Some best buys are lasting just a few days in some cases, as savers are snapping up market-leading rates.
Nottingham Building Society launched its e-Saver instant easy access account on the 29th October with a top rate of 1.55%, beating tough competition from newcomer Marcus by Goldman Sachs, which pays 1.50% AER.
But the account was withdrawn from sale just two days later, leaving many savers disappointed. Blink and you will have missed it.
It may come as no surprise that smaller society Nottingham couldn’t keep up with banking giant Goldman Sachs in holding that rate for long, but even we were surprised that it only lasted two days. Nottingham Building Society is not alone. Others, usually smaller providers to be fair, have struggled in the past to maintain best buy rates for long.
With over 80% of the cash savings market sitting in easy access accounts, it’s easy to see why demand may be high and why so many savers are then able to act fast to secure the next best buy rate.
Sadly, this swift action in the best buy table doesn’t encourage as much of rate war between providers as we would like. It would be good to see how Marcus would react after a few more days or weeks not being at the helm. So, we’re hoping that more providers will take on the mighty goliath and bring on a bit more of a battle!
As it stands rates on easy access accounts are still pretty competitive and have been on the up for a few years now.
As mentioned, Marcus holds the top spot, followed by Bank of Cyprus UK paying slightly less at 1.47%* gross/AER. Family Building Society comes in next, paying 1.45% gross/AER on its Premier Saver, followed by Tesco Bank at 1.42% gross/AER and then 1.40% gross/AER from Kent Reliance. Full details of all the terms and conditions, including bonuses, can be found on our easy access best buy table.
Savers need to grab these accounts when they can. Waiting for the next best thing to come along means that you are losing out on valuable interest while you wait and you might miss out altogether.
Remember to sign up to our Rate Alerts to keep up to date with new product launches.
If you would like any help with getting in the saving habit or have any other questions, why not give one of our Bath-based experts a call on 0800 011 9705, we’d love to hear from you.
*We are occasionally paid by some providers if you click through from our Best Buy Tables and open a savings or current account with them. We will never accept a payment that compromises in any way our independent, whole of market approach to providing information on savings products. For clarity we will indicate those companies who remunerate us with an asterisk (*).
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