Moneynet reveals top three savings accounts

Moneynet.co.uk has released its list of the top three savings accounts available to UK savers.

The price comparison site said Barclays is best for regular savings, West Bromwich Building Society offers the top rate for fixed-rate accounts, and Barclays comes top for individual savings accounts.

Barclays Monthly Saver pays a ‘cracking’ 6% AER fixed for one year.

Deposits are limited to £250 per month, and savers don’t have to move their current account to Barclays to open the account.

However, savers who miss a month’s deposit or who need to make a withdrawal will see their AER drop to 3.03%.

West Bromwich Building Society’s one year fixed-rate E-bond pays interest at 4.3% AER.

Withdrawals are not permitted, and for monthly interest payments the minimum investment is £50,000

Barclays Golden ISA pays 3.61% interest, including a 1% bonus for 12 months with instant access for deposits and withdrawals.

“As a basic rate taxpayer, you’d need to find a non ISA account paying 4.51% gross to obtain a net return of 3.61% and in the current environment that’s simply not going to happen,” said Moneynet.co.uk.

Transfers from previous ISA balances are not allowed.

The Bank of England’s base rate currently stands at 0.5%.

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