With rising interest rates its a good time to shop around. I personally have been keeping mine in Chip for the last 2 months and found it great! However, there are other options out there.
The financial landscape is constantly changing, and in the world of savings, it’s important to stay updated with the best deals. If you’re looking for flexibility and easy access to your money, these are the top five easy access savings accounts in the UK for 2023 based on their Annual Equivalent Rate (AER).
1. Hanley Economic Building Society
With an impressive AER of 4.25%, the Hanley Economic Building Society stands out as the highest paying account in the easy-access market in 20231. This rate means that a deposit of £10,000 would yield £425 in interest over a year. As an easy-access account, you have the flexibility to withdraw your funds without notice.
2. Chip’s Instant Access Account
The Chip’s Instant Access Account comes in second with an AER of 3.71%2. This account can be opened online with just £1 and allows for instant withdrawals. Savers can invest up to £250,000. Interest can be paid away or compounded, and the account is managed online via a mobile app, providing convenience for tech-savvy savers.
3. Shawbrook Bank’s Easy Access Account
Shawbrook Bank’s Easy Access Account (Issue 35) offers a competitive AER of 3.65%3. This account can be opened with a minimum deposit of £1,000 and interest is calculated daily, paid on the anniversary of the first deposit. Savers can invest up to £85,000 in a sole account, with a minimum withdrawal amount set at £500.
4. Al Rayan Bank’s Everyday Saver
Placing fourth is Al Rayan Bank’s Everyday Saver (Issue 3) with an expected profit rate of 3.56%4. This account operates under Shariah principles, which means savers earn profit rather than interest. The account requires a minimum deposit of £5,000 to open, and profit is calculated and credited on the last working day of each calendar month. Unlimited withdrawals are permitted without penalty.
5. Aldermore’s Double Access Account
Rounding up the top five is Aldermore’s Double Access Account (Issue 1) with an AER of 3.55%5. The interest rate for this account, however, depends on how many times money is withdrawn in any anniversary year. If two or fewer withdrawals are made, the 3.55% AER applies, but if three or more withdrawals are made, the rate falls to 0.1%. You can open the account with a minimum deposit of £1,000, and up to £1million can be invested.
These easy-access savings accounts are a great choice for savers who want to maintain access to their funds while still earning a return. However, it’s important to remember that rates can vary and terms and conditions apply. Always read the small print and make sure the account suits your personal circumstances before you invest.