Holiday Savings Boost! Wave of new best buys includes easy access deal paying 3.65% and annual fix of 4.81%
- Shawbrook Bank launches new best buy easy-access rate at 3.65%
- It also increased its money Isa to pay 3.45%
- Vanquis Bank steps in for one-year fixed rate with a rate of 4.81%
A wave of new best-buy savings rates has launched in time for the holiday weekend.
in particular Shawbrook Bank has launched a market leading easy access deal paying 3.65 percent and a best buy cash Isa of 3.45 percent.
Both accounts must be opened and managed online and depositors require an opening balance of £1,000.
– Check out the This is Money best buy easy access And cash isa savings rates.
Top Rates: A wave of new best buys has hit the market just in time for the holiday weekend
The easily accessible 3.65 per cent deal allows savers to deposit up to a maximum of £85,000, or £170,000 into a joint account.
The money is fully protected under the Financial Services Compensation Scheme.
Someone who deposited £10,000 into this account could earn £365 in interest over the course of a year.
Those opting for the cash Isa deal can transfer up to £250,000, although there is an annual Isa allowance of £20,000.
Since both accounts are new issues, savers who currently have an easily accessible deal from Shawbrook Bank or Isa cash will need to move their funds to secure the new rate.
15-year high: The average savings rate is at its highest level since 2008, but savers can outperform the average by choosing the best purchases.
In both cases there is no limit on the number of withdrawals, nor is there any notification required to withdraw funds. However, there is a minimum withdrawal amount of £500.
Interest is calculated daily and savers can choose to have interest paid monthly or annually, depending on the product they choose.
Shawbrook Bank isn’t just raising interest rates for the holiday weekend.
Vanquis Bank has launched a new one-year best-buy fix and pays 4.81 percent, beating the previous market leader, Al-Rayan Bank, a deal of 4.75 percent.
– Check out the best fixed rate savings accounts here.
This surpasses the peak reached last year for the one-year interest rate in the wake of Liz Truss mini-budget fiasco.
Someone who puts £10,000 into Vanquis Bank will earn £481 in interest over the course of the year from deposits protected by the FSCS.
Five-year fixed rates are also on the rise, although they are still below the best one-year deal.
Tandem Bank launched a rate of 4.7 percent, which was immediately bettered by United Trust Bank, which pays 4.71 percent.
A saver who puts £10,000 into the United Trust Bank deal earns £2,587 in interest over the five-year period.
Coventry Building Society also launched a new best-buy two-year fixed cash Isa rate of 4.35 per cent, while Virgin Money took the top spot for three-year fixed cash Isa with a 4.35 per cent deal.
There are currently no savings rates close to the consumer price index inflation rate of 10.1 percent.
– Check out the best cash Isa rates here.