3.0% AER (includes a 12 month variable rate bonus of 2.00% gross/AER)
  • After 12 month intro rate reduces to:
  • £1 - £9,000 = 0.5%AER
  • £9,000 + 1.00%AER
  • Pay-in/Withdraw via Abbey Branch, Online, and Telephone
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
  • Save up to £3,600 in the 2009/10 tax year without paying any tax on the interest
  • Transfer/Deposit £1 - £9,000 & get 2.0% AER (includes a 12 month variable rate bonus of 1.50% gross/AER)
  • Transfer/Deposit £9,000+ & get 3.0% AER (includes a 12 month variable rate bonus of 2.00% gross/AER)
  • After 12 month intro rate reduces to:
  • £1 - £9,000 = 0.5%AER
  • £9,000 + 1.00%AER
  • Pay-in/Withdraw via Abbey Branch, Online, and Telephone
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
  • Only available to customers who already hold a HSBC Current Account with Internet Banking
  • Save up to £3,600 this tax year for new subscriptions only
  • Open your account with just £1
  • NO withdrawal restrictions - Minimum withdrawal £1
  • You can NOT transfer other ISA balances to this ISA.
  • Interest is Paid Monthly.
  • If you have fully subscribed your tax-free allowance in a tax year, any amount withdrawn cannot be reinvested until the following tax year
  • Available to anyone aged 16 years or over, provided you are a UK resident and ordinarily resident for tax purposes
  • Watch your savings grow with monthly interest
  • Flexible saving: save a minimum £10 by standing order monthly, or put away a lump sum up to £3,600 this tax year
  • Instant access to manage your savings online
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
ProviderAccountAERDurationInterest PaidMin BalApply
4.35%
Fixed term for 2 years
Annually
£1,000
4.15%
Fixed term for 2 years
On Maturity
£25,000
4%AER for 12 months on deposits of £100 - £2000 per month. NO withdrawals allowed during 1st Year.
4%
Fixed term for 1 year
On Maturity
£100
4%
Fixed term for 18 months
On Maturity
£25,000
3.60%
Fixed term for 1 year
Annually
£1,000
3.75%
Fixed term for 1 year
On Maturity
£25,000
You need to have, or open a Nationwide Flexi Current Account to deposit funds into this bond.
2.85%
Fixed term for 1 year
On Maturity
£1
2.75%
Fixed term for 6 months
On Maturity
£1,000
1.86%
Fixed term for 6 months
On Maturity
£1,000
2.05%
Fixed term for 1 year
On Maturity
£1,000
3.50%
Fixed term for 2 years
On Maturity
£1,000
4.50%
Fixed term for 3 years
On Maturity
£1,000
  • Minimum Deposit £1000 - No Maximum!
  • Deposit for a period of 2 years
  • Earn an Annual Equivalent Rate (AER) of 4.35%
  • Online Access allowing you to deposit funds and view your cash at all times.
  • Access can be given to funds if required in emergencies within the year; however this will result in loss of interest accrued to date.
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
  • 4.15% gross/AER* on balances of £25k+
  • Matures 1st July 2011
  • Get a great fixed rate for the next two years
  • Pay in anything from £1 up to a maximum of £2,000,000
  • Invest £1 to £9,999 and receive 3.50% gross/AER
  • Invest £10,000 to £24,999 and receive 3.75% gross/AER
  • Invest £25,000 up to £2,000,000 and receive 4.15% gross/AER
  • Available to new and existing Abbey customers
  • You can't add to your bond once it's open so put in as much as you can at the start
  • This is a limited offer and subject to availability. Apply today as this product can be withdrawn at any time
  • * gross/AER based on funds invested on 1st July 2009
  • Get 4% AER/Gross p.a.on your savings for 12 months
  • You must deposit between £100 and £2000 per month by standing order
  • After 12 months, your Nest-Egg and interest accrued are transferred from your Regular Saver Account to a Sterling Variable Rate Web Saver Account (which is opened at the same time as your Halifax International Regular Saver).
  • No withdrawals allowed from your Regular Saver Account during this term without closing the account and transferring all funds to your Sterling Variable Rate Web Saver Account.
  • This account is set-up and administered from Jersey - You can speak to a team of expat banking specialists in Jersey to check on your account at any time.
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
  • 4.00% gross/AER* on balances of £25k+
  • Get a great fixed rate on your savings for one year
  • Pay in anything from £1 up to a maximum of £2,000,000
  • Invest £1 to £9,999 and receive 3.25% gross/AER
  • Invest £10,000 to £24,999 and receive 3.65% gross/AER
  • Invest £25,000 up to £2,000,000 and receive 4.00% gross/AER
  • Available to new and existing Abbey customers
  • You can't add to your bond once it's open so put in as much as you can at the start
  • This is a limited offer and subject to availability. Apply today as this product can be withdrawn at any time
  • * gross/AER based on funds invested on 1st July 2009
  • Minimum Deposit £1000 - No Maximum!
  • Deposit for a period of 1 year
