The Bank of England kept interest rates at 0.1% last week, but that doesn’t mean providers aren’t looking to be more competitive. In fact, many are increasing their rates to attract more customers as the economy recovers from COVID-19. This is the case with a new offering from Shawbrook Bank, which now leads the rankings in terms of easy access accounts available to Brits.
The interest rate on this account is 0.67% gross / variable AER, which makes the account a “best buy” compared to others in the market today.
Interest is calculated daily and paid on the anniversary of the date the bank receives the first deposit from a saver.
It should be borne in mind, however, that the interest rate on this account is variable, which means that the bank can change it at any time.
It will, however, warn savers if this should happen to enable them to make decisions accordingly.
READ MORE: Retirees Could Get Their City Tax Bills Paid in Full – Can You?
Interest can also be paid annually or monthly depending on which option a person prefers.
The minimum opening account balance for this easy-to-access savings account is £ 1,000.
The maximum account balance is set at £ 85,000 for single accounts and £ 170,000 for joint accounts.
Although withdrawals can be made at any time, the minimum withdrawal amount is £ 500.
Withdrawals and deposits can be made at any time to and from a person’s designated account only.
There are also important eligibility criteria to consider when opening this account.
First, a person must be 18 years of age or older to be eligible for such an account.
They must be a permanent resident of the UK and are subject only to UK tax.
Finally, they must be able to provide a UK bank account as a designated account.
Another advantage of the Shawbrook Bank account is that it is covered by the Financial Services Compensation Scheme (FSCS).
This means that should the worst happen, eligible deposits up to a value of £ 85,000 are protected.
Shawbrook Bank isn’t the only easy-to-access savings option, however. Although he is leading the pack, there are other competitors.
Cynergy Bank is offering 0.66%, while Marcus and Saga are offering 0.60%.
Nationwide is a premium name, perhaps more familiar to Brits, offering 0.45%.
