Best savings accounts 2023: Top 10 easy access savers with high interest now | Personal Finance | Finance
While the Bank of England Base Rate sits at a 15-year high of 4.25 percent, easy access savings accounts have been offering increasingly competitive returns. However, interest rates have been fluctuating recently, making it key for people to keep watch of the market to ensure they’re investing in the most lucrative accounts.
Easy access accounts typically provide savers with the freedom to get to their money whenever they need it without penalty, which is particularly appalling now while high living costs squeeze budgets.
While there are no accounts currently offering an interest rate that beats the UK’s staggering 10.4 percent inflation rate, some are offering particularly competitive returns. Money comparison site Moneyfactscompare.co.uk has pulled together the top 10 available right now.
Top 10 easy access savings accounts
Topping the list is Yorkshire Building Society’s Rainy Day Account (Issue 2) with an Annual Equivalent Rate (AER) of 3.6 percent on balances up to £5,000, while a slightly lower 3.1 percent rate is applied to funds over £5,000.01.
The account can be opened with just £1 and interest is calculated daily and applied annually on March 31. Withdrawals are permitted on two days per year based on the anniversary of account opening, plus closure at any time.
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Chip’s Instant Access Account places second with an AER of 3.55 percent.
The account can be opened online with just £1 and up to £250,000 can be invested. Instant withdrawals are permitted and interest can be paid away or compounded. As it’s an app-based account, savers must be comfortable opening and managing it online via mobile.
Placing third is the Family Building Society’s Online Saver (5) with an AER of 3.4 percent.
The account can be opened with a minimum deposit of £100 and interest is calculated daily and paid annually on January 31. The minimum withdrawal is £100, and the maximum is £25,000.
Kent Reliance’s Easy Access Account (Issue 56) places fourth with an AER of 3.37 percent.
The account can be opened with a minimum deposit of £1,000 and up to £1million can be invested. Interest is calculated daily and paid either monthly on the last working day or annually on April 5. Withdrawals are permitted without penalty or notice.
Shawbrook Bank’s Easy Access Account (Issue 34) places fifth with an AER of 3.36 percent.
The account can be opened with a minimum deposit of £1,000 and interest is calculated daily and paid on the anniversary of the first deposit. The minimum account withdrawal amount is £500 and funds of up to £85,000 can be invested in a sole account.
In sixth place is Al Rayan Bank’s Everyday Saver (Issue 3), with an expected profit rate of 3.36 percent.
The bank operates under Shariah principles, which means people earn profit rather than interest on their savings.
The account requires a minimum deposit of £5,000 to open and profit is calculated and credited on the last working day of each calendar month. Unlimited withdrawals are also permitted without penalty.
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The account can be opened with a minimum deposit of £1 and interest is calculated daily and applied annually or monthly.
As it’s a limited access account, up to six withdrawals can be made without facing a penalty. From the seventh withdrawal onwards (which can include closure), a charge equal to 50 days’ interest will be applied based on the amount being withdrawn.
Finally, in tenth place is Secure Trust Bank’s Access Account, also with an AER of 3.3 percent.
The account can be opened with a minimum deposit of £1,000 and interest is paid monthly. Up to £1million can be invested overall and withdrawals are free of charge.
