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Top 10 easy access savings accounts with high interest rates now

Daily Express logo Daily Express 07/10/2022 Katie Elliott
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While costs rapidly rise, are currently a luxury afforded by few. However, those who are in a position to save and intend to contribute money to a savings account will want to open one that offers the best returns.

is forecast to hit double digits again from October, as energy bills for many took another leap at the start of the month.

In view of this, analysts predict BoE base interest rates to be bumped higher to help stem it. The idea behind this is to make saving more rewarding and borrowing more expensive to, in turn, help stem the soaring inflation rate.

This means savers generally benefit from these Bank of England interest rate increases, as it often means savings account interest rates see a rise, too.

Alice Haine, a personal finance analyst at Bestinvest previously said: "For cash savers, an interest rate rise is always a good thing, as they can secure higher rates on their savings pots - that is of course if they have spare cash to save in the first place."

For savers, the interest rate reflects how much will be paid into their account as a percentage of the savings already in there. The higher the savings rate, the more will be paid into the account for a given-sized deposit.

READ MORE: Free energy-saving sessions launched for every household in UK

Nationwide sign, piggy bank © GETTY Nationwide sign, piggy bank

There are a wide variety of savings accounts people can opt into, from fixed rates to cash ISAs.

However, easy access savings accounts tend to be one of the most straightforward of all, as they enable account holders to make payments and withdrawals with minimal restrictions.

However, some offer higher interest rates than others. Money Facts has pulled together the top 10 available right now.

Top 10 easy access savings accounts

Ranking top of the list is Al Rayan Bank's Everyday Saver (Issue 3) with an Annual Equivalent Rate (AER) of 2.35 percent.

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Cash Isa explainer © EXPRESS Cash Isa explainer

A minimum of £5,000 must be deposited to open this account and people can make unlimited withdrawals free of charge.

Interest is calculated and credited to the account on the last day of every month.

Coming in second is Cynergy Bank's Online Easy Access Account (Issue 53) with an AER of 2.12 percent.

This account requires a minimum deposit of £1 to open and people are free to make unlimited withdrawals without penalty

The rate includes a 0.15 percent AER bonus for the first 12 months, after which the AER will revert to 1.97 percent. Interest is paid annually on this account.

Ranking third on the list is Nationwide BS' 1 Year Triple Access Online Saver 15 with an AER of 2.10 percent.

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The account allows up to three withdrawals during its 12-month term and if exceeded, the AER will drop to 0.30 percent.

There is no minimum deposit to open this account and interest is paid on the anniversary of its opening.

Listing fourth, fifth, and sixth on the list is Virgin Money's Club M Saver, its M Plus Saver, and its M Saver with AERs of 2.02 percent.

There is no minimum deposit to open and interest is paid quarterly for each account.

The Club M Saver comes with added travel and insurance benefits and costs £14.50 a month, while the M Plus Saver and the M Saver have no monthly costs and come with other smart tools to help manage money.

In seventh place is RCI Bank UK's Freedom Savings Account with an AER of two percent.

This account requires a minimum deposit of £100 to open and interest is paid after 12 months.

It also allows people to make unlimited payments and withdrawals without facing a penalty. The maximum investment is £250,000.

Coming eighth is Yorkshire Building Society's Internet Saver Plus Issue 12, also with an AER of two percent - although is tiered.

An AER of 1.8 percent is applied to savings up to £1,000, while savings up to £10,000 and £50,000 will be awared an AER or two percent and 2.05 percent respectively.

A minimum of £1 is required to open the account and interest is paid yearly.

Principality BS' Online Double Access (Issue 2) ranks ninth with an AER of two percent.

Like YBS, a minimum £1 is required to open the account and interest is rewarded on Januray 1 every year.

Withdrawals can be made twice every calendar year without penalty.

Tenth on the list is Sainsbury's Bank's Defined Access Saver - Issue 32 with an AER of two percent.

A minimum deposit of £1 is required to open the account and interest is tiered. On a balance up to £999, a 1.05 percent AER is applied, while a balance from £1,000 to £500,000 will be awarded the AER of two percent.

However, interest will drop if more than three withdrawals are made in 12 month period.

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