Shawbrook has increased the rate on its Easy Access account (Issue 36) offering savers a market-leading 5.11 percent AER (gross).
Commenting on the new deal, Adam Thrower, head of savings at Shawbrook, said: “Despite the recent Base Rate hold, we remain committed to offering competitive rates on our savings accounts.
“The increase to our Easy Access account takes us to the top of the table and offers consumers a high rate of return while also providing them with flexibility and easy access to their cash.”
Mr Thrower added: “There remains a window of opportunity for savers to benefit from competitive returns on their savings cross a range of savings accounts.
“One thing is for sure, if they’ve still got cash sitting in accounts paying lower than average returns, it’s time to switch.”
The account can also be opened with a minimum deposit of £1,000 and savers can choose for interest to be paid monthly or annually.
People can invest up to £85,000 in sole accounts and £170,000 in joint accounts, and there is no limitation on the number of withdrawals or notice required.
However, the minimum account withdrawal at any time is £500 and if the account balance falls below the opening deposit of £1,000, interest will drop to 0.05 percent.
The account can only be launched online by those aged 18 or over who are permanently resident in the UK.
But while Shawbrook’s new deal may be topping the table, competition doesn’t fall too far behind. Beehive Money’s Limited Issue Easy Access is paying an AER of 5.1 percent.
Savers must have at least £1,000 to open the account and interest is calculated daily and paid annually on October 31.
Unlimited withdrawals are permitted without notice or loss of interest, providing at least £1,000 is kept in the account at all times.
Skipton Building Society is also offering a competitive 5.4 percent interest on its Bonus Saver (Issue Nine).
The account includes a 1.24 percent bonus for 12 months and interest is paid annually on the anniversary of the account opening.
A minimum deposit of £1,000 is required and savers must be aged 16 and over. Up to £85,000 can be invested overall and withdrawals are permitted without penalty.
