Best new money deals - March 30th

If you're looking to lock away savings for a year… 

  • Fidor Bank has reviewed its one-year fixed-rate bond, which now pays 1.80 per cent on maturity. Savers can invest from £100 up to a maximum of £100,000. Additions and early access to funds are not permitted. This deal is for savers aged 18 and over and must be operated online. Fidor Bank is protected by Germany's financial compensation scheme.
  • Verdict: Savers looking for a short-term home for their savings will be intrigued by this latest update from Fidor Bank. This deal pays a Best Buy rate of 1.80 per cent. However, with no early access to funds, savers need to be happy locking their money away.

If you’re looking to shelter savings from the taxman… 

  • Virgin Money has tweaked its one-year fixed rate ISA, which now pays 1.40 per cent yearly or 1.39 per cent monthly. Savers can invest from as little as £1. Additions are permitted within 30 days of the account opening and early access is also allowed subject to 60 days' loss of interest. This deal is for savers aged 16 and over and can be operated in branch or by post. An online-only version paying the same rate is also available.
  • Verdict: Savers who are looking to shelter their savings from tax are likely to pay attention to this update from Virgin Money. Priced at 1.40 per cent, this deal is highly competitive and sits among the top five of the market. The fact that the interest can be paid monthly will add to its appeal for those savers who are looking to supplement their income.

If you're looking to borrow cheaply... 

  • Sainsbury's Bank has reduced the rate on selected tiers of its unsecured personal loan. Customers can now apply for a competitive loan of £10,000 to £15,000 over five years with a rate of 3.3 per cent APR. Applicants must be at least 18 and over, a Nectar cardholder and have a minimum household income of £7,500 per annum. Applications can be made online and by telephone (0800 096 0543).
  • Verdict: Sainsburys earns an 'outstanding' Moneyfacts personal loan rating following a reduction to its £10,000 to £15,000 tier. This deal is highly competitive, making it an ideal choice for anyone looking for a cost-effective loan over the longer term.

Thanks to Charlotte Nelson at Moneyfacts.

  • There are more money-saving tips in every issue of Yours magazine, out every fortnight on a Tuesday.