Top savings and ISA rates

New bank Shawbrook has launched a top-paying 18-month fixed-rate bond at 3.9% before tax (3.12% after tax) and a 30-month bond paying 4.35% (3.48%).

It also offers top-paying bonds at 3.6% (2.88%) for one year, 4.45% (3.56%) for three years and 4.8% (3.84%) for those willing to tie their money up for five years.

The bank was bought by RBS Equity Finance a year ago and emerged in October out of the old Whiteaway Laidlaw Bank. Your money is covered by the Financial Services Compensation Scheme, which pays out up to £85,000 if a bank goes bust.

Savers looking for easy access to their money are being tempted by two new accounts from Virgin Money, through Northern Rock, which it bought at the start of the year.

The Virgin Easy Access Saver pays 2.85% (2.28%) while its Easy Access Cash ISA also pays 2.85%, but with no tax deducted. The rate is not boosted by a short-term bonus so the accounts will appeal to savers who do not want to have to move their money every year when the bonus runs out and the rate drops dramatically.

You can transfer your existing cash ISAs with other providers into the account.

At the same time several Northern Rock accounts have closed their doors to new savers. If you are in one of these, look to see if you should switch to the new deals.

The accounts are available through Northern Rock's branches, over the telephone, through the post or from the bank's website.

Savings in Virgin Easy Access Saver and Easy Access Cash ISA come under Northern Rock for the purposes of the Financial Services Compensation Scheme. You need to add together savings in both Northern Rock and the new Virgin accounts to ensure you stay under this £85,000 limit.

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