Deposit Plan Offer
Looking for a Capital Protected alternative to Cash?
Potential 31% after 6 years
- Potential 31% if the FTSE 100 rises by any amount after 6 years
- Equivalent to 5.17% per year
- 6 year term
- Available as cash ISA, non ISA or ISA transfer
- Capital Protected – receive your initial capital back at the end of the term no matter how the FTSE 100 performs

Issue FairFX MasterCards to staff, and use the online platform to instantly load cards, monitor spending, and upload transaction data in accounting software at any time
RCI Bank – Freedom Saver Account
RCI Bank offer a market leading instant access savings account:
- Instant access savings 1.10% AER/Gross pa (variable)
- Interest is paid monthly or annually
- Open in single or joint name
- Unlimited deposits and withdrawals
- Minimum deposit – £100
- Which? Recommended Savings Provider
- Protected by the FSCS
Quick online application setup from RCI Bank
Brown Shipley – Easy Access Account
Brown Shipley also offer a market leading instant access account:
- Instant access savings 1.10% AER/Gross pa (variable)
- Interest is paid monthly
- Register for a free Raisin UK Account to apply for product
- Unlimited deposits and withdrawals
- Minimum deposit – £1,000
- Protected by the FSCS
Quick online application setup from Brown Shipley
Investec Bank – Online Flexi Saver
Investec Bank offer a very competitive instant access account:
- Instant access savings 1.06% AER/Gross pa (variable)
- Interest is paid monthly, either to linked bank account or adding back in
- Unlimited deposits and withdrawals
- Minimum deposit – £5,000
- Protected by the FSCS
Quick online application setup from Investec Bank
Aldermore Bank – Easy Access Account
Aldermore Bank also offer a very competitive instant access savings account:
- Instant access savings 0.85% AER/Gross pa (variable)
- Interest is paid monthly
- Unlimited deposits and withdrawals
- Minimum deposit – £1,000
- Protected by the FSCS
Quick online application setup from Aldermore Bank
Leeds Building Society – Online Easy Access Account
Leeds Building Society offer a competitive instant access account:
- Instant access savings 0.71% AER/Gross pa (variable)
- Interest is paid annually
- Unlimited deposits and withdrawals
- Open and manage account online
- Minimum deposit – £1,000
- Protected by the FSCS
Quick online application setup from Leeds Building Society
Hampshire Trust Bank – Online Easy Access Account
Hampshire Trust Bank also offer competitive instant access savings account:
- Instant access savings 0.50% AER/Gross pa (variable)
- Interest is paid annually
- Open in single or joint name
- Unlimited deposits and withdrawals
- Minimum deposit – £1
- Protected by the FSCS
Quick online application setup from Hampshire Trust Bank
With UK savings rates at an all time low you need to take action to ensure your savings are getting the best interest deal possible.
Many savings accounts below-inflation interest rates, which means people’s savings are being eroded in real terms. While there are many savings accounts on the market, many do not offer much of a financial advantage as they offer interest that only matches the base rate set by the Bank of England.
For savers looking to access their money regularly, a good instant access savings account will offer flexible withdrawal facilities while combining these with a good rate of interest.

Santander 123 Current Account
Earn 0.50% AER Fixed Interest for up to £20,000
- 0.50% AER (variable) payable on your entire balance up to £20,000
- Up to 3% cashback on household bills
- Must pay a minimum of £500 into the account each month
- Monthly fee of £4
- Mobile app
Our view: With this current account you get 0.50% AER on the first £20,000 of your cash. To qualify you will need to pay in £500 pm (Equates to a £6,000 pa salary) . Additionally you can gain up to 3% cashback on household bills – 1% on water, council tax bills and Santander mortgage payments, 2% on gas and electricity bills, and 3% on mobile phone, home phone, broadband and paid-for TV packages. The account has full savings FSCS protection.
What are fixed rate bonds?
With interest rates at the time of writing at all time lows many savers are looking for a range of best saving plans. For savers who are prepared to tie up capital for a year or more typically higher rates of interest are available from savings providers.
A fixed rate bond is a way of gaining a fixed rate of higher interest on your savings for a fixed period of time, typically between one and five years. Generally speaking the longer your savings can be locked away, the higher the interest rate you can get on your money. Some providers offer fixed rate bonds within a Cash ISA so you benefit from tax free interest returns.
