Easy access savings accounts have recently been growing in demand, as cost of living pressures have left many needing increasing and instant access to savings.
These types of accounts are typically quite simple to manage and enable savers to invest and withdraw funds with minimal restrictions.
Hanley Economic Building Society, with branches based in Stoke on Trent, now offers a market-leading Annual Equivalent Rate of 4.25 percent on its Branch Saver.
Savers can open an account with a minimum deposit of £1,000 and interest is calculated daily and paid annually on August 31.
Hanley Economic BS’ interest rate tracks the Bank of England’s Base Rate, with changes taking effect from the first of the following month. This means the interest rate will increase to 4.5 percent from June 1.
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To launch an account, people must be aged 18 or over and permanently resident in the UK. The Building Society instructs people to “simply call into your local branch of the Society” to apply.
People can withdraw once per calendar month without penalty up to £500 in cash and £70,000 by cheque on demand from a branch.
Larger cash sums up to £5,000 are available by giving at least 24 hours’ notice, and cheque withdrawals over £70,000 can be obtained from Hanley Building Society’s Registered Office.
All other withdrawals are subject to 30 days loss of interest on the amount withdrawn, and savers must keep at least £1,000 in the account at any time.
For those looking for more freedom to withdraw funds, wealth app Chip is currently offering an AER of 3.71 percent on savings up to £250,000.
Founded in late 2017, Chip is an investment and savings app that people can connect their current account to through open banking.
The account can be opened with just £1 and withdrawals are permitted without penalty. As it’s an app-based account, savers must be comfortable opening and managing it online via mobile.
Shawbrook Bank places just behind with its Easy Access (Issue 35) offering an AER of 3.65 percent.
Savers can open the account with a minimum deposit of £1,000 and up to £85,000 can be invested overall. Interest is calculated daily and paid on the anniversary of the first deposit.
There are no limitations on the number of withdrawals or notice required, however, it must amount to a minimum of £500.
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