Kent Reliance has today joined in the battle of the easy access best buys, by launching its Online only easy access account – issue 33, paying 1.50% gross/AER – hopefully a sign that the competition in this popular area, will reignite.
Things seemed to have stalled somewhat in the battle for top spot in this popular area of the market, following the initial flurry of activity after the introduction of the Marcus: by Goldman Sachs' Online Savings Account back in September 2018.
However, this new account from Kent Reliance means that yet another provider has joined the 1.50% elite team.
Over 80% of cash savings are now being held in easy access accounts – but with many people languishing in so-called savings accounts with the high street banks, paying some of the worst rates on the market, they are missing out on valuable interest. Especially as you cannot depend on these providers in particular, to increase the rate on your savings in line with the Bank of England base rate.
For example, Lloyds Easy Saver is paying 0.20% gross/AER, the same paltry rate that it was paying before the last base rate rise in August 2018. And although HSBC increased the rate on its Flexible Saver by 0.10%, it is now still paying just 0.15% gross/AER. On a balance of £50,000, that means earning gross interest of just £75 a year.
If that £50,000 was switched to the new Kent Reliance account, it would earn 10 times more interest - £750 instead of £75 – a meaningful improvement.
For those who are sitting in accounts that are no longer competitive, you don’t need to tie up your money in order to make it work harder. Instead, check out our best buy tables or call our savings experts on 0800 011 9705 to find the account that best suits you – and switch.
For perhaps as little as half an hour of your time, you could earn hundreds of ££££ more in interest. Time well spent.
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