The right savings account for you will depend on whether you need instant access to your cash or are happy to give notice for withdrawals. 

If you don’t need to access the money in the short term, a fixed rate bond might be the best option for you.

If you want to shelter your returns from the taxman, a cash ISA could be a good home for your money.

Easy access savings

Yorkshire Building Society has upped the rate on both its Rainy Day Account Issue 2 and Online Rainy Day Account Issue 2. Both accounts now pay 3.35% AER.

Both accounts pay this rate on anniversary for balances up to £5,000. If you exceed this threshold then the interest reduces to 2.85% AER, a rate which is bettered by several different providers.

In addition to this, you will only be allowed to make unlimited withdrawals on two days of your choice every 12-month period. If you need to make further withdrawals after the second chosen day, your account will be closed.  

Yorkshire Building Society’s Rainy Day rates are only beaten by Santander which pays 4% on the Santander Edge Saver.

However, this savings account is exclusively linked to the Santander Edge current account and the 4% rate is only paid on balances up to £4,000. If you exceed this threshold you won’t earn any interest at all. 

Interest is paid monthly, and includes a bonus of 0.48% AER for 12 months.

In joint third are HSBC and Monmouthshire Building Society which both have easy access accounts paying 3%.

Notice accounts

If you can wait to make a withdrawal, Charter Savings Bank offers a 30-day notice account paying 2.85%. Interest is paid monthly or on anniversary, with initial deposits starting at £5,000 and the account operated online.

Mansfield Building Society’s Postal Savings 35 Day Notice (2nd Issue) pays the most interest for accounts requiring a notice period of 60 days or less. The rate includes a 0.60% bonus for 12 months, with interest paid away or compounded yearly. 

Tipton & Coseley Building Society offers a market-leading rate of 3.3% for accounts requiring a notice period of 90 days or less, but this is only paid on balances from £10,000 or more as the rate will vary on your balance.   

Fixed rate bonds

Habib Bank Zurich continues to offer the best rate for one year fixed bonds this week, paying 4.33%.

This provider will possibly be of interest to Shari’ah-compliant savers, as it offers an expected profit rate instead of interest. 

Atom Bank currently offers the best two-year fixed rate bond, paying 4.45%. Initial deposits start at £50 and further additions will be allowed for one week from account opening. To open and manage this account you’ll need to download the Atom Bank app.

SmartSave tops the chart for three-year money with its 3-Year Fixed Rate Saver paying 4.56%. Interest is paid on maturity, while minimum deposits start at £10,000. Further additions will be allowed to this bond for two weeks from account opening. Opening and managing this account takes place online.   

Close Brothers Savings offers the best five-year bond this week, paying 4.55%.

Cash ISAs

Competition is hotting up in the Cash ISA market. Virgin Money has some of the best rates on offer including its Easy Access Cash ISA Exclusive Issue 2 paying 3% and 2-Year Fixed Rate Cash E-ISA Issue 542 which pays 4.11% AER.

If you want to fix your cash ISA savings for one year, Barclays has a One Year Flexible Cash ISA paying 4% AER.