Providers normally have a minimum subscription age of 18 but some providers offer options to younger savers.
How Do Fixed Rate Bonds Work?
Having a fixed term means that bonds have a maturity date at which time you will be contacted by your savings provider and provided with options on how you wish your money to be returned to you – you may be given options of putting the money into a new account in which case you should always shop around before accepting a savings deal offered by an existing provider as the rate of interest may or may not be competitive.
Product providers do not normally allow you to access your money during the term and if they do there are normally conditions which may involve a loss of interest so ensure you read the small print before you sign up. Some fixed interest providers will allow one withdrawal a year without penalties.
Interest paid on your savings is treated as income and you may have to pay tax on it depending on your circumstances. If you don’t pay tax you can receive interest gross if you complete HMRC tax form R85. Some accounts will pay interest gross and it is up to you to declare any tax owed to the Inland Revenue.
Fixed rate bonds are cash deposit based and you will get back your original deposit plus any interest owed unless the bank or building society gets into serious financial difficulty. In the unlikely event that this happens the Financial Services Compensation Scheme would pay compensation of up to £85,000 per account holder per authorised institution.
What to consider when choosing a fixed rate bond
Minimum deposits can vary from £1 to £10,000. Make sure that you are happy to part with that amount of money for a longer period of time! It is worthwhile having a five-year plan of projected expenses – such as mortgages, car purchases, or planning for a family or retirement – to ensure that you will not need access to your fixed rate bonds account.
Withdrawals are either not permitted or restrictions will apply. Read the provider terms and conditions so that you know what you are getting into. Some providers for example will allow one withdrawal during the term without penalties.
The payment of interest can also vary- some offer monthly interest, others quarterly or annually, and some only pay at the end of the agreed term. Choose a product that fits in with your requirements for the best rates of high interest.
Tax is payable on interest accrued unless you are a non tax payer in which case you can receive interest gross if you complete HMRC tax form R85. Alternatively it is often possible to take a Cash ISA fixed rate bond (current cash ISA allowance for 2018/19 is £20,000 per individual) from which interest can be taken tax free.
If you have cash ISAs from previous tax years you may be able to transfer to a new Cash ISA provider offering a fixed rate bond cash ISA deal.
Please note that this information is based on current law and practice which may change at any time.
Top 10 tips for your 2022 fixed rate bond selection
2. Check the market – shop around to find the right savings plan for you. Interest rates are changing all the time and deals come and go on a regular basis.
3. Make sure you find a product that works for you – The choice of bond is dependent on the amount of money you intend to deposit, the fixed rate, and the length of the fixed rate period. Whether you want the account to be operated on an online account basis, postal basis or telephone basis. These should all be taken into consideration before making your choice. Read the savings provider terms and conditions carefully.
4. Read the fine print – determine when the provider is likely to let you access your money, how much notice is required, and if there are any penalties for requesting access before the bond matures.
5. Some deals require you to have the interest paid into a current account – check the small print.
6. Check the small print on how interest is paid – If monthly or annually this will be need to be declared if you submit a tax return. If interest is paid on maturity this may be useful for tax planning purposes.
7. Many deals require you to have internet access – Some are offered on a postal or branch basis – check the small print.
8. Check that your money is covered by the Financial Services Compensation Scheme – they will guarantee £85,000 of savings against institutional failure. Most UK banks should have this cover, but Irish banks that do not have a UK arm may not be covered by the FSCS.
9. Check what happens when your savings product matures – Providers will write to you when your account matures; if you do not respond the provider will often put your savings into a low or no interest holding account until you provide instructions on what you want to do with the money. It is therefore important to diarise the maturity of your bond and have in mind what you want to do with the money.
10. What is the tax treatment if you are a non taxpayer – If you are not a tax payer many providers will pay interest gross on submission of the relevant HMRC tax form.
Top UK Current Account – Earn up to 0.50% AER on up to £20,000
Some of the best rates of interest you will get on cash currently are on current accounts. The Santander 123 Current Account offers 0.50% AER for balances up to £20,000 plus up to 3% cashback on household bills.