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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 It is now over 6 months old so the content may be out of date.

Derin Clark

Derin Clark

Online Reporter
Published: 06/03/2020

Yorkshire Building Society has launched a new issue of its 1 Year Limited Access Saver, which now offers the top easy access rate on an account without any opening restrictions. Meanwhile, Cynergy Bank has removed the opening restriction on its Online Easy Access Account, which offers the joint second-best rate in the chart without any opening restrictions.

Increased easy access account competition

The economic uncertainty of the last 12 months has seen a growing number of savers look to deposit their money into easy access savings accounts, which enable them quick access to their funds. As such, the fact that both Yorkshire Building Society and Cynergy Bank have made their easy access accounts more competitive to savers will be welcomed news, especially at a time when the savings sector continues to struggle. While Yorkshire Building Society now offers the top rate in the easy access chart on an account without opening restrictions, it should be noted that this account does restrict saver’s ability to withdraw money to just one withdrawal day per account year. This means that savers who want regular access to their funds would be better considering the account from Cynergy Bank which, offering a rate just 0.01% lower, does allow unlimited withdrawals of funds via a nominated account.

What are the rates being offered?

Yorkshire Building Society’s 1 Year Limited Access Saver Issue 4 pays 1.32% gross on anniversary. This is now the top rate available in the easy access chart on an account without any opening restrictions. A minimum deposit of £100 is needed to open this account, which allows unlimited further additions. Savers should be aware, however, that withdrawals are restricted on this account to one withdrawal day per account year. This account must be opened and managed online. As well as this, after 12 months this account reverts to the latest issue of Yorkshire Building Society’s Limited Access Saver.

There was further good news for savers looking for an easy access account, as Cynergy Bank removed the opening restrictions on its highly competitive Online Easy Access Account today. This account pays 1.31% gross, including a 0.56% bonus for 12 months, which is the joint second-best rate in the easy access chart on accounts without any opening restrictions. This account pays interest on anniversary and requires just a £1 minimum deposit to open. Once opened, it permits unlimited further additions and withdrawals. This account can only be opened and managed online.

Commenting on what increased competition in the easy access chart means for savers, Rachel Springall, finance expert at, said: “It’s fantastic to see Cynergy Bank open its account to new customers and at the same time as Yorkshire Building Society improves its rate to become a market leader. Savers may well turn to easy access accounts so they can keep their cash close to hand and now they have more choice of deals for this need. Savers who may wish to move funds in and out of their account may prefer the Cynergy Bank deal, as it allows unlimited withdrawals, but if they are only expecting to make one withdrawal in any year, then Yorkshire Building will pay a slightly higher return.”

Easy access savings accounts

To see all the easy access savings accounts currently available take a look at our easy access savings chart.


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