Best Savings Account In UK?
Is your savings account paying you around 6.50%? No? Neither was mine!
NOTE: Please remember we are NOT financial advisors - everything here is just our opinion. Nothing here is investment or financial advice - please consult an independent financial advisor before acting on any information contained on this site.
Having discovered my rate was far behind the market leaders, I investigated further. And was shocked to find my bank (Egg) were even paying their new customers a better rate than loyal existing customers (hey, isn't there even a TV advert making fun of just that kind of dinosaur banking?!). But even that rate didn't make it the best savings account in the UK, it was just quite a lot better than I was getting.
So, I asked if I can be put on the higher rate. They said I can't have the higher rate because I'm not a new customer. So now I am a new customer, with a different bank. And instantly my savings interest rate has made a massive jump from 4.75% to 6.50% (that's 37% higher) with all the same conveniences of online banking etc. It was very easy to move, I just wish I'd moved sooner.
So please double check what interest rate your bank is giving you. And if it isn't anywhere near 6.50% then clearly they don't value your custom as much as some other banks do.
LATEST: Things went a bit crazy, you might have noticed! Interest rates dropped very fast, and now the best rates you can get are around the 2 to 3% level.
Here's some of the best savings rates I found:-
Capital One Flexi Saver
Capital One are better known for their credit cards, but their Flexi Saver savings account has snuck in with a rate right up there with the very best, currently offering 2.35pc (AER). Note: make sure you keep a minimum balance in this one of at least £500 or the rate plummets.
For more details or to apply online now click here for the Capital One Easy Access savings account
Birmingham Midshires e-Saver
Birmingham Midshires offer a simple straightforward account currently offering a decent competitive rate of 1.84pc (AER).
For more details or to apply online now click here for the Birmingham Midshires e-Saver savings account
Remember to look at our Cashback Credit Card reviews