Experts from Moneyfactscompare.co.uk are highlighting the best easy-access savings products currently on the market. This comes after a wave of interest rates hikes from banks and building societies.
Easy-access savings accounts allow people to withdraw money quickly and easily unlike other products.
Savers earn interest on money which they pay in and are able to usually go into their savings whenever they like.
Usually, this type of account is ideal for those who want to save money for emergency situations.
However, often the interest rates provided by easy-access savings accounts are lower compared to competitors.
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Here is a full list of the top easy-access savings accounts currently available with banks and building societies, along with their corresponding interest rates:
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Chip – Instant Access powered by ClearBank – interest rate of 3.35 percent
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Family Building Society – Online Saver (5) – interest rate of 3.20 percent
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Zopa – Smart Saver – interest rate of 3.16 percent
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Coventry Building Society – Limited Access Saver (Online) (8) – interest rate of 3.10 percent
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Paragon Bank – Triple Access Account – Issue 11 (0-3 withdrawals pa) – interest rate of 3.10 percent
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Sainsbury’s Bank – Defined Access Saver – Issue 40 (0-3 withdrawals pa) – interest rate of 3.07 percent
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Secure Trust Bank – Access Account (Issue 6) – interest rate of 3.06 percent
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Shawbrook Bank – Easy Access – Issue 33 – interest rate of 3.06 percent
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Gatehouse Bank – Easy Access Account – interest rate of 3.05 percent
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Buckinghamshire Building Society – Triple Access Saver – interest rate of 3.05 percent.
DON’T MISS
It should be noted that the above deals are based on a £10,000 deposit, gross rates, according to Moneyfactscompare.co.uk.
All deals are accessible to new customers and do not include accounts that have a local area restriction.
Interest rates have been raised substantially in the past year due to the Bank of England attempting to mitigate the damage caused by inflation on the economy.
However, criticism has been directed at the high street banks and building societies for not passing this increase to their customers in full.
READ MORE: Recession fears continue despite UK economy growing
In response to this, the Treasury Committee is attempting to get answers from various banking giants as to why this is the case.
Rachel Springall, the finance expert at Moneyfactscompare.co.uk, shared her concern about the returns on easy-access accounts.
She explained: “Convenience is costing savers who keep their cash stashed in an easy-access account with a big high street bank.
“As the Bank of England base rate has risen all the way up to four percent, it is evident loyal savers have not seen the full benefits passed on to them.”
The money expert highlighted why products outside of banking giants may be a useful option for those in need of accessing their money easily.
Ms Springall added: “Challenger banks and building societies may well prioritise offering a fair deal compared to the wider market and adjust their rates to cope with demand or other market influences.
“Mutuals may be worth considering, not just for their savings rates, but also for their principles and the support of local communities and charities.
“It will be down to savers to compare the rates on offer and move their money, so it is wise to review any accounts often and not presume they will see their rate rise in line with base rate.”