  • Earn an Annual Equivalent Rate (AER) of 3.60%
  • Online Access allowing you to deposit funds and view your cash at all times.
  • Access can be given to funds if required in emergencies within the year; however this will result in loss of interest accrued to date.
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
  • 3.75% gross/AER* on balances of £25k+
  • Matures 1st July 2010
  • Get a great fixed rate on your savings for one year
  • Pay in anything from £1 up to a maximum of £2,000,000
  • Invest £1 to £9,999 and receive 3.00% gross/AER
  • Invest £10,000 to £24,999 and receive 3.50% gross/AER
  • Invest £25,000 up to £2,000,000 and receive 3.75% gross/AER
  • Available to new and existing Abbey customers
  • You can't add to your bond once it's open so put in as much as you can at the start
  • This is a limited offer and subject to availability. Apply today as this product can be withdrawn at any time
  • *gross/AER based on funds invested on 1st July 2009
  • Get higher savings rate the more you deposit
  • Deposit £1 - £9,999 = 2.60% AER fixed for 1 year
  • Deposit £10,000 - £24,999 = 2.65% AER fixed for 1 year
  • Deposit £25,000 - £49,999 = 2.75% AER fixed for 1 year
  • Deposit £50,000 - £3,000,000 = 2.85% AER fixed for 1 year
  • You need to have a Nationwide Flexi-Current Account to deposit funds in to this bond. If you do not have one you will be asked to set one up as part of your application process.
  • Manage your savings bonds online via our secure Internet Bank
  • Enjoy the security of a guaranteed rate of return
  • Choose between monthly or annual interest
  • Open several e-Bonds (the combined savings bonds balance mustn't exceed £3m)
  • Use your own e-Bond account nickname instead of having to remember a lot of numbers
  • Your online security protected with Nationwide's Internet Banking Promise
  • Minimum Deposit £1000 - No Maximum!
  • Deposit for a period of 6 months
  • Earn an Annual Equivalent Rate (AER) of 2.75%
  • Online Access allowing you to deposit funds and view your cash at all times.
  • Access can be given to funds if required in emergencies within the year; however this will result in loss of interest accrued to date.
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
  • This account gives you a great rate of 1.86% AER
  • You can open an account with just £1,000.
  • The maximum balance is £1,000,000
  • Great fixed rates of interest - so you are protected against changes in interest rates and know exactly what you'll earn.
  • On maturity you'll still get a good rate as your savings and interest are transferred into the Sterling Variable Rate Web Saver (which is opened at the same time as your Fixed Rate account).
  • This account is set-up and administered from Jersey - You can speak to a team of expat banking specialists in Jersey to check on your account at any time.
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
  • Account gives you a great rate of 2.05% AER
  • You can open an account with just £1,000.
  • The maximum balance is £1,000,000.
  • Great fixed rates of interest - so you are protected against changes in interest rates and know exactly what you'll earn.
  • On maturity you'll still get a good rate as your savings and interest are transferred into the Sterling Variable Rate Web Saver (which is opened at the same time as your Fixed Rate account).
  • This account is set-up and administered from Jersey - You can speak to a team of expat banking specialists in Jersey to check on your account at any time.
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
  • Account gives you a great rate of 3.5% AER
  • You can open an account with just £1,000.
  • The maximum balance is £1,000,000
  • Great fixed rates of interest - so you are protected against changes in interest rates and know exactly what you'll earn.
  • On maturity you'll still get a good rate as your savings and interest are transferred into the Sterling Variable Rate Web Saver (which is opened at the same time as your Fixed Rate account).
  • This account is set-up and administered from Jersey - You can speak to a team of expat banking specialists in Jersey to check on your account at any time.
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
  • Account gives you a great rate of 4.5% AER
  • You can open an account with just £1,000.
  • The maximum balance is £1,000,000.
  • Great fixed rates of interest - so you are protected against changes in interest rates and know exactly what you'll earn.
  • On maturity you'll still get a good rate as your savings and interest are transferred into the Sterling Variable Rate Web Saver (which is opened at the same time as your Fixed Rate account).
  • This account is set-up and administered from Jersey - You can speak to a team of expat banking specialists in Jersey to check on your account at any time.
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
ProviderAccountMaximum Growth Return*Capital ProtectedISA OptionApply
