Savings update: Kent Reliance raises easy-access rate to 1.5%

Published by Sylvia Morris on 28 November 2018.
Last updated on 28 November 2018

How to get 3.24% interest on your £10,000 savings – the Moneywise model savings portfolio

Kent Reliance has raised the rate on its easy-access account to a top 1.5%.

It now matches the rate offered by Goldman Sachs’s Marcus account, which has topped best buy tables since its launch a couple of months ago.

However, unlike the Marcus online saver, the Kent Reliance account does not come with an initial bonus. The Marcus rate includes a 0.15 percentage point bonus for the first year.

On fixed-rate bonds, the best six-month rate is 1.8% from OakNorth Bank, while Tandem Bank pays 2.05% fixed for one year.

Other top one-year deals include 2.02% from OakNorth and 2.01% from both Kent Reliance and Charter Savings Bank.

For two years, Sharia-compliant Al Rayan Bank pays 2.32% followed by Charter Savings Bank, Investec Bank and Tandem Bank all paying 2.3%.

On tax-free cash Isas, both Charter Savings Bank and Virgin Money pay 1.4%, but with the Virgin account you are limited to two withdrawals a year.

On fixed-rate cash Isas, both Charter Savings Bank and Al Rayan Bank pay a top 1.6% for 12 months, while Paragon, Aldermore, Clydesdale and Kent Reliance all pay 1.55%.

For two years, you can earn 1.82% through both Paragon and Bank of Cyprus UK.

Ford Money Fixed Saver 1 year

Advertisement
  • 2.00% Gross*/AER* Annual (Fixed)
  • Minimum deposit £500, maximum balance £2,000,000
  • Our Best Rate Guarantee

Leave a comment

Annoyingly you have to apply

Annoyingly you have to apply for the new rate 'Easy Access' (was 1.26% now 1.5%) account even if you already have an account with them! The only logical reason they don't, is presumably they hope existing savers will miss the update or not bother. In my experience the only bank I know who have applied any increased rate automatically is RCI Bank, sadly they're lagging behind now at 1.37% (Freedom Savings Account).