Best savings accounts 2023: Top 10 easy access savings accounts with high interest now
Placing fourth is Shawbrook Bank’s Easy Access Account (Issue 32) with an AER of 2.92 percent.
A minimum deposit of £1,000 is required to open the account and up to £85,000 can be invested. Interest is calculated daily and paid on the anniversary of the first deposit either monthly or annually. However, interest will drop slightly to 2.88 percent for those who opt for monthly payments.
There are no limitations on the number of withdrawals and these can be made without notice, however the minimum amount that can be withdrawn is £500.
Sainsbury’s Bank’s Defined Access Saver (Issue 37) places fifth with an AER of 2.9 percent.
The account can be opened with just £1 and interest is paid on the anniversary at a tiered rate depending on the balance. A 1.05 percent rate is applied to balances up to £999, while 2.9 percent is applied to figures between £1,000 and £500,000. A 0.9 percent rate is applied to any balance over this.
If more than three withdrawals are made in a 12-month period, the interest rate will reduce to 0.8 percent until the 12-month period has ended.
In sixth place is Zopa Bank’s Smart Saver with an AER of 2.86 percent.
There is no minimum deposit requirement and interest can be paid away or compounded, and savers can open an account using the Zopa app. Withdrawals are permitted without any penalties and up to £85,000 can be invested.
Placing seventh is Coventry BS’ Limited Access Saver (Online) (7) with an AER of 2.85 percent.
This account can be opened with a minimum of £1 and up to £250,000 can be invested. Interest is calculated daily and paid annually on the anniversary of the date the account opened or monthly, at the end of the last day of each month.
However, as the account offers limited access, savers are only allowed to withdraw money up to six times a year without having to pay a fee. From the seventh withdrawal onwards (which can include closure), a charge equivalent to 50 days’ interest will be applied based on the amount being withdrawn.
Paragon Bank’s Triple Access Account (Issue 11) places eighth, also with an AER of 2.85 percent.
The account can be opened with £1, interest is paid on the anniversary, and up to three withdrawals are permitted without facing a penalty. If four or more withdrawals take place, interest will drop to 0.75 percent until the day before the anniversary of the account holder’s opening deposit.
Published at Wed, 01 Feb 2023 08:31:00 +0000