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High Rate Savings Accounts

There are many different types of saving account on the market, but the high rate savings accounts are the ones that have restrictions. The longer you leave your money untouched, the better the rate of return, so for the best high rate savings accounts, it is best to lock your money away and watch the interest grow. The best high rate savings accounts are:

Guaranteed return/fixed rate accounts: Leaving your money untouched for a set time period and enjoy a high fixed rate of interest which has a guaranteed return at the end of the term.
Mini Cash ISAs: Use your tax free allowance to make the most of your money, and save up to £3,000 a year, tax free.
Regular Savers: The provider offers a high rate of interest provided you make regular payments into the account – usually a minimum of £25 a month.
30 day Notice: You are restricted to when you can access your account and have to give a month's notice when you want to withdraw money in return for a higher rate.

If you want a high rate savings account with more flexibility, you may want to opt for an instant access savings account – these have a lower level of interest than other savings accounts, but allow you instant access to your cash with no penalties on transfers or withdrawals.