Money-Saving Expert has named the best new savings account in the UK. This comes after NS&I withdrew its hugely popular 6.2 per cent one-year fixed savings account for new customers last week.
The site confirmed that 225,000 people signed up to the deal in just one month after it was launched as Martin Lewis called the deal ‘jaw-droppingly outstanding’, adding that it wouldn’t be available for much longer.
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Reacting to the withdrawal, Money-Saving Expert founder Martin Lewis said: “We warned from the start that this wouldn’t be around for too long. In truth it’s been a week or two longer than I’d guessed.
“The rate available wasn’t just a best buy for a one-year fix, it beat every other fix on the market. Combine that with the fact it’s with NS&I so every penny of your cash is protected and it’s no wonder huge amounts of cash flowed in.
“Now they’ve clearly met their customer acquisition goals, I hope this doesn’t mean the end of good deals from NS&I.”
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Full list of best savings accounts, according to MSE
Despite NS&I no longer offering the same deal, Money-Saving Expert now recommends a variety of other accounts. For notice accounts (which simply require you to giver notice before withdrawing cash) Stafford Railway BS offers 5.75 per cent for 120 days’ notice.
Dudley BS offers a slightly lower rate at 5.4 per cent, but the notice is just 60 days.
Money-Saving Expert also recommends multiple one-year fixes. Ahli United Bank UK offers 6.1 per cent with a minimum deposit of £1,000. This can only be opened through online ‘savings marketplace’ Raisin.
If you’d like to open an account directly, Cynergy Bank offers a slightly lower 6 per cent.
For more information, visit Money-Saving Expert’s top saving account guide here.
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