Shawbrook Bank increases interest on easy access savings to ‘excellent’ 5.02% | Personal Finance | Finance

Shawbrook Bank has increased the interest rate on its easy access savings account to 5.02 percent, earning a Moneyfacts “excellent” rating.

The new deal has secured a “prominent position” in the top tables and savers must have at least £1,000 to get started.

Commenting on the deal, Rachel Springall, finance expert at Moneyfactscompare.co.uk, said: “This week, Shawbrook Bank has increased the rate on its Easy Access savings account, which may entice savers looking for flexibility.

“The deal now pays 5.02 percent and is available to savers who have at least £1,000 to invest upfront.

“Savers will also find a monthly interest option is available, which may appeal if they are looking to supplement their income.”

Ms Springall added: “The deal secures a prominent position in our top tables and earns an Excellent Moneyfacts product rating.”

People can apply for Shawbrook’s Easy Access Saver (Issue 36) online and up to £85,000 can be invested overall.

Withdrawals can be made at any time without notice and there are no limitations on the number of withdrawals that can be made. However, the minimum account withdrawal amount is £500.

But while Shawbrook may be offering some of the highest returns on the market, it doesn’t claim the top spot entirely. According to the Moneyfactscompare Best Buys list, Secure Trust Bank takes a slight lead with an AER of 5.03 percent.

Savers can open an account online with a minimum deposit of £1,000. Interest is calculated daily and applied at the end of each month.

Unlimited withdrawals are permitted without notice or a penalty, also making this account a good option for those who need more flexibility.

Ms Springall said: “The latest top rate deals for savers who only wish to lock their cash away over the shorter term have improved since the last inflation announcement, and so have easy access accounts.

“If savers want to spread their cash across a flexible account and a fixed bond, then this will allow them to take advantage of higher returns but also retain access to a proportion of their cash in an emergency.

“However, depending on demand, some market-leading accounts could be pulled from sale, so quickness is key.

Ms Springall added: “Whichever account savers choose, it’s imperative they pick an account that suits their personal circumstances and take note of deals on offer from the more unfamiliar brands.”