Up to 5 year investment term. 11% a year for the investment term, if final index level is above initial index level at any of the 5 anniversaries of the plan. Opportunity for early kick-out.
40% after 5 years
No
Yes
3,4 or 5 year term offering 12%, 26% or 40% respectively, if final index level is above initial index level.
40% after 5 years
Yes
Yes
5 1/2 year investment term. Invests in index linked bond, receive 100% of bonds growth up to 40% maximum return.
40% after 5 1/2 years
Yes
No
6 year investment term. Guaranteed 15% return with a 18% bonus if index never falls below 60% of its initial index level during investment term. Can be used for ISA transfers (£7,200 per year), or up to £500,000
33% after 6 years
Yes
Yes
This 5 year investment plan is can be linked to either the UK FTSE index or the US S&P index and offers the opportunity for returns of up to 100%.
100% after 5 years
No
Yes
  • **Special Offer** Invest £10,000 or over and Get 1% Cash Back on the amount you invest into this bond.
  • For example, if you deposit £10,000 you will get a cheque for £100 one month after the date of your investment.
  • The Defined Returns Plan is a stock market linked investment designed to maximise your overall return whilst limiting the risk. With the Annual Kick-out 100 option you will receive 11.00% return for every year the Plan is in force, providing at the maturity date the FTSE is equal to or above its starting level. The plan has a five year investment term, although early maturity may happen on any of it's four anniversaries if the FTSE is equal to or above its starting level.
  • The return of your capital depends on the performance of the FTSE 100 Index and the ability of the counterpart (Barclays Bank Plc) to repay the monies. However, the FTSE 100 would have to fall by half for the capital to be at risk which would take it to levels not seen since 1991.
  • Potential Growth Returns: 11.00% time the number of years the plan has been active
  • Investment Term - Up to 5 years
  • Minimum Investment Outside of an ISA - £3,600
  • Maximum Investment Within an ISA - £7,200
  • Maximum Investment as ISA Transfer - £500,000
  • Maximum Direct Investment - £500,000
  • Investments In Excess of £500,000 are accepted at the discretion of the Plan Managers
  • Deadline - 2nd June 2009
  • **Special Offer** Invest £10,000 or over and Get 1% Cash Back on the amount you invest into this bond.
  • For example, if you deposit £10,000 you will get a cheque for £100 one month after the date of your investment.
  • The Defined Returns Plan has been designed for the investor looking for potentially higher gains than available in deposit accounts, but who also wants to be assured that at least the capital that they have invested will be repaid to them at the end of the term.
  • The plan is designed to offer a simple choice of investment terms over three, four or five years.
  • At the end of your selected investment term you will receive a fixed return as long as the level of the FTSE 100 Index is at least as high as the starting level.
  • If the FTSE 100 Index is below the starting level you will still receive your initial investment.
  • 3-Year Option Potential Fixed Return - 12%
  • 4-Year Option Potential Fixed Return- 22%
  • 5-Year Option Potential Fixed Return - 32%
  • Investment Terms - 3,4 or 5 year options
  • Minimum Investment Outside of an ISA - £3,600
  • Maximum Investment Outside of an ISA - £500,000
  • Maximum Investment Within an ISA - £7,200
  • Minimum Investment as ISA Transfer - £2,000
  • Maximum Investment as ISA Transfer - £500,000
  • **Special Offer** Invest £10,000 or over and Get 1% Cash Back on the amount you invest into this bond.
  • For example, if you deposit £10,000 you will get a cheque for £100 one month after the date of your investment.
  • If you like the idea of a return linked to the FTSE 100 growth, but are concerned by the unpredictability of the markets, the Skipton Building Society Guaranteed Double Asset Bond may offer you a solution.
  • In simple terms it is a building society account, so your capital is guaranteed - enabling you to invest risk free. However you could benefit from a return linked to the FTSE 100.
  • Capital Protected Investment - Your original investment is Guaranteed and is returned to you at the end of the investment term.
  • Minimum Investment - £3,000
  • Maximum Investment - £250,000.
  • As the Bond name suggests it is split into two parts.
  • One third of your investment is invested in a 1 Year Fixed Rate Bond with a Guaranteed rate of 5.25% Gross pa/AER for 12 Months which is added to the bond at maturity.
  • Two thirds of your investment is invested into an Index Linked Bond which offers a return of 100% of any positive growth dependent on the performance of the FTSE 100 index over a 5 and a half year period.
  • Maximum growth you can receive is 40%.
  • You may withdraw up to 50% of your initial investment from the 1 Year Fixed Rate bond during the first year term.
