Highest Online Savings Rate

Top paying savings accounts to beat inflation

The latest index of retail prices in the United Kingdom in June 2009 shows an inflation rate of -1.6% while the current outlook for savers is looking as recent weeks, the highest rate of Savings available on savings accounts has soared.

With UK interest rates held at 0.5% by the Bank of England at the last monetary meeting, it shows how strong banks and building societies are your savings accounts that rates as high as 5% are currently available on savings accounts and despair is increased as the UK Building Societies with a net £ 2.239 million withdrawals by investors in June 2009.

The first thing to watch is how long you want to block your savings? If you want instant access, then the Alliance and Leicester Online Saver Issue 5 offers 3.15% with no penalties for withdrawing money and includes a variable bonus rate of at least 1.65% payable until August 2, 2010 and a minimum investment of £ 1,000 online. Tesco also offer savings on the Internet account with instant access by paying an interest rate of 2.25%.

For those who are able to block their savings over a long period of time Nationwide Building Society offer their account holders a range of flex-term securities to pay between 2.32% and 5.00% depending on the duration and amount invested and Savings Accounts countries Building Society offers an option of monthly or annual interest. The minimum amount to open one of these savings accounts is £ 1.

If you do not have an account ICICI Flex offer a wide variety of securities with duration of 1 year to pay 3.45% in year 2, an excellent 4.35% fixed rate bonds paying 3 years 4 60%. ICICI is covered by UK compensation scheme for financial services and the minimum investment is £ 1,000. Interest on ICICI accounts is paid annually.

On all savings accounts above you are covered by the FSC to the maximum of £ 50,000 while for those who seek to save or invest more than this amount you might consider splitting your money between different providers of savings accounts .

Rates are correct at 11/08/2009