COMMENT
New Best Buy Savings Accounts!

By Cliff D'Arcy
February 17, 2006

Thanks to new, improved Best Buy tables, savvy savers now have another weapon in their armoury.

Leading independent financial researcher Moneyfacts has given its Best Buy tables for savings accounts a face-lift in order to make them easier to understand and use. In response to ever-changing trends in the savings market, Moneyfacts has created a separate Best Buy table for accounts which include introductory bonuses.

Moneyfacts' previous Best Buy tables were being manipulated by wily banks, which were tailoring the design of their saving accounts in order to pitch them into the top table. They did this by launching accounts with headline-grabbing rates which included short-term introductory bonuses, typically lasting for no more than six months. Once your six months was up, your interest rate would fall, which means that your account would no longer qualify as a Best Buy.

Of course, when it comes to introductory bonuses, it's "horses for courses". If, like me, you don't mind switching accounts every six months to enjoy a tip-top rate, then bonus accounts may be right up your street. However, if you're an "open and forget" saver who prefers to find an account which offers long-term value, then you'll find it much easier to find straightforward, no-strings Best Buy accounts.

Whatever style of saver you are, here's a quick round-up of the latest great deals:

No-notice accounts without introductory bonuses

Company/Account	Gross rate (% a year)	Annual Equivalent Rate (%)
ICICI Bank/HiSAVE	5.03	5.15
First Direct/e-Savings*	4.89	5.00
Cahoot/Savings	4.75	4.85

* no interest is payable in any month during
which a withdrawal is made, so this account
is for disciplined depositors only.

No-notice accounts with introductory bonuses

Company/Account	Gross rate (% a year)	Annual Equivalent Rate (%)	Bonus
Alliance & Leicester/ Online Saver Issue 2	5.15	5.15	0.90% until 31 Mar 07
Northern Rock/ Tracker Online	5.01	4.65	0.71% for six months
Scottish Widows Bank/ Instant Transfer	4.48	4.86	0.75% for six months

Finally, if you'd like to become a smarter saver, read the ten tips in Your Ultimate Guide To Saving -- and take more interest in your savings interest!

More: Check out the ravishing rates in our Savings centre | Earn tax-free interest today!