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Easy access leapfrogging brings savings hope

Easy access leapfrogging brings savings hope

Category: Savings
Author: Tim Leonard
Date: 06/02/2018

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Challenger banks are still doing their best to keep the savings market exciting, as they've spent the start of the year leapfrogging up the savings charts and competing for high Best Buy places. This competition has resulted in better rates, and further widens the gap between what they and the big, high street brands have to offer.

"While the rate rises have been small, they have still been powerful enough for the brands to leapfrog their competition and gain a higher position within the Best Buys," Rachel Springall, finance expert at moneyfacts.co.uk, stated. "One of the main reasons challenger brands are making such miniscule increases is to catch the attention of savers, who might be closely monitoring the top rates during the start of the year.

"Since the start of 2018, Ford Money has leapt two places in the top 10 and Tesco Bank leapt six places, thanks to increasing rates by just 0.05% and 0.10% respectively." Maybe thanks to this, the top 10 best easy access deals now all have rates that are higher than the top-paying account last year.

The top 10 best deals for easy access accounts as at 6 February 2018 Gross £10K The top 10 best deals for easy access accounts on 6 February 2017 Gross £10K
ICICI Bank UK - HiSAVE Bonus Saver Series Two 1.34% RCI Bank - Freedom Savings Account 1.10%
RCI Bank - Freedom Savings Account 1.30% Post Office Money® - Online Saver Issue 23 1.01%
Tesco Bank - Internet Saver 1.30% Virgin Money - Defined Access E-Saver Issue 10 1.01%
Post Office Money® - Online Saver 1.30% Bath Building Society - Direct Saver 1.00%
Virgin Money - Double Take E-Saver Issue 3 1.26% National Savings & Investments - Income Bonds 1.00%
Bank of Cyprus UK - Online Easy Access Account 1.25% Tesco Bank - Internet Saver 0.96%
Ford Money - Flexible Saver 1.22% United Bank UK - Online Easy Access 0.90%
Paragon Bank - Limited Edition Easy Access
Issue 5		 1.21% Coventry BS - Easy Access Saver 4 0.85%
Shawbrook Bank - Easy Access Issue 10 1.20% West Brom BS - Direct Limited Access Saver 0.85%
National Counties BS - 5th Branch Saver 1.11% National Savings & Investments - Direct Saver 0.80%
Deals shown are available to new customers and may include an introductory bonus.

"With many customers using this type of account, it's no wonder that providers need to stay active in this arena, especially if savers are avoiding stowing their cash into fixed rate bonds," Rachel explains. What's more, some challengers are launching limited edition accounts, which means interested savers will need to think fast, or they could miss out.

What next?

Have a look at the top easy access accounts with or without a bonus to see if a provider has leapt high enough to catch your eye

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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