A finance expert has identified her top savings account to open in April, offering 4.78% interest. Antonia Medlicott, founder and managing director of Investing Insiders, said eToro is offering 4.78% AER for transfers in or new deposits to their Cash ISA.
She told the Daily Express: “That includes a boost which lasts for 12 months and it covers both transfers in and new deposits, but you will need at least £500 for new deposits and £15,000 minimum if you’re transferring in from elsewhere.”
Another option recommended by the finance expert is from retail giant Tesco’s banking arm.
Antonia said: “If you want the security of a fixed rate and a high street name, Tesco Bank is offering 4.25% (AER) fixed for 12 months on a Cash ISA right now.”
She continued: “On ordinary savings accounts, Chase is offering 4.5% for new customers who also open a current account.
“But, to be honest, as Cash ISA rates are so competitive right now, you may as well bag the tax benefits of an ISA if you’re looking to deposit up to £20,000 this year.”
Samuel Mather-Holgate is managing director and independent financial adviser at Mather and Murray Financial.
He said Chase is offering the best savings account for everyday savings at 4.5%.
Mr Mather-Holgate added: “This includes a bonus for a year, but there are no restrictions on amounts you have to save of withdrawals you are allowed to make.”
The expert said opening an account is the easiest of processes as they are an online only bank.
He also highlighted Zopa, First Direct and Co-op for offering around 7% on their regular savings accounts.
But he cautioned that contributions are capped at £300 and no initial deposit greater than that is allowed.
Mr Mather-Holgate said: “Great if you are saving for something in the near future, like a car or a house deposit.”
