A savings platform could boost your rate of return and help you beat the banks. The new tables demonstrate how you can bag the best deal with a bonus

The rates that are offered to savers is low when you consider the rate of inflation.

A large portion of Britain’s savings is held in low-paying easy-access agreements that pay as little as 0.01 percent interest. The pandemic has exacerbated the problem.

This is Money, for over a decade has maintained a set of no-nonsense savings tables that rank daily the best rates. These rates are broken down into easy-access and fixed-rate categories.

All of them are covered under the Financial Services Compensation Scheme limit. There is usually very little to do to obtain the rate.

While we would love to bring news of inflation-busting rates and no-risk accounts to our readers, we’ve had to settle for something else – the first new savings table to add to our collection for a very long-time. 

Turbo charged: If you have £10,000 in savings and need to stash it outside of Isas or investing, a savings platform could boost your rate

Turbo charged: If you have £10,000 in savings and need to stash it outside of Isas or investing, a savings platform could boost your rate

These tables offer the highest rates from a new generation of savings platforms, which allow you manage your money one-stop.

What we mean by this is that many offer sign-up bonuses boosting the rate in year one – at the moment, the tables feature Raisin and AvivaSave, both of which are offering £50 to open an account, with a minimum opening balance of £10,000.

This will not work for everyone, but it can be a good option for those who are able to save a lot.

In terms of rates, if you save £10,000 with Raisin, you can unlock a 1.11 per cent rate on easy-access versus 0.75 per cent without.

The top deal for one-year can now be increased to 2.05 percent, instead of 1.38. Another top choice is a 32-day notice account that pays 1.3 percent.

They don’t stop inflation, but they offer FSCS Protection and, most importantly, you can beat banks who have for many years offered very little savings competition. 

This list will continue to be updated with other top savings deals, which millions of people look at every year.

If they are superior to the best buys at our regular tables, then you can tell by looking at them.

Not to be confused, sign-up bonuses only apply for new customers. Rates offered outside of the opening deals are typically not as competitive as those in regular tables.

It could prove to be an easy decision if the bonus is used in your first year and you then have the option to use the platform to manage your money, instead of having to transfer it around manually.

All money is held under the FSCS to the tune of £85,000 per savings provider – not per platform.

Ed Magnus, a reporter covering savings platforms wrote the following in summer: Should You Sign Up for a Savings Platform? This article compares the top players to find the most attractive rates.

You should note that these rates were accurate on the 20th of August 2021. But it provides an overview of their operation.

What are the top savings rates?

Although savings rates are in decline since many years, they were greatly impacted by the pandemic that saw the base rate for emergency relief reduced to 0.1 percent.

But there are ways to ensure your cash is at least in the best of the bunch at all times. 

It is important to compare top rates. However, it is possible to simplify your financial life and keep all your savings accounts in one spot. 

A number of new savings platforms were launched over the years, giving savers the opportunity to change as better deals are made available. They can also manage accounts at different banks or building societies.

Each one works in a different way and has its own unique features. Take a look at the offerings to see for yourself.

> Raisin 

> Hargreaves Lansdown Active Savings

> Flagstone  

You can also view This is Money’s complete best-buy savings table here. This is Money was independently created by Sylvia Morris, savings expert:

> Compare best savings rates now