Derin Clark

Derin Clark

Online Reporter
Published: 18/12/2019

Today savers woke to the news that Marcus by Goldman Sachs® has reduced the rate on its chart-topping easy access account, from 1.45% to 1.35%. Here we take a look at what alternative accounts are available for savers.

The best easy access accounts available

Post Office Money® now tops the easy access chart with its Online Loyalty Saver Issue 8 offering 1.44% yearly, with the only draw-back for savers that the account is only available to existing Post Office Money® customers. Those who are eligible to open this account will need a £50 deposit and, like the account offered by Marcus by Goldman Sachs® it allows unlimited further additions and withdrawals. This account can be opened online or by phone and then managed online. There is also a version of this account that pays interest monthly.

The top rate currently being offered in the chart on an account without any opening restrictions comes from Shawbrook Bank, which pays 1.41% on its Easy Access – Issue 17. This account pays interest on its anniversary and requires an opening minimum deposit of £1,000. It allows unlimited further additions and withdrawals are permitted via a nominated account. This account must be opened online but can then be managed by phone as well. A version of this account that pays interest monthly is also available.  

Both Chelsea Building Society and Gatehouse Bank offer a rate of 1.40%, but both these accounts come with more withdrawal restrictions. Chelsea Building Society offers this rate on its 1 Year Limited Access Saver, which requires a £100 deposit to open and pays interest on its anniversary. While unlimited further additions are allowed with this account, it only permits one withdrawal day per account year and can only be opened and managed online. Yorkshire Building Society’s 1 Year Limited Access Saver also pays 1.40% on its anniversary on a £100 deposit. It also allows unlimited further additions but restricts withdrawals to one withdrawal day per account year. Again, it can only be opened and managed online.

Another account offering 1.40% is Easy Access Account from Gatehouse Bank, which pays this as an expected profit rate on its anniversary. The account requires a £1,000 opening deposit and allows unlimited further additions, while withdrawals are permitted via a nominated account. This account is once again online-only.

Rachel Springall, finance expert at Moneyfacts.co.uk said: “The sudden news of this rate cut just goes to show that savers must be quick to snap up the most lucrative rates on the market. The savings landscape has been rife with cuts this year, so consumers will need to take time out to compare deals to ensure they are getting the best possible return for their hard-earned cash. This cut could well spark other providers to follow suit – and if this becomes the case – it will deal another heavy blow to savers.”

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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