Savings update: new top rate easy-access account pays 1.55%

Published by Sylvia Morris on 29 January 2019.
Last updated on 29 January 2019

Tandem enters the savings market - how do its rates compare?

Easy-access rates are creeping up.

ICICI Bank has launched its HiSave Bonus account with a headline rate of 1.55%. The online account includes a bonus of 0.3 percentage points payable for the first 12 months.

Meanwhile, The Family Building Society has a new issue of its Premium Saver, paying 1.51%. The account, available online, by post or through its branch in Epsom, Surrey, is easy access, but you can add money to it only until 8 March. 

Cynergy Bank’s Online Saver and Goldman Sachs’ Marcus Online Saver both pay 1.5%, but the interest rate includes a bonus paid only for the first 12 months. Virgin Money’s Double Take E-Saver also pays 1.5%, and while there is no short-term bonus, you are limited to two withdrawals a year.

The top rate for an easy-access account without rules on when you can put money in, take it out and no short-term bonus, comes from Paragon. Its Limited Edition Easy Access Issue 7 account pays 1.45%.

On fixed-rate bonds, the top one-year rate is 2% on offer from several banks including Atom, Ford Money, OakNorth, Tandem, and Investec. The top rate for two years is 2.35% from Investec.

Paragon’s new Limited Edition Cash Isa, paying 1.45%, is the top easy-access Cash Isa rate. Virgin Money matches this rate on its Double Take E-Isa, but it limits you to two withdrawals a year.

Cynergy Bank pays 1.73% for one-year fixed-rate Cash Isas. The next best rate is 1.7% from Aldermore Bank. Coventry Building Society also pays 1.7%, but for a slightly longer period – fixed until 31 May next year. 

The best two-year rate on offer is 1.87% from Charter Savings, while Coventry Building Society pays 1.9% for those who are willing to tie up their money until May 2021.

This article first appeared on our sister website Money Observer.

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