BM Savings has introduced tiered rates on its easy access savings account, resulting in a rate reduction for smaller investments. However, it has retained its place in the Moneyfacts charts thanks to its continued competitiveness.
BM Online Extra (Issue 20) now pays a variable rate of 1.25% yearly on investments between £1,000 and £24,999 (including a 12-month bonus of 1.00%) and a highly competitive rate of 1.60% yearly on investments of £25,000 and over (including a bonus of 1.35% for 12 months).
The finer details…
This account must be opened and operated online with an initial deposit of at least £1,000, although savers must invest more in order to achieve the higher rate.
Further additions and withdrawals are permitted at any time without notice or penalty, giving savers the height of flexibility.
Why we like it…
Savers with a decent-sized pot to invest are likely to continue to show interest in this highly flexible account, which pays an enticing rate for investments of at least £25,000. The unlimited nature of additions and withdrawals mean that savers have complete control over this deal, and provided they are happy to compare its competitiveness in a year's time when the bonus rates expire, this should continue to be a popular choice.
Moneyfacts rating: Excellent
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