Make every penny count by switching to a bank account which works best for you
HALLOWEEN is the perfect time to face down those “dead” savings accounts that pay almost nowt.
But how best to get more for your hard-earned cash?
You may think there is no point taking action but fixed-rate deals are improving, driven by competition from smaller banks.
The top-paying accounts change all the time but here are some ideas . . .
EASY ACCESS ACCOUNT: Great for savers who may need cash at any time but rates are variable and may fall.
TOP RATE: Coventry Building Society, 0.65%. Put £50 a month into it for a year, and if it did not change you would have £602.11.
REGULAR SAVINGS ACCOUNT: For savers with a specific savings goal who can pay regularly every month.
TOP RATE: NatWest, 3.04%. Put £50 a month into it for a year and you would have £609.88.
LIFETIME ISA: For those saving for a house or retirement. As well as interest from your bank, you get government top-ups worth up to 25 per cent a year. Also available as an investment ISA.
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TOP RATE: Moneybox, 0.6%. Put £50 a month in for a year and have £752.30, with the government top-up.
CASH ISA: Protects people with loads of savings from paying tax on interest. You would need more than £70,000 of savings to incur any tax, so if you do not see yourself ever saving that much, go for a better-paying account.
TOP RATE: Cynergy Bank, 0.65% (variable). Put £50 a month in for a year and have £602.11.
NOTICE ACCOUNTS AND FIXED RATE BONDS: Lock away cash for a higher return. You usually cannot save into them regularly and most require a minimum £1,000 deposit. Top payer is Gatehouse Bank which is Shariah-compliant — so rate is expected, not guaranteed.
TOP RATES: Gatehouse Bank, 1.51% for a one-year bond and 2.05% for five-year. Put £1,000 into them, and you would likely have either £1,015 after one year or £1,107 after five.
See for the top rates. If you claim working tax credit or Universal Credit, check out the Government’s Help To Save accounts, which give you 50-per-cent bonuses.
- Prices on this page correct at time of going to press. Deals and offers subject to availability.
Deal of the day
GREENE King has six bottles of Old Crafty Dad strong ale for £16, down from £20. For details see .
SAVE: £4
Cheap treat
HOOREO! Asda is selling Oreo Birthday Party biscuits for 50p, down from 99p.
SAVE: 49p
What's new?
ARGOS is selling half-price toys – a new salvo in the Christmas gift price war. Among its best deals are this Peppa Pig mega kitchen, down to £30 from £60, and a Barbie limo and four dolls, down to £60 from £120.
Top swap
INSTEAD of splashing out on the popular khaki jacket from The Frankie Shop for £245, go for River Island’s studio jacket, costing £95. It’s dead ringer.
SAVE: £150
Savers' little helper
ARE you an Iceland shopper? Get deals of up to half price on Old El Paso spicey fajita kits or McVitie’s chocolate hobnobs with one of the store’s bonus cards, which you can sign up to online and start saving immediately via the Iceland app.
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