Dual access savings accounts that allow you to make only two withdrawals per year and now pay up to 4%
Savers can now earn as much as 4 percent interest by opting for a little-known “dual access” account.
These types of savings accounts pay a fixed interest rate as long as you don’t make more than one or two withdrawals per year.
It means you can save while still enjoying returns comparable to accounts that lock up your money and have penalties for using it.
West Bromwich BS today raised the rate on its Double Access account from 3.85 per cent to 4 per cent.
You can open the highest paying account by mail or in a branch. If you make more than two withdrawals, the rate drops to 2.2 percent.
Better rates: ‘Dual entry’ accounts pay a fixed rate as long as you don’t make more than one or two withdrawals per year
The top rate will last until August next year. Tomorrow HSBC will raise the rate on its Online Bonus Saver.
The 4 percent is paid on balances up to £10,000, so a maximum of £400 interest per annum.
But you only earn this rate if you don’t withdraw money from your account for 12 months.
The top account with no restrictions on the number of times you withdraw pays 3.85 percent and is available online at Secure Trust Bank.
sy.morris@dailymail.co.uk