Best easy-access savings rates top 3.5% as Marcus, Zopa and Chip all increase interest

Three more savings providers increased their easy-access rates, meaning that savers can now earn more than 3.5 per cent interest. 

Popular online bank, Marcus, owned by Goldman Sachs, boosted its easy-access savings rate from 3 per cent to 3.2 per cent.

Digital bank, Zopa, also hiked its easy-access deal from 3.21 per cent to 3.34 per cent, while the savings and investing app Chip upped its rate from 3.4 per cent to 3.55 per cent.

Three more savings providers have increased easy-access rates, with one savings expert claiming further rises are likely

It comes after a wave of rate increases by savings providers in recent weeks, including some of the big names such as Nationwide Building Society and HSBC, as well as digital banks like Monzo, Atom and Chase.

Savings and investing app, Chip, is now offering the best easy-access deal on the market with its 3.55 per cent rate.

Savers can deposit between £1 and £250,000 in Chip’s account. All money deposited is held by ClearBank, and is eligible for the Financial Services Compensation Scheme up to £85,000 per person.

The savings account must be opened and managed via the Chip mobile app, so it won’t be for everyone.

Someone stashing £10,000 in this account could expect to earn £355 over the course of the next 12 months – if rates remain the same.

Digital Bank Zopa’s Smart Saver account, paying 3.34 per cent, allows savers to stash away between £1 and £85,000 and withdraw funds without any restrictions.

Chip in: Chip’s account is the market leading easy-access account without restrictions

Zopa also offers savers the option of boosting their rate up to 3.55 per cent by locking money away for longer, via a selection of linked notice accounts. 

To take advantage savers will need to download Zopa’s mobile app and manage their account via their smartphone.

The interest rates on Marcus’ online savings account and cash Isa are now both at 3.2 per cent.

But to get the 3.2 per cent rate, savers must opt into a 12-month fixed ‘bonus’ rate of 0.25 per cent. Otherwise, they will only earn 2.95 per cent. 

With the bonus included, it means someone stashing £10,000 into either account could expect to earn £320 in interest over the course of a year.

New customers can open an account with £1 and can deposit up to £250,000. 

Savers can add and withdraw money as and when they want, but there is a withdrawal limit of £20,000 a day online – although there is an option to call in if they need to withdraw more. 

The Marcus account can only be opened and managed online, although it is also possible to give some instructions over the phone. There is also a mobile app available for those who prefer to do everything on their smartphone. 

App based Zopa is offering one of the best easy-access savings rates on the market

Will savings rates keep rising? 

The popular savings website, Savings Guru says that easy-access rates are now approaching the peak.

A spokesperson said: ‘I think there is a little way to go for easy access rates but not much further.

‘Chip look determined to keep top spot though as they’ve reacted to every move above then so far. 

‘I can’t see easy access rates hitting 4 per cent, but we could see another 10-15 basis points on top of where we are. It’s unlikely to go beyond that unless we get an increase in base rate again in May’ 

This post first appeared on Dailymail.co.uk