Savings news: Great news as bank launches new ‘best buy’ account | Personal Finance | Finance
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The Bank of England held interest rates at 0.1 percent last week, but this does not mean providers are not seeking to be more competitive. In fact, many are increasing their rates to entice further custom as the economy recovers following COVID-19. This is true of a new offering from Shawbrook Bank, which now tops the table in terms of easy access accounts available to Britons.
The interest rate on this account is 0.67 percent gross/AER variable, which makes the account a “best buy” when compared to others on the market at present.
Interest is calculated daily and paid on the anniversary of the date the bank receives a saver’s first deposit.
It is worth bearing in mind, though, that the interest rate on this account is variable, meaning the bank could change it at any time.
It will, however, give savers notice if this is to occur to allow them to make decisions accordingly.
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Interest can also be paid either annually or monthly depending on which option a person prefers.
The minimum account opening balance for this easy access savings account is £1,000.
A maximum account balance is set at £85,000 for sole accounts, and £170,000 for joint accounts.
While withdrawals can be made at any time, there is a minimum withdrawal amount of £500.
Withdrawals and deposits can be made at any time to and from a person’s nominated account only.
There are also important eligibility criteria to bear in mind when it comes to opening this account.
Firstly, a person must be 18 years of age or over in order to be eligible for an account of this kind.
They must permanently reside in the UK, and only be liable for UK tax.
Finally, they must be able to provide a UK bank account as a nominated account.
Another benefit of the Shawbrook Bank account is that it is covered under the Financial Services Compensation Scheme (FSCS).
This means that should the worst happen, eligible deposits up to a value of £85,000 are protected.
However, Shawbrook Bank is not the only option when it comes to easy access savings. While it leads the pack, there are some other competitors.
Cynergy Bank offers 0.66 percent, while Marcus and Saga offer 0.60 percent.
Nationwide is a top high-street name, perhaps more familiar to Britons, offering 0.45 percent.
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