Competition at the top of the easy access savings chart is increasing, with the top rate rising by 0.08% in just a few weeks.
At the beginning of the month the top easy access savings account rate stood at 0.67% AER, whereas now savers can earn 0.75% AER on Aldermore’s Double Access Account Issue 1.
This account requires a £1,000 minimum deposit but does come with the catch of savers only being allowed to make two withdrawals per annum, with a lower interest rate being paid if more are made.
The next two best rates in this chart have also increased over the last few weeks. From today, Investec Bank plc pays 0.71% AER on its Online Flexi Saver, which requires a £5,000 minimum deposit to open and allows unlimited withdrawals.
Meanwhile, Cynergy Bank pays 0.70% AER on its Online Easy Access Account (Issue 43), which includes a 0.40% bonus for 12 months. A minimum deposit of just £1 is needed to open this account and unlimited withdrawals can be made via a nominated account.
As well as this, at the beginning of the week the average easy access savings rate increased from 0.19% to 0.20%, the highest it has stood in 12 months with it lasting standing at 0.20% on 30 November 2020.