After a strong recovery in 2017, with best buy easy access rates increasing by over 30%, 2018 has been a little more subdued. And there was a definite lull in new accounts being launched last week – just 33 in total. This was perhaps as we all waited to hear the MPC’s base rate decision.
But with a new week comes new activity – in particular in the easy access market.
There has been the hint of a battle occurring recently.
RCI Bank’s Freedom Account* has had a pretty steady hand on the tiller for some time, but a few other providers have recently been challenging their strong grip. Paragon Bank and Bank of Cyprus UK in particular have been battling it out for the top spot by the smallest of margins – but even the smallest of increases are good news for savers, so let’s hope this continues.
As we go to print, Bank of Cyprus UK* has moved ahead of Paragon by just 0.01% and now offers the best rate of 1.32% gross/AER, although this rate does include a bonus of 0.47% for 12 months.
Meanwhile, Shawbrook Bank is snapping at their heals by increasing the rate on the new issue of its Easy Access Account. Issue 12 is paying 1.30% gross/AER. Read more about this is this week’s Rates Rundown.
With rates from the high street banks paying as little as 0.05%, it just goes to show just how much more you can earn, even in this low rate environment.
Check how much more you could earn by signing up for our free Rate Tracker service.
Or call one of our savings experts on 0800 011 9705.
*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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