  • No Capital Gains Tax Liability
  • 100% of your investment is held by and protect by the Skipton Building Society
  • Closing Date: 6th July 2009
  • **Special Offer** Invest £10,000 or over and Get 1% Cash Back on the amount you invest into this bond.
  • For example, if you deposit £10,000 you will get a cheque for £100 one month after the date of your investment.
  • The Barclays 6 Year Minimum Return Plan is a capital protected investment designed for the investor looking for a FTSE linked investment plan without the risk of losing their invested capital. The plan guarantees the return of your initial investment plus a further 15% after 6 years with the potential of a 33% return at the end of the investment period.
  • Potential Growth Return - 33% - Subject to the FTSE Index remaining above 60% of its starting level for the entire investment term.
  • Investment Terms - 6 years
  • Minimum Investment Outside an ISA - £3,600
  • Maximum Investment Outside an ISA - £500,000
  • Minimum Investment Within an ISA - £3,600
  • Maximum Investment Within an ISA - £7,200
  • Minimum Investment as an ISA Transfer - £3,600
  • Maximum Investment as an ISA Transfer - £500,000
  • Investments In Excess of £500,000 are accepted at the discretion of the Plan Managers
  • Closing Date Outside of an ISA - 8th May 2009
  • Closing Date Within a 2009/2010 ISA - 8th May 2009
  • Closing Date for an ISA Transfer - 27th April 2009
  • **Special Offer** Invest £10,000 or over and Get 1% Cash Back on the amount you invest into this bond.
  • For example, if you deposit £10,000 you will get a cheque for £100 one month after the date of your investment.
  • The Barclays 5 Year Super Tracker - Dual Option is an index linked investment plan, with a choice between which index to follow. The first option is a FTSE linked investment plan offering returns of 400% of any rise in the index over the five year term, limited to a maximum of 100 per cent. The alternative option is to link your investment to the US S&P 500 index, which gives you 400% of any rise in the index up to a maximum of 90%.
  • The return of your capital depends on the performance of the FTSE 100 Index and the ability of the counterpart (Barclays Bank Plc) to repay the monies. However, the FTSE 100 would have to fall by half for the capital to be at risk which would take it to levels not seen since 1991.
  • Potential Growth Return Of FTSE Linked Option - 100%*
  • Potential Growth Return Of S&P Linked Option - 90%**
  • Investment Terms - 5 years
  • Minimum Investment - £3,600
  • Maximum Investment Outside of an ISA - £500,000
  • Maximum Investment Within an ISA - £7,200
  • Maximum Investment as ISA Transfer - £500,000
  • Investments In Excess of £500,000 are accepted at the discretion of the Plan Managers
  • Deadline - 13th July 2009
  • *Subject to a 25% increase of the FTSE 100 over the investment term.
  • **Subject to a 22.5% increase of the S&P 500 over the investment term.
ProviderAccountAERDepositInterest PaidApply
MinMax
3.20% AER on Business Savings for 12 months
3.20%
£50,000 £2,000,000
On Maturity
2% AER (variable) on Business Savings if you make no withdrawals in 12 months, or 1.84% AER (Variable) if you make 1 withdrawal.
1.84%
£30,000 £2,000,000
Annually
Up to 1% AER/gross on Business Savings on balances over £10,000.
1%
£1 £2,000,000
Annually
  • **Call 0800 783 6911 to find out more**
  • Enjoy the certainty of a guaranteed rate of interest on your surplus cash
  • 3.20% gross/AER (fixed) on business savings for the 12 month term
  • Gross/AER based on funds deposited on 30 June 2009
  • Minimum deposit of £50,000 required
  • Interest is paid on the day of maturity, which is 1st July 2010
  • No withdrawals are allowed during the 12 month term.
  • If you need to access your money you will need to close your account subject to a penalty charge equivalent to 90 days gross interest.
  • **Call 0800 068 6433 to find out more..**
  • 1.84% gross/AER (variable) when you make one withdrawal in the first 12 months
  • 2% gross/AER (variable) when you make no withdrawals in the first 12 months
  • These rates include a 1% gross/AER variable rate bonus for the first 12 months. A reduced rate of 0.10% gross/AER will be paid on the full balance on the account for the month in which a withdrawal is made.
  • A rate of 0.10% gross/AER applies when the balance is less than £30,000.
  • Choose interest to be paid monthly or annually
  • Minimum Deposit = £30,000
  • Maximum Deposit = £2million
  • Instant access via internet, phone and ATM network
  • Authorise others to operate the account on your behalf
  • **Call 0800 328 0427 to find out more..**
  • 0.25% AER/gross on balances from £1 to £9,999
  • 1% AER/gross on balances over £10,000
  • Minimum Deposit = £1
  • Instant access via internet, phone and ATM network
  • Authorise others to operate the account on your behalf

