West Brom Building Society has reduced the rate of its easy access account, but despite this, it is has retained its hold on the Moneyfacts charts.
Limited Access Saver now pays a yearly rate of 1.25% (1.24% monthly), enabling it to maintain its place among the top 10 accounts of its sector.
This account must be opened and operated in branch with a minimum deposit of just £1.
Further additions can be made at any time and up to six penalty-free withdrawals can be made per account year (ending 31 March). However, seven or more withdrawals will result in the interest paid being reduced to 0.50% for the remainder of the year.
The rate reduction to this account has failed to dent its competitiveness, allowing it to remain among the top accounts of its sector. The option of monthly interest will continue to appeal to those who want to secure a regular income, while the ability to make up to six withdrawals per year will satisfy those who may require access to their cash. However, savers must remember that exceeding the withdrawal limit will result in a hefty interest penalty.
Moneyfacts rating: Excellent
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