Rate hikes for two easy access accounts leave savers happy

Savers looking for the best deals had reason to rejoice after news broke that two different providers of savings accounts have hiked the interest rates on their easy access accounts, grabbing the spotlight in their climb to the top of the independent best buy tables.

Reversing the trend followed by major high street providers, ING Direct upped the rate on its easy access saver to 3.24 per cent, up by 0.05 percentage points from its previous rate of 3.19 per cent. Included in the savings product is a 12 month bonus rate of 2.75 percentage points, which means that savers will have to find a new home for their money in order to avoid taking home only a 0.49 per cent return on their cash after the year ends, but the Dutch-based banking provider has made the account available to any customer who has not had a savings product with the bank over the past six months, and only requires a £1 minimum deposit.

ING Direct just edges out the second-best buy in the independent easy access tables, which had is now held by the 3.2 per cent eSaver Issue 5 from Santander. The Spain-based bank’s offering is nearly identical to ING Direct’s, including a new higher interest rate and a 12 month bonus rate of 2.7 percentage points.

The next-best savings products in the best buy tables lag quite behind these top two new contenders, as evidenced by the Internet Extra Issue 7 from AA, which only carries a 3.07 per cent rate of return. As is standard for easy access savers, the interest rate on the AA saver drops precipitously at the end of its initial bonus period, leaving savers with shoddy 0.5 per cent rate, but the accessibility of the AA offering is much less, as the banking provider requires a £20,000 minimum deposit from savers in order to be eligible.

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