Derin Clark

Derin Clark

Online Reporter
Published: 13/05/2020

Today Marcus by Goldman Sachs® and SAGA have cut the rates on their chart-topping easy access accounts, so savers should act quickly to open the only remaining account offering 1.20% AER if they want to get the top rate.

RCI Bank UK is now the only provider offering an easy access savings rate of 1.20% on its Freedom Savings Account. This account must be opened and managed online and requires a minimum deposit of £100 to open. Interest payment is on anniversary with a monthly interest option available at a slightly lower gross rate.

The next best rate in the easy access chart now comes from National Savings & Investments, which pays 1.16% AER on its Income Bonds. Interest is paid monthly, and the account can be opened and managed online, by post and by phone. It requires a minimum deposit of £500 to open.

Family Building Society pays the third best easy access rate with its Market Tracker Saver (1) paying 1.13% AER. Again, this account requires a minimum opening deposit of £500. It can be opened online, in branch and by post and then managed by phone as well.

Currently the easy access account offering the highest rate on an opening minimum deposit of £1 comes from Ford Money, which pays 1.07% AER on its Flexible Saver. This account can currently only be opened and managed online. There is a version of this account that pays interest monthly at a slightly lower gross rate.

Commenting on the current easy access savings market, Rachel Springall, finance expert at Moneyfacts.co.uk, said: “Clearly speed is crucial to acquire one of the top easy access rates as a domino effect of cuts is taking place in top rate tables. Now it seems 1% or more is a good deal when it comes flexible savings accounts, so savers would do well to keep a close eye on the changing market.”

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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 Any products featured may be withdrawn by their provider or changed at any time.

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