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People are split into two distinct groups with regards to money management, an industry expert claims. According to Motley Fool director David Kuo, "Britain will be a divided nation" - separated into those who are able to put money into ...
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Wed 1st Jul, 2009
Savings 'stays consistent despite downturn'
Britons are increasingly looking to save money, the publication of new research shows. Figures released by Scottish Widows indicate that the proportion of people currently deemed to be putting an adequate proportion of their earnings away for ret ...
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Tue 30th Jun, 2009

Top Ten Savings Tips!

  1. Do not invest more than £50,000 with each savings account provider

    Any bank trading in the UK has to be a member of the Financial Services Authority by law. All FSA members are covered by the Financial Services Compensation Scheme.

    However under European law, any banks offering a higher level of protection in their state of incorporation are not permitted to be part of the UK FSCS.

    This means that should the bank go out of business, compensation will be paid to all its depositors up to 100% of the first £50,000 of a depositor's total deposits with the bank. Where two depositors hold a joint account, each depositor will receive a maximum of £50,000 compensation in respect of the claim, giving a total of £100,000.

    Therefore, if you have more than £50k and wish to be 100% covered, we suggest you open multiple savings accounts with different providers, and deposit no more than £50k with each. In fact if you want to protect your future interest as well as your capital, you should consider only investing a maximum of £47,500 so that £2,500 in possible accrued interest could be included in your £50k compensation claim.

  2. It is important to remember that many of the banks you may think are UK owned, are infact owned by other countries, and may run a separate compensation scheme with different levels of compensation, so you must check out the level of protection before investing large deposits with any bank. For example, ING Direct is owned by the Netherlands, which is covered by a scheme that offers protection on the first €100,000 on its accounts, while the Bank of Cyprus will only protect the first €20,000.

    However, non-uk banks offering separate compensation schemes are generally backed by the UK's FSCS, so the remainder of the amount up to £50,000 (if applicable) would be covered.

    This means that if the Bank of Cyprus were to fail, UK customers could claim from the Central Bank of Cyprus Deposit Protection Scheme for up to 90% of their deposit to a maximum of €20,000. The remainder of their deposit up to £50,000 could then be claimed from the UK's FSCS. Neither scheme is responsible for covering any shortfall in the other scheme. Use our tables to distinguish which banks have separate Financial Services Compensation Scheme (FSCS) registrations and which fall under the same institution.

