According to the esteemed finance publication Money Week, the top easy-access account for savers comes from Saga and offers a 4.5% return on savings. The account is only available to people aged over 50, and the 4.5% AER includes a bonus rate of 1.64% for the first 12 months. The publication says that easy-access accounts are suited to savers who like instant access to their money without penalties for withdrawals, making them perfect for those with short-term savings goals, or people who want to create an emergency fund they can use at any time.
The Saga Easy Access Savings Account allows savers to deposit between £1 and £250,000 at once, while it can hold a maximum of £1 million.
However, savers should note that only £120,000 of that sum will be FSCS-protected. Plus, there are withdrawal limits of up to £10,000 at a time and £20,000 within 24 hours.
To open the account, savers can use the Saga website or app.
The interest rate is variable, which means it could go up or down in the future, Saga says. The provider will give savers 14 days’ notice of any rate reduction, while the 12-month bonus rate is fixed and will not change.
The Chase Saver With Boosted Rate also offers a rate of 4.5%, which savers can earn within their first 31 days of opening a Chase Saver. It includes an extra 2.25% AER boost for 12 months on top of the standard variable rate. It is only available to new customers.
Meanwhile, the Oxbury Bank Easy Access Bonus Rate Summer Saver offers a 4.33% rate on amounts between £1,000 and £120,000. Same-day withdrawals are allowed before 1pm on a working day, and interest is paid monthly and at maturity.
The Cahoot Simple Saver offers a rate of 4.32% and can be opened online with a deposit of just £1.
