The Best Easy Access Accounts With A Bonus | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 05/11/2020

Savers looking to get the best easy access savings rates, especially those who are nervous about banking with an unfamiliar brand, often have to choose an account offering an introductory bonus.

A bonus account will offer savers an introductory rate for a set period time –after this has ended, the rate will fall to the non-bonus rate, which can sometimes be significantly lower. As such, savers looking to take advantage of the higher bonus rate should make a note of when the bonus offer ends and switch to a new savings account when it does to ensure they are continuing to get the best rate possible.

Here, we’ve rounded up the five best-paying easy access accounts that include a bonus.

 

Provider Account Rate AER (including bonus) Bonus rate
SAGA Saga Easy Access Savings Account 0.70% 0.15% bonus for 12 months
AA Easy Saver – Issue 17 0.35% 0.34% bonus for 12 months
Post Office Money® Instant Saver (Issue 13) 0.35% 0.34% bonus for 12 months
Post Office Money® Online Saver Issue 49 0.35% 0.34% bonus for 12 months
Citibank UK Limited Reward Saver Issue 8 (Citigold clients) 0.30% 0.40% bonus for 6 months

SAGA’s bonus account pays second-best easy access account rate

SAGA offers a highly competitive easy access account, which pays a 0.15% bonus for 12 months. Its Saga Easy Access Savings Account pays 0.70% AER monthly, which includes the bonus. After the 12 months, this rate falls to 0.55%. The account requires just a £1 minimum deposit to open and allows unlimited further additions and withdrawals. It must be opened online, but can then be managed online and by phone.

Three bonus accounts pay 0.35% AER

Both the AA and Post Office Money® have bonus accounts that pay 0.35% AER, which includes their bonus rates.

AA pays 0.35% on anniversary on its Easy Saver – Issue 17, which includes a 0.34% bonus for 12 months. This means that after the 12-month period, the rate falls to just 0.01%. To open this account, a £100 minimum deposit is needed. It allows unlimited further additions and withdrawals can be made at any time. This account can be both opened and managed online and by phone.

Post Office Money® pays 0.35% AER yearly, which includes a 0.34% bonus, on both its Instant Saver (Issue 13) and its Online Saver Issue 49. After the bonus offer has ended, the rates on these accounts fall to 0.01%. Instant Saver (Issue 13) requires a £100 minimum deposit to open and permits unlimited further additions and withdrawals. It can be opened in branch or by post and then managed online, in branch, by post and by phone. Online Saver Issue 49 requires a £1 minimum deposit to open. Unlimited further additions and withdrawals are allowed. It must be opened and managed online. There is the option for interest to be paid monthly at a slightly reduced rate.

Citibank UK Limited bonus increases gross rate

Citibank UK Limited offers 0.30% AER monthly, which includes a bonus of 0.40% for six months. Due to the length of the bonus, the gross rate on this account is 0.50% for the first six months. After the bonus offer has ended, the rate falls to 0.10%. To open this account, a CitiGold Current Account is needed along with a minimum deposit of £1. It allows unlimited further additions. Withdrawals are allowed but no interest is paid in the month a withdrawal is made. This account can be opened online or in branch and then managed online, in branch, by phone and via mobile app.

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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