Savings account: Savers can get ‘competitive return’ but there’s a key note to date | Personal Finance | Finance
Principality Building Society has upped the rate on its Online ISA by 0.3 percent, to 1.3 percent. The news comes after the Bank of England increased the base rate from one percent to 1.25 percent.
An account can be opened with just £1 and customers can make as many deposits as they want.
Eleanor Williams, finance expert at Moneyfacts.co.uk, said: “Savers who are looking for a flexible account and who wish to utilise their ISA allowance may well be tempted by this deal as it allows unlimited deposits.
“This account improves its position in our top tables following the update, however, savvy investors may want to schedule in a review, as the bonus portion of the rate expires after 12 months and the rate paid will then reduce.
“Overall, the account earns an Excellent Moneyfacts product rating.”
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Earlier this week, Money Saving Expert founder Martin Lewis gave a round up this week of the best rates on savings accounts at the moment.
For the most basic easy access savings accounts, the top rate is Virgin Money’s M Plus, at 1.56 percent, he said.
This applies to balances up to £25,000, with a 0.75 percent rate on any amount above this limit.
Savers switching from another bank can also get loyalty points for 12 bottles of wine.
Mr Lewis also recommended the Chase saver account, at 1.5 percent.
