Market-leading easy access account extends funding window

Author: Tom Adams
06th March 2019

With the deadline to add money to its top-paying easy access account just days away, The Family Building Society has extended the deadline for savers keen to take advantage.

Alarm clock

Top of our easy access best buy table since ICICI Bank UK pulled its market-leading account in mid-February, The Family Building Society’s Premium Saver (3) continues to pay the top rate of 1.51% gross/AER.

One of the key points to note for those looking to take advantage of this account was that originally it had a funding cut-off date of 8 March 2019, after which further funds could not be added to the account.

This may have been a factor that put some savers off, particularly as the deadline loomed ever closer. At this point, the provider could have withdrawn the account from the market and replaced it with a new version – perhaps even with a lower headline rate.

However, the good news is that the competitive rate remains available and, with the funding deadline extended to 29 March 2019, more savers will be able to take advantage.

Regardless of this undoubtedly positive news, the fact that a funding deadline even exists could be enough to put some savers off, as you would not be able to add further funds after that date and those looking to put more away later on would need to look elsewhere.

Add to that the comparatively high minimum opening balance requirement of £15,000 and there will be those who would be looking at alternatives.

The good news is that the chasing pack are not too far behind. Next up are Cynergy Bank* and Marcus by Goldman Sachs, which both pay 1.50% AER, although it is worth noting that both accounts feature introductory bonuses as part of those headline rates.

Also paying 1.50% gross/AER is Virgin Money; however, its Double Take E-Saver does restrict you to just two withdrawals per year – so may not suit everyone.

Of course, if you are looking for a slightly more straightforward easy access account, avoiding any introductory bonuses and other restrictive terms and conditions that are currently evident amongst many of the top-paying accounts, Shawbrook Bank (1.43% gross/AER) offers a simple option – albeit at a lower rate and with a maximum account balance matching the Financial Services Compensation Scheme limit of £85,000.

>> Further information on the top-paying easy access options

If you need any further help with finding the accounts that are most suitable for your needs, please call us on 0800 011 9705 to speak to one of our expert savings specialists.


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