    Independent Banks
    The banks listed in the table below each hold independent FSCS registrations - or state equivalent, so if your cash is spread across multiple bank accounts shown in the table, £50,000 (or more if held with some non-uk banks) will be compensated for each account if the bank were to collapse.

    Alliance & Leicester

    AK Bank

    Allied Irish

    Anglo Irish

    Bank of Cyprus

    Britannia BS

    Buckinghamshire BS

    Capital One

    Cambridge BS

    Cater Allen

    Chelsea BS

    Chesham BS

    Citibank

    Coutts

    Coventry BS

    Credit Unions (all separate)

    Cumberland BS

    Dunbar Bank

    Ecology BS

    Egg

    First Trust

    Firstsave

    Furness BS

    Hanley BS

    Harpenden BS

    Hinkley and Rugby BS

    ICICI

    Investec

    Ipswich BS

    Julian Hodge Bank

    Kent Reliance BS

    Leeds BS

    Leek BS

    Liverpool Victoria

    London Scottish Bank

    Loughborough BS

    Manchester BS

    Mansfield BS

    Market Harborough BS

    Marsden BS

    Melton Mowbray BS

    Monmouthshire BS

    Norwich & Peterborough BS

    National Counties BS

    Natwest

    Newbury BS

    Northern Bank

    Nottingham BS

    Principality BS

    Progressive BS

    Raphael Bank

    Ruffler Bank

    Saffron BS

    Sainsburys

    Scottish BS

    Scottish Widows

    Standard Life

    Stroud & Swindon BS

    Teachers BS

    Tridos

    Ulster Bank

    United Trust

    West Bromwich

    Whiteaway Laidlaw

     

     

    Note - In Dec 2008, Nationwide, Cheshire BS and Derbyshire BS became one FSA registered institution.

    On 31 Dec 2008, Yorkshire BS and Barnsley BS became one FSA registered institution.

    You may also notice that some of the banks shown above do fall under the same institution, however, they have separate registrations so as far as protection is concerned the rules apply as if they were under different institutions.

    Grouped Banks

    The table below shows which banks/building societies fall under the same institution. The banks are also numbered 1-9 to aid colour blind readers. If you have multiple savings accounts that fall within the same colour/number, you will only be covered for up to the level of compensation offered for all accounts. You can still hold multiple accounts with different colours, the key is to mix them, spreading your money across several savings accounts.

    BMW Savings - 1

    Newcastle BS - 1

    Cheltenham & Gloucester - 2

    Lloyds TSB - 2

    Clydesdale Bank - 3

    Yorkshire Bank - 3

    Direct Line - 4

    Royal Bank of Scotland - 4

    Virgin Money - 4

    First Direct - 5

    HSBC - 5

    Barclays - 6

    Woolwich - 6

    Smile - 7

    The Co-op - 7

    AA - 8

    Bank of Scotland - 8

    Birmingham Midshires - 8

    Halifax - 8

    Intelligent Finance - 8

    Saga - 8

    Abbey - 9

    Bradford & Bingley - 9

    Asda - 9

    Cahoot - 9

    Bank of Ireland-10

    Post Office-10

    Kaupthing Edge - 11

    ING Direct - 11

    Heritable Bank - 11

    Nationwide - 12

    Cheshire BS - 12

    Derbyshire BS - 12

    Dunfermline BS - 12

    Yorkshire BS - 13

    Barnsley BS - 13

    Skipton BS - 14

    Scarborough BS - 14



    Lloyds and HBOS - on 19 January 2009, Lloyds TSB Group plc was renamed as Lloyds Banking Group, after the acquisition of HBOS plc. The FSCS licences will remain the same, so are still treated as two are separate institutions, covering up to £50,000 across each.

    However, you have to remember that the core parts of former HBOS (Halifax, Bank of Scotland, B'ham Midshires, Intelligent Finance, The AA and Saga) hold a single registration, so if you have multiple accounts across more than one of these providers, you will only be liable to receive £50,000 cover overall (£100,000 for jjoint accounts).

    Abbey and A&L - The giant Spanish bank Santander's recently bought both Abbey and Alliance & Leicester. They tell us there are 'no plans to change' their FSA registrations, meaning they will separated in terms of institutions so you’re protected up to £50,000 in each.

