loveMONEY Champions: who should win the best savings account provider?
These savings account providers won the most votes from the loveMONEY readers. But which is your favourite?
It’s that time of year again when you get to have your say, and pick your favourite savings account provider in the loveMONEY Champions.
Last week we asked you to help us come up with a shortlist of banks and building societies you think have offered the best savings accounts in 2015.
You told us Halifax, Nationwide, RCI Bank, Santander and TSB were a cut above the rest.
But there can only be one winner!
Below you can vote on who should be crowned savings account provider of the year. But first here’s a bit about the five contenders that have made the shortlist to help you decide.
Halifax
Halifax offers a range of easy access, fixed rate bonds, cash ISAs and children’s savings accounts.
It’s consistently a top performer with its Junior Cash ISA and regular saver which could be why it’s popular with readers.
The Junior Cash ISA pays a leading rate of 4% on balances from £1, as long as the parent holds an adult Cash ISA with at least £1 in it, while the Kid’s Regular Saver is another market-leading account as it pays a fixed 6% for 12 months.
Halifax also offers the best rate on a Help to Buy ISA, paying 4%. These accounts have been introduced by the Government to help people to save toward a deposit tax-free, with the added incentive of a 25% bonus of up to £3,000 from the Government to boost the balance. Read more in Help to Buy ISA: start date and rates for first-time buyers saving a mortgage deposit.
Another perk for Halifax savers is the monthly prize draw. The bank offers all savers that hold £5,000 or more in a qualifying savings account the chance to opt into the draw for a chance to win thousands of cash prizes of between £100 and £100,000 each month.
Nationwide
Nationwide offers a range of instant access, fixed rate bonds, children’s savings and Cash ISAs.
The building society is well known for rewarding loyalty. Lots of Nationwide’s top deals are reserved for existing customers such as its Nationwide Flexclusive ISA which pays 1.6% – a leading rate for an easy access ISA.
While Nationwide's savings accounts are competitive, it’s fair to say its FlexDirect Current Account is a big reason it's in the running for best savings account.
The Nationwide FlexDirect Current Account pays a market-leading rate of 5% on balances up to £2,500 in the first 12 months. That’s better than the best five-year fixed rate ISA!
RCI Bank
RCI Bank only launched in June, but it’s already become a firm favourite with loveMONEY readers.
That’s probably because it consistently offers market-leading deals on its simple range of easy access and fixed rate bonds.
The RCI Bank Freedom Savings Account offers a top rate of 1.65% on deposits from £100. Meanwhile RCI’s one-year fixed rate bond (which pays 2.06%), two-year bond (which pays 2.35%) and three-year bond (which pays 2.70%) are among the top three rates in their respective best buy tables at the moment.
RCI Bank is authorised and regulated by the French regulators so it’s not covered by the Financial Services Compensation Scheme (FSCS), but it is covered by the French Deposit Guarantee Scheme which protects up to €100,000 (around £72,000).
Santander
Santander offers a range of instant access, fixed term bonds, Cash ISAs and children’s savings accounts.
However, it’s probably Santander’s 123 Current Account that has got it shortlisted for best savings account provider.
The 123 Current Account pays 1% on balances from £1,000, 2% on balances from £2,000 and 3% on balances between £3,000 and £20,000.
Although current accounts from Nationwide and TSB offer a bigger 5% return, Santander’s account is useful for those with larger balances.
Even after the monthly account fee of £2 (jumping to £5 from January) Santander’s current account is a decent home for saver’s cash. You’d have to lock your money away in at least a five-year fixed rate bond to beat its 3% return!
TSB
TSB offers a range of instant access, fixed rate bonds, Cash ISAs and children’s savings too, but like Santander and Nationwide it’s probably its leading current account that has got it onto the shortlist this year.
The TSB Classic Plus Current Account pays a leading 5% on balances up to £2,000 and offers a linked monthly savings account that pays 5% to boot.
Unlike Nationwide, the 5% rate is ongoing and doesn’t fall away after 12 months, so those with the account don’t have to stress about moving their money around all the time.
Pick a winner
Now you’ve read a bit more about the shortlisted providers it’s time to decide which should win the award for best savings account. Have your say and vote in the poll below.
Now read these:
FSCS cover: which banks are connected?
Where to earn most interest on your cash
The best instant-access savings rates
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