Savings accounts experts say that savers need to act quickly in order to bag the top easy access deals with interest rates of 3 per cent or more.
These deals, which prove to be so highly popular that they rarely last more than a few weeks after their personal or business bank account provider offers them, will sometimes close their doors to new business in just a few short days. Easy access savers differ from provider to provider, and often come with caveats and limitations, such as the 3.13 per cent offering from West Bromwich Building Society which permits only four yearly withdrawals.
Other providers, such as Skipton Building Society, offer easy access savers with bonus rates that expire after an initial 12 months. The Skipton deal, it’s Online Bonus account relaunch, is comprised of 1.55 percentage points in bonus rates that expires after the first year.
MB Savings’ Online Extra easy access saver also holds a bonus rate. The saver offers only 2.6 per cent, significantly less than the Skipton offering, while after the bonus rate expires, savers are left with only a paltry 0.5 per cent interest rate, prompting savers to jump ship for a provider with a more lucrative deal.
The current best buy easy access saver is on offer from Mansfield Building Society, with its third issue of its Postal Premium 4 saver carrying a rate of 3.2 per cent. Much like the West Brom BS offering, the Mansfield BS deal is also limited to just four penalty-free withdrawals in a 12 month period, and it also has a 12 month bonus rate of 0.96 percentage points.
