Get a better savings deal

Hannah Ricci from 15.06.07

There's not as much action in the savings market as there should be this week, as many providers have still not passed last month's 0.25% base rate rise onto their customers. If your bank or building society hasn't increased the rate on your savings, it's time to jump ship to a better deal.

If you want the security of a fixed-rate deal and are willing to stash your money away for over 12 months, the Derbyshire Building Society is currently top dog, offering 6.45% on its one-year fixed rate bond. It requires just a £1 initial deposit and the term lasts until 31 July 2008.

The best fixed-rate for children's savings is the Halifax Regular Saver, which is a one-year bond paying 10% AER with £10 initial deposit. Britannia Building Society offers the highest cash-based rate for the child trust fund, paying 7.15% on a £250 initial deposit. The rate includes a two-year bonus of 1.25%.

If you are after easy access to your money, go for the Easy Access Deposit account from Anglo Irish Bank, paying 5.85% on a minimum £500 deposit. Birmingham Midshires offers a low initial payment of £1, on its Direct Telephone Savings account, paying 5.75% AER.

If you want to protect your money from the taxman and haven't yet used your 2007/2008 £3,000 tax-free cash ISA allowance, Egg currently offers the best deal on the market, paying 6.05% with a minimum £1 deposit.

Also note, Sainsbury's Bank has nudged Icesave off the top spot for internet-based savings accounts, paying 6% on a minimum £1 deposit.