In yet more good news for savers, competition is ramping up in the easy access market, with providers regularly launching new accounts and raising rates in an attempt to compete for savers' accessible cash. Indeed, just weeks after Marcus by Goldman Sachs launched in the UK with a market-leading easy access account, someone else has come along and taken their crown – Nottingham Building Society has just launched a new issue of its own instant access deal, stealing the limelight with a chart-topping 1.55%!
Not only is this comfortably above Marcus' rate of 1.50% – and it doesn't include a short-term bonus, either – it's the highest easy access rate we've seen in more than two years. In fact, the last time we saw a rate this high was in March 2016, when RCI Bank had an easy access deal paying the same 1.55% (this particular deal, which is still a top-10 rate). This means savers can now get more from their accessible cash than they've been able to in years, and the best thing is that Nottingham's deal truly is easy access.
eSaver Instant Issue 9 pays a market-leading rate of 1.55% to those who deposit at least £1,000. Interest is paid yearly and must be compounded, and savers can squirrel away up to £250,000 in this internet-operated deal. Not only are further additions allowed without restriction, but so are withdrawals, provided they're made through a nominated account.
All in all, it's a good-looking deal for those who want quick and easy access to their funds, without needing to worry about withdrawal restrictions or bonus periods, both of which are becoming increasingly common in this sector. Of course, as the rate is variable it's subject to change at any time, but as it stands, this deal could prove highly appealing to many savers.
Check out the best easy access savings accounts
"Unlike a few other easy access accounts, this new deal has no withdrawal restrictions and offers a straightforward interest rate as no bonus is applied," said Rachel Springall, finance expert at Moneyfacts.co.uk. "This will be enticing to savers looking for a simple account that allows them to dip in and out of their pot as frequently as they like."
If you're looking for something a little different – perhaps you're not comfortable with solely banking online, or wouldn't mind locking your money away for the promise of a better rate – what else is out there? Let's take a look.
Of course, there's always the chance that competition could continue to flourish among easy access providers, so we could see plenty more leap-frogging going on in the coming months. Rachel concludes: "It's great to see more activity in the easy access market, and hopefully this will entice even more competition among other Best Buy providers. But, as always, savers must keep on top of the latest deals in the market to acquire the best rates on offer."
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