Top 10 easy access savings accounts with high interest rates

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While inflation remains on the increase and the UK economy continues to regress, analysts forecast the Bank of England to only hike Base interest rates further to stem turmoil as the year draws on. While this doesn’t fare as well for borrowers, it means better news for savers, as boosted Base Rates tend to be reflected in high street bank interest rates.

Karen Barrett, founder and CEO of previously told “Interest rates have gone up seven times since December 2021, with the rates offered by lenders following suit.

“We’re likely to see further rate rises when the UK central bank’s Monetary Policy Committee meets again in early November.”

This would only indicate even higher interest rates for savers. However, while savings are more of a luxury these days with living costs on the rise, those who can afford to save will want to be contributing to the accounts that offer the best returns.

There are a wide variety of accounts people can opt into, but easy access savings accounts are one of the most straightforward of all.

These tend to enable account holders to make payments and withdrawals with minimal restrictions.

However, some offer higher interest rates than others. MoneyFacts has pulled together the top 10 available right now.

Top 10 easy access savings accounts

Ranking top of the list is Cynergy Bank’s Online Easy Access Account (Issue 53) with an Annual Equivalent Rate (AER) of 2.75 percent.

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This account requires a minimum deposit of £1 to open and people are free to make unlimited withdrawals without penalty

The rate includes a 0.15 percent AER bonus for the first 12 months, after which the AER will revert to 2.60 percent. Interest is paid annually on this account.

Coming in second is Santander’s eSaver Limited Edition (Issue 1) with an AER of 2.75 percent.

Santander offers customers instant, penalty-free access to their cash and can be opened with just £1.

Interest is paid on balances up to £250,000, and is awarded after 12 months. Customers can opt for interest to be awarded monthly, in which the rate will marginally decrease to 2.72 percent.

When the 12 months are up, the account will be transferred to an Everyday Saver.

Ranking third on the list is Al Rayan Bank’s Everyday Saver (Issue 3) with an AER of 2.35 percent.

A minimum of £5,000 must be deposited to open this account and people can make unlimited withdrawals free of charge.

Interest is calculated and credited to the account on the last day of every month.

Listing fourth on the list is Zopa’s Smart Saver with an AER of 2.15 percent.

There is no minimum amount to be deposited to open this account and interest is paid monthly.

The account also allows users to have multiple saving pots at different interest rates – but with different access requirements.

Nationwide BS’ 1 Year Triple Access Online Saver 15 ranks fifth with an AER of 2.10 percent.

The account allows up to three withdrawals during its 12-month term and if exceeded, the AER will drop to 0.30 percent.

There is no minimum deposit to open this account and interest is paid on the anniversary of its opening.

Coming in sixth is Tandem Bank’s Instant Access Saver with an AER of 2.05 percent.

There is no minimum deposit to open the account and interest is paid on balances up to £250,000.

Savers can add and dip into savings as often as they like with no penalties.

Ranking seventh, eighth, and ninth is Virgin Money’s Club M Saver, M Plus Saver, and M Saver with AERs of 2.02 percent.

There is no minimum deposit to open and interest is paid quarterly for each account.

The Club M Saver comes with added travel and insurance benefits and costs £14.50 a month, while the M Plus Saver and the M Saver have no monthly costs and come with other smart tools to help manage money.

Tenth on the list is RCI Bank UK’s Freedom Savings Account with an AER of two percent.

This account requires a minimum deposit of £100 to open and interest is paid after 12 months.

It also allows people to make unlimited payments and withdrawals without facing a penalty, and the maximum investment is £250,000.

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