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This comparison simply includes all savings accounts.

Nationwide
FlexDirect Current Account Nationwide
Open With £1000
Account Type Current Account
Interest AER 5.00%

Why we like it: 5.00% interest for 12 months on balances up to £2,500 for the first year. You must pay in £1,000 or more each month to receive interest (excluding transfers from any Nationwide account held by you or anyone else). 12 month fee-free arranged overdraft available. No monthly fee. Must be aged 18 or older.

RCI Bank
Freedom Savings Account RCI Bank
Min deposit £100
Term Instant Access
Interest AER 1.30%

Why we like it: MARKET LEADING RATE. No notice period. Deposit from £100. Interest paid monthly or annually. Apply in minutes.

AA Savings
Easy Saver AA Savings
Min deposit £100
Term Instant Access
Interest AER 1.15%

Why we like it: Free withdrawals and no notice period. Deposit from £100. Includes a fixed bonus of 0.95% gross fixed for the first 12 months. Quick and easy online application

Oak North
Fixed Rate Bond Oak North
Min deposit £1000
Term 12 Months
Interest AER 1.87%

Why we like it: £1,000 minimum deposit, £250,000 maximum. Interest paid on maturity. No withdrawals permitted. FSCS Protected

Oak North
Fixed Rate Bond Oak North
Min deposit £1000
Term 18 Months
Interest AER 1.95%

Why we like it: £1,000 minimum deposit, £250,000 maximum. Interest paid on maturity. No withdrawals permitted. FSCS Protected

Oak North
Fixed Rate Bond Oak North
Min deposit £1000
Term 24 Months
Interest AER 2.14%

Why we like it: £1,000 minimum deposit, £250,000 maximum. Interest paid on maturity. No withdrawals permitted. FSCS Protected

Oak North
Fixed Rate Bond Oak North
Min deposit £1000
Term 30 Months
Interest AER 2.16%

Why we like it: £1,000 minimum deposit, £250,000 maximum. Interest paid on maturity. No withdrawals permitted. FSCS Protected

RCI Bank
Fixed Rate Bond RCI Bank
Min deposit £1000
Term 3 Years
Interest AER 2.31%

Why we like it: Save from £1,000 to £1,000,000. No withdrawals before the end of the term. RCI Bank are protected up to a total of €100,000 by the FGDR (Fonds de Garantie Dépôts et de Résolution), the French deposit protection scheme. Apply online.

Vanquis
Fixed Rate Bond Vanquis
Min deposit £1000
Term 4 Years
Interest AER 2.52%

Why we like it: Minimum deposit £1,000. Interest paid monthly or annually. Apply online. Eligible deposits covered by UK FSCS.

Vanquis
Fixed Rate Bond Vanquis
Min deposit £1000
Term 5 Years
Interest AER 2.66%

Why we like it: Minimum deposit £1,000. Interest paid monthly or annually. Apply online. Eligible deposits covered by UK FSCS.

RBS Fixed Rate ISA

An ISA is a tax efficient way to save and stands for Individual Savings Account. An ISA lets you pay little or no tax on the interest your savings and investments making them a popular choice for saving large amounts of money.

They have become less popular since the new PSA (Personal Savings Allowance) has allowed lower rate tax payers to save up to £1000 tax-free and higher rate tax payers up to £500. As many current accounts are now offering competitive rates of interest, many people are moving away from ISAs.

Why use an ISA?

As your tax-free amount is much higher in an ISA, there are still opportunities for savers to make the most of their money.

Paying into an ISA is called ‘subscribing’. You can subscribe to one of each type of ISA each tax year, providing you do not subscribe more than your annual ISA allowance. For the 2017/2018 tax year that runs from 6th April 2017 to 5th April 2018 your annual ISA allowance is £20,000.

ISAs are a good idea whatever your savings goal. With certain types of cash ISAs, you have instant access to your money, which makes it a flexible way to plan your finances.

It’s also important to remember that ISA allowance limits apply to everyone on an individual basis, so if you’re married or in a relationship, you can both hold your own ISA, each with the full allowance.

What do RBS offer?

RBS offer two kinds of tax-free ISA. Their Fixed Rate ISA and their Instant Cash ISA. Their Fixed Rate ISA allows you to:

  • Have a fixed interest rate on your cash ISA so you know in advance what your savings will earn
  • Choose a term that suit you, either one or two years
  • Keep all the interest - which helps your savings grow faster
  • Make transfers into your ISA, so you can bring all your ISAs together in one place

You will earn a higher rate of interest on the two year plan and for any amount above £25,000.

Useful to Know

As this is a fixed rate ISA, you cannot withdraw your money during the agreed term. If you do choose to withdraw your money, then you will incur an early closure charge. They offer both one year and two year terms, so be sure to pick one that’s right for you. Also:

  • The minimum deposit is £1,000
  • The early closure charge is the lower of the amount of interest earned on your account in 90 days
  • You will need your National Insurance Number to apply for any ISA

RBS is one of the few banks that offer a fixed rate ISA for one year, as many offer a two year minimum and some up to five year minimums. For many people this time frame isn’t convenient and so RBS are offering an easy way for savers to take the plunge and begin their savings.

However, they do not currently offer the highest rate of interest on the market.

 

Latest news

Pensioner Bond Maturity - 5 Ideas For Your Cash

From January 2018 over 900,000 people who invested in pensioner bonds will start to see their bonds mature. Savers who have been enjoying 4% pa are going to get a shock when they look for comparable returns from cash in the current market. We have put together 5 ideas for your cash in 2018

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About us

Simplysavingsaccounts.co.uk is a trading style of Fair Investment Company Ltd.

We've been comparing savings and current accounts for many years so you can trust you're in good hands.