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Best savings accounts 2020 – all rates and options compared

SAVINGS rates have fallen even further after a dismal ten years following the Bank of England’s recent base rate cuts.

But you can still boost your rainy day fund by opening a savings account with a top interest rate.

You can boost your rainy day fund by opening a savings account with a top interest rate
Alamy

The Sun has taken a look at the top savings accounts on the market that will help you make the most of your savings.

Below are the best ones. All of them are covered by the Financial Services Compensation Scheme (FSCS).

This means that if you deposited cash and the bank went under, you would get your money back (up to £85,000 per person) from the FSCS.

What are the best fixed-rate savings accounts in 2020?

Fixed-rate accounts will typically offer better rates than normal, easy access accounts, so if you know you can afford to tie your money up for between one and five years, it’ll be worth looking at these type of accounts.

With these accounts you’ll always need to check how much you need to open the account with – some have really high limits which won’t be available to most people.

Below we’ve included the best one year deals currently available.

Minimum investment: £1,000

Rate: 1.2 per cent

Interest earned on £1,000: £12

Minimum investment: £1,000

Rate: 1.15 per cent

Interest earned on £1,000: £12

Minimum investment: £500

Rate: 1.05 per cent

Interest earned on £1,000: £5.25

Current account savings

AS you can now earn interest tax free on any accounts and not just Isas, some savvy savers have been using current accounts to get a cash boost.

Here are two of the highest paying current accounts around.

Nationwide FlexDirect – You’ll get 2 per cent on balances up to £2,500 for the first year you have the account before it drops to 0.25 per cent.

TSB Classic Plus – You’ll get 1.5 per cent with TSB but only on balances up to £1,500.

Check out our round-up of the best current accounts depending on how much you earn.

What are the best two-year fixed rate savings accounts in 2020?

If you can afford to tie up your money for more than one year, it’ll be worth looking at longer fixes.

Here we’ve included the best two year deals currently available.

Minimum investment: £1,000

Rate: 1.25 per cent

Interest earned on £1,000: £25

  • UBL UK Two Year Fixed-Term Deposit

Minimum investment: £2,000

Rate: 0.85 per cent

Interest earned on £2,000: £34

Minimum investment: £1,000

Rate: 1.10 per cent

Interest earned on £1,000: £22.23

What are the best easy-access savings accounts in 2020?

Easy access accounts are typical accounts that let you pay money in and withdraw it when you want – usually without being penalised.

Rates on these accounts are normally lower than fixed-rate ones but you’ll want to check them out if you know you might need to access your cash, so can’t commit to a fixed deal.

Minimum investment: £500

Rate: 1.15 per cent

Interest earned on £1,000: £11.56

Minimum investment: £1

Rate: 0.75 per cent

Interest earned on £1,000: £7.50

Minimum investment: £1

Rate: 1 per cent

Interest earned on £1,000: £10

What are the best easy-access Cash Isas in 2020?

Savers trying to put some money away for the future may also want to consider opening a Cash Isa, which lets you earn interest on your savings without any tax deducted.

Since the government introduced the Personal Savings Allowance (PSA) in 2016, people have been able to make £1,000 in interest a year tax-free – in whatever account they’re saving in.

But if you plan to save more, an Isa is a good way to minimise tax.

Here are the easy access accounts topping the charts at the moment:

Rate: 1.2 per cent

Minimum investment: £1

Interest earned on £1,000: £12

Rate: 0.90 per cent

Minimum Investment: £1

Interest earned on £1,000: £9

Rate: 0.90 per cent

Minimum investment: £1

Interest earned on £1,000: £9

Rate: 0.10 per cent

Minimum investment: £50

Interest earned on £1,000: £1


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