Bank Accounts

5 Best Bank Accounts for Savings

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In a day and age when interest rates for savings accounts are rock bottom lows, you need to be extra vigilant when choosing which account to park your money into. And because we know you don’t have all the time in the world to compare bank accounts, we’ve done the grunt work for you. Here are some of the best savings accounts available in the market today:

Virgin Money

At 1.26% interest rate, this easy access account is a pretty decent option. There’s just one downside. Withdrawals are limited. If you make 4 or more withdrawals in a calendar year, your rate decreases. Regardless, the account is easily accessible with just £1 for initial deposit. You can also conveniently open then manage your account online.

State Bank of India

Another account that offers a decent interest rate is State Bank of India at 1.25% AER. While it pays less than the Virgin Money account, this easy access offer from State Bank of India allows unlimited withdrawals. If you plan to access your money frequently then this option wins hands down. Just like the previous account, this has a full £75,000 savings safety protection.

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RCI Bank

If you want the highest interest rates for your savings for an easy-access account then look no further than the RCI Bank. There’s just one hitch. The bank isn’t UK FSCS protected. In the event that bank goes bankrupt for some reason, you could lose all your hard-earned money. Plus the rate is also variable. It can change at any time. If you want the higher rates, you can open do so but with extra caution. As soon as you see the rates dropping, transfer out to another account that is FSCS protected.

Charter Savings Bank

This one is not easy access but a notice savings account. If this is the type of account you’re looking for, the bank offers to pay 1.55% in interest rate. When you opt for this account, you can’t easily withdraw your money. You need to wait three months or after the 95-day notice is completed before you can withdraw. It’s definitely not ideal if you are reserving the money for emergency purposes.

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Sandander 123

If it’s a current savings account you are looking for, the Santander is worth looking at. You can earn 3% in interest rate on savings up to £20,000. This account is an ideal option if your savings is somewhere between £3,000 and £20,000. Other than the higher interest rates, you also get to avail 3% cut back on household bills. Thanks to its perks, the Santander 123 is a better option than most current savings accounts available in the market today.