Interactive Investor Special Feature

Blink and you might miss them. Best-buy savings accounts that is.

New research shows that the top paying savings accounts are often only available to new customers for a matter of weeks, as providers find themselves inidated with demand from savers who are keen to get a competitive rate of return.

With average savings rates at dismal levels - with many accounts paying close to zero interest - many savers are taking advantage of best-buy deals by moving their money around. However, it seems that, for most accounts at least, you have to move fast if you want to bag a good deal.

Research from Investec Private Bank reveals that out of the nine savings accounts that made it into the top five on a weekly basis in January 2007, just one is still available.

Linda McBain, head of banking at Investec Private Bank, says: "There is no guarantee that a best-buy savings account today will still be classified as this in a few years' time."

One way to ensure you constantly have your money in a best-buy account is to keep an eye on the market and move your money regularly. Or, an alternative is the Investec High 5 Account, which pays the mid-point of the five highest savings accounts in the market as chosen by data provider Moneyfacts.

"Ideally, you want to find a savings account that has a track record of paying a consistently attractive rate, which is what we seek to do with our High 5 Account," says McBain.

Special

Finally...some good news for savers

Linda McBain, head of banking at Investec Private Bank

At last, says Investec's Linda McBain, there's some good news for savers with the extension of the ISA allowance.