Savings account is one of top easy access savings accounts right now

World News

Martin Lewis reveals top easy access savings accounts

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

Tandem Bank’s Instant Access Saver has been named as one of the best easy access savings accounts by experts at Moneyfacts. Offering a 2.55 percent interest rate on savings of up to £250,000, this account makes it to number two in Moneyfacts latest top 10 list and allows unlimited withdrawals.

While there isn’t one savings account that currently matches the record high inflation rate of 10.1 percent, money experts are encouraging savers to make sure they are getting the best interest rate available.

One of the best easy access savings accounts with high interest right now is the Tandem Instant Access saver which makes it into the Moneyfacts top 10 list.

It comes in at a respectable number two – with an AER of 2.55 percent.

There is no minimum deposit required to open this account and interest can be gathered on up to £250,000.

MoneySavingExpert Martin Lewis also highlighted it as a top pick on his Money Show on ITV on Tuesday as well as in his weekly MSE newsletter.

In the MSE newsletter, he said: “The base rate move didn’t change much at the top of the best-buy tables, but if you didn’t act on last week’s email, check what your savings pay now.

“Most are less than one percent and that just isn’t good enough.

“There is a chance rates may creep up a bit more, but most people are losing out so much by holding off, just ditch and switch now.”

Woman’s energy bills hit £400 a month amid heat pump problem [WARNING]
Pensioners can get £3,000 extra income guaranteed even if they die [ALERT]
Hunt and Sunak to launch £10bn pension tax blitz next week [WARNING]

Savings account tops the best buy table with interest rate of 3.95% [UPDATE]

The only savings account to top Tandem’s offer is Al Rayan Bank’s Everyday Saver which offers an interest rate of 2.81 percent.

This account requires a minimum deposit of £5,000 however people can still make unlimited withdrawals free of charge.

These are the best savings rates available since the Bank of England increased the base rate by 0.75 percentage points this month.

Alice Haine, personal finance analyst at Bestinvest said: “A 0.75 percent rise in the Base Rate is great news for savers, with many already taking advantage of better deals in the market.”

Ms Haine continued: “Savers that don’t switch their money to a high-interest account are seriously missing out, particularly when you consider the real return on their money is still deeply negative as inflation at 10.1 percent erodes the purchasing power of that cash.”

Marcus by Goldman Sachs’ Online Savings Account ranks third on the list with an AER of 2.5 percent.

Ranking fourth is SAGA’s Saga Easy Access Savings Account, also with an AER of 2.5 percent allowing people to save up to £100,000.

Investec Bank plc’s Online Flexi Saver comes in fifth place with an AER of 2.45 percent.

Britons can get a better interest rate if they can afford to lock away their savings and not make withdrawals until the fixed term is up.

Atom’s nine-month Fixed Saver tops the best buy table with an interest rate of 3.95 percent but customers can’t take cash out until the end of the nine-month term. 

Mark Mullen, Chief Executive Officer at Atom, said: “With rising inflation, customers want better rates and more choice. Their money needs to work harder for them.

“We understand that not everyone wants to lock their cash away for years, so we’ve launched the nine month product to help those who may have more short-term goals.”

Source: Read Full Article