    Non-UK compensation schemes

    Below is a list of the level of compensation offered by non UK banks. These schemes work in much the same way as the UK schemes, whereby savers are only protected per institution. For example, accounts held across Abbey, Asda and Bradford & Bingley would only provide £50,000 compensation between them as they all fall under the Santander group.

    Bank Name

    Level of compensation

    Abbey

    Covered by the UK's FSCS - £50,000

    Alliance & Leicester

    Covered by the UK's FSCS - £50,000

    Asda

    Covered by the UK's FSCS - £50,000

    Bradford & Bingley

    Covered by the UK's FSCS - £50,000

    Citibank

    Covered by the UK's FSCS - £50,000

    Clydesdale Bank

    Covered by the UK's FSCS - £50,000

    Egg

    Covered by the UK's FSCS - £50,000

    Firstsave

    Covered by the UK's FSCS - £50,000

    ICICI

    Covered by the UK's FSCS - £50,000

    Yorkshire Bank

    Covered by the UK's FSCS - £50,000

    Akbank

    100,000 (Netherlands)

    Anglo-Irish Bank

    All deposits until September 2010 (Ireland)

    Bank of Cyprus

    20,000 (Cyprus)

    Bank of Ireland

    All deposits until Sep 2010 (Ireland)

    ING Direct

    100,000 (Netherlands)

    Kaupthing Edge - Now part of ING Direct

    100,000 (Netherlands)

    Post Office

    All deposits until Sep 2010 (Ireland)

    Triodos Bank

    100,000 (Netherlands)

    Disclaimer: This information was updated on the 09th June 2009. At Which4u we do our best to keep up with market changes, however the sheer pace of change in ownership of banks in the last 8 months means that our information in some cases may be slightly out of date. We therefore do not take any responsibility for this information being incorrect, but will continue to monitor the situation daily to make sure that this is avoided where possible.

  3. Protect yourself from inflation by keeping your funds in a high interest savings account

    You may not think it possible but it is actually the case that you can now lose money in a savings account! But how, surely your money is safe? The answer is yes, of course your money is physically save (providing you stick to the £50k maximum). The loss actually occurs in a far less obvious way.

    It’s all to do with the current rate of inflation. According to the Bank of England the current rate of inflation stands at 2.3%. But simply this means that something costing £100 this year will cost £102.30 next year. Therefore when you take into account the falling value of money, and the taxation you pay on your interest, your savings rates can look a lot less attractive. In some cases you are actually going backwards.

    For example if you invest £1000 in a savings account at 2.5% for 1 year. Your interest at the end of the year will be £25 gross. Minus 20% for a basic rate tax payer (or even 40% if your a higher rate tax payer) and your net final figure is £20. Meanwhile, if you compare how much your savings have reduced in value during the year due to inflation (currently at 2.3%) and the final figure ends up as the equivalent of £23.

    This effectively means that after saving £1000 for a whole year at 2.5% you will have actually lost £3! It is therefore vitally important that your savings are a savings account that pays above the rate of inflation, otherwise you could end up losing money. If you have any funds that are in account earning less than this you will be losing money.

    If you deposit your funds with a high interest instant access savings account at 4% AER the actual value of your money is only increasing by 1.7%, if you take inflation into account. However, at least this is better than the value of your money actually reducing as it will be in your bank account!

  4. Make use of your £7,200 annual tax free ISA allowance

    It may surprise you to find that if you're a basic tax rate payer, 20% of any interest you receive on your savings actually goes to the tax man. If you are a higher rate tax payer, this will be 40%. The only tax relief you get on your savings are when they are invested into Cash/Investment ISA's.

    At the beginning of the 2008/09 tax year (6 th April 2008 - 5 th April 2009) the government extended the allowance of how much you can save in ISA's from £7,000 to £7,200 per year. This means that savers can now invest up to £3,600 into a cash ISA each year and up to the remaining £3,600 into an investment/stocks and shares ISA, or up to the full £7,600 limit into an investment/stocks and shares ISA (or a combination of the two).

    In the 2009 budget report, Chancellor Alistair Darling announced details of a further increase to the ISA limit to £10,200 either split between Cash and investment ISAs (max. £5,100 into a cash ISA). This is due to start in October for those aged 50 or over, and the beginning of the new tax year for everyone else.

