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Aldermore Bank has launched a new best buy easy-access deal paying 3 per cent interest.
Its Double Access Account* soars straight to the top of our best buy tables, beating the current market leading deal, offered by Al Rayan Bank, by 0.19 percentage points.
However, savers will only be able to withdraw funds from the account twice a year.
New best buy: Aldermore now tops the best buy easy-access tables by 0.19 percentage points with one experts predicting it won’t be beaten for weeks.
Those who make three or more withdrawals will see their rate plummet to 0.1 per cent for the remainder of the year in question.
Someone depositing £10,000 in the account can expect to earn £300 of interest over the course of a year, unless rates are changed.
The Double Access element may put some savers off. Those who are seeking easy-access with no limitations may want to consider Al Rayan’s 2.81 per cent deal or Aldermore’s 2.75 per cent rate*.
There is quite a gap between these accounts and the rest of the pack at present.
This is Money’s independent easy-access best buy table.
The next best deals are offered by Atom bank and Tandem Bank – both offering 2.55 per cent respectively.
To open an account with Aldermore, savers will require a minimum deposit of £1,000.
Both deals can be opened and managed online and there is also the option of setting it up as a joint account.
For those putting down big deposits, cash is protected up to £85,000 per individual by the Financial Services Compensation Scheme and in the case of joint savings accounts that doubles to £170,000.
The Savings Guru believes easy-access savings accounts will see further rate hikes in the future. However, it be may a month until we see a better deal than Aldermore’s.
A spokesperson from the Savings Guru said: ‘I think the Aldermore rates are as good as it gets for now.
‘In terms of how much further they go, much will depend on the 15 December base rate decision.
‘I think easy-access best buys will move up within the 2.75 per cent to 3 per cent range this month and then move beyond 3 per cent in December when we get nearer the Base rate announcement – with the market expecting a further increase to Base in December.
‘I don’t expect easy access rates to go much higher in 2022 – probably around 3-3.25 per cent by the year end for the best buy.
‘In 2023, The Base rate is forecast to go beyond 5 per cent so we are likely to see 4 per cent on easy-access by the autumn next year, if that happens
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THIS IS MONEY’S FIVE OF THE BEST CURRENT ACCOUNTS
Chase Bank will pay £1% cashback on spending for the first 12 months. Customers also get access to an easy-access linked savings account paying 1.5% on balances up to £250,000. The account is completely free to set up and is entirely app based. Also no charges when using the card abroad.
The Club Lloyds account offers £150 free cash when you switch. It also pays 0.6% on balances up to £4,000, and 1.5% on £4,000 – £5,000. There is a £3 monthly account fee to pay. But this is waived each month that you pay in £1,500 or more.
HSBC’s Advance Account pays £200 when you switch. You just need to set up two direct debits and deposit £1,500 in the account within 60 days of opening it.
First Direct will give newcomers £175 when they switch their account. It also offers a £250 interest-free overdraft. Customers must pay in at least £1,000 within three months of opening the account.
Nationwide’s FlexDirect account comes with up to £200 cash incentive for new and existing customers. Plus 5% interest on up to £1,500 – the highest interest rate on any current account – if you pay in at least £1,000 each month, plus a fee-free overdraft. Both the latter perks last for a year.
