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Latest savings accounts
By Rebecca Atkinson
West Bromwich Building Society has launched an instant access savings account called Star Easy Access priced at 6.55% AER for deposits of £1.
The account's interest rate is guaranteed to be at least Bank of England base rate plus 0.50% to 1 February 2009, and then at least base rate to 1 October 2009. Savers are allowed 12 withdrawals a year, and the account can be managed by post, phone, internet and in branches.
Rachel Thrussell, head of savings at Moneyfacts.co.uk, says: "This no frills offering is great news for investors. At 6.55% it sits some way above the current top paying no notice accounts at 6.30% without bonus. Further to that, it also beats no notice accounts with bonuses, the top rate currently offering 6.35%."
Fixed rate accounts
In the fixed bond market, there have been several new accounts launched including Anglo Irish Bank's one-year fixed rate account paying 6.75% AER on deposits of at least £500.
However, the best headline rate is still offered by Northern Rock. Its 6.9% AER account is fixed until 20 January 2009 and accepts deposits from £1.
Protect your savings from the taxman
Fixed rates do offer security against rate cuts, but with the end of the current tax year swiftly approaching, people who haven't already invested their £3,500 ISA allowance are running out of time to do so.
Scarborough Building Society offers the best headline rate of 6.3% AER but you will have to invest at least £1,000 and give 30 days notice if you need access.
Savers who want instant access, should consider a new No Notice ISA from Icesave which pays 6.1% AER on savings over £1,000. Icesave also offers an interest rate guarantee of at least 0.3% above Bank of England base rate until 2011.
If you have less to put aside then Loughborough Building Society also offers an AER of 6.1% for deposits of just £1, although you will need to give 90-days' notice for access.
Best of the rest
If you are committed to making regular savings then Skipton Building Society is offering a Special Saver product paying 7.3% AER for monthly deposits of between £10 - £250.
Finally, if you're a parent looking to set up a savings account for your children, then Halifax's one-year Children's Saver bond continues to outshine its competitors, paying 10% AER on monthly contributions between £10 - £100.
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