    Please remember, you can only open one ISA per financial year and you are only allowed to add funds to one ISA during each financial year.

    For example you can either open up a new cash ISA and deposit up to £3,600 into it, or you can add up to £3,600 to an existing ISA. However, you can have up to 2 ISAs when making use of both investment/stocks and shares and cash ISAs.

    It is also important to note that any unused allowance will not be rolled over from one year to the next. This means that if you don't use your full tax-free ISA allowance, you lose it. For more information on ISAs please see our ISA section.

    The main incentive in using ISAs is that you don't have to pay any tax on the income you receive from your ISA savings and investments. This includes dividends, interest and bonuses.

  5. Deposit chunks of cash into fixed rate bond accounts

    Fixed rate bond savings accounts offer savers a higher rate of interest in exchange for giving up access to their savings for a set period of time. Typically, the longer period of the bond, the higher the interest rate on offer. This however is not always the case as some fixed rate bonds can offer a higher rate of interest for 1 year than 3 years. If you find that you have 'cushion' of cash built up in your current account (£1000+) and feel that you would not need to access this for 6 months to a year then we would suggest that you deposit these funds into a fixed rate savings accounts. By giving up access to your cash for a certain period of time it is possible to earn rates higher then the best instant access savings account.

  6. Investment Bonds

    Investment bonds are an exciting concept of saving, allowing people to potentially earn much higher returns on their investment. There is an element of risk involved with this kind of savings tool, but this is how they can offer greater returns, so this can be a very attractive offer, especially when banks are paying low interest rates on regular savings accounts.

    The risk involved can be on the investment you make, or simply on the potential returns on your  investment. By choosing your account carefully you can protect your main investment by what is known as Capital Protection, allowing you to expose yourself to some great returns, while having peace of mind in knowing your money is safe.

    Another great way to incorporate your ISA allowance into investment bonds is by investing up to £7,200 per year (soon to increase to £10,200) into investment bonds, allowing you to gain the full amount of your returns without having to pay any tax. This can be a very affective way of making some fantastic earnings, as there is no limit on how much you can earn per year.

    For a full list of our investment products, check out our Investment Bonds page.
  7. Treat instant access savings accounts as current accounts

    This does take some money management skill, but if you can keep as much of your day-to-day money in an instant access account, rather than a current account then you can capitalise on the better interest rate. A standard current account only pays around 0.1% AER interest. The top instant access savings account will pay around 4% AER, making you 3.99% AER better off. All you do is make sure there is enough money in your current account to cover direct debits and general spending, by topping up your current account with funds from your instant access savings account as and when required. This can be done very easily with online banking. A new faster version of the APACS system now allows internet transfers to take hours rather than the standard 3 days, helping you to manage your cash requirements.

  8. Have your salary paid into an high interest instant access savings account

    This may not be suitable for everyone; however it is a great way of earning a high level of interest on your salary as soon as it is in your possession. You can then move funds to your current account as and when required.

  9. Set up Internet banking

    All the instant access savings account listed on www.which4u.co.uk come with internet banking facilities. Once you have applied for one of these accounts you will be able to set this up, giving you 24/7 access to your savings account. This will enable you to view your funds, see your interest being applied, and move your funds to other accounts.

  10. Set yourself savings goals or 'targets'

    You can save more effectively when you have a goal or a target in mind. E.g. I'd like to save £4,000 for a holiday, or I'd like to aim to save a £10k chunk of capital for investment. Saving is effected by your state of mind, as it helps you control your spending on items that are not really important to you. It helps you think about ways at which you can do things more efficiently, or make more money to achieve your savings goal quicker. Some savings accounts actually allow you to set up 'virtual pots'. These are great way to split your money up within your savings accounts and assign purposes e.g. 'car', 'holiday', etc.

  11. If you are self employed move your business funds to a high interest account

    If you are self-employed you have the opportunity to apply the same savings mentality you apply to your personal savings account, to your business. Most business bank accounts actually charge for depositing funds, paying cheques and transferring money. Not only do they charge, but they can also offer very poor levels of interest on positive balances. The best course of action is to therefore shop around. Which4u has business bank account providers that offer FREE banking for life and offer up to 6% credit interest! Savings money in your business naturally means that greater profits can be made and passed on to yourself.