Shawbrook has increased the rate on its Easy Access account offer savers a market-leading 5.11 percent AER. The increase to our easy access account takes us to the top of the table and offers customers a high rate of return while also providing them with flexibility and easy access to their cash, said Adam Thrower, Shawbrook's head of savings. One thing is for sure, if they've still got cash sitting in accounts paying lower than average returns, it's time to switch, he said.
The account can be opened with a minimum deposit of £1,000, and savers can choose for interest to be paid monthly or annually. The number of withdrawals or notification required in single accounts can be up to £85,000, but there is no limit on the number of withdrawals or notice required. However, if the account balance falls below the opening deposit of £10, interest will drop to 0.05 percent. The account can be launched online by those who are permanently residents of the UK, aged 18 or over.
While Shawbrook's new deal may be top the table, competition doesn't fall too far behind. Beehive Money's limited issue Easy Access is paying an AER of 5.1 percent. Savers must have at least £1000 to open their account and interest is calculated daily and paid annually on October 31. Unlimited withdrawals are allowed without notice or loss of interest, with at least £1,000 kept in the account at all times.