Investors can get a best-buy, easy-to-access savings rate from Sidekick, which pays 5.34%
- Sidekick pays 5.34% to investors who hold investments on its platform
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New and existing customers of investment platform Sidekick can now earn top interest on cash.
Sidekick has increased the rate it pays for this easily accessible cash reserve account* to 5.34 percent.
This blows the competition out of the water, as the next best, easily accessible deal on the market pays 5 percent. All other easy-to-access deals pay less than 5 percent.
Investment platform Sidekick has increased the easy access level for cash reserves to 5.34%
The 5.34 percent interest is paid on any money customers hold as uninvested cash in Sidekick’s easy-access account, if they hold at least £1,000 in investments.
On a £10,000 deposit, customers would earn £534 in interest.
How does it work?
To get the 5.34 percent rate, you need to invest at least £1,000 with Sidekick in its investment portfolio.
Before you take the plunge for the savings deal, it’s worth noting that the money you invest in Sidekick can go down as well as up. So you need to be comfortable with risk and understand that it can affect the interest on cash.
The underlying rate on the Easy Access Cash Reserve Account is a variable 4.34 per cent on cash savings and an additional 0.55 per cent bonus, payable on the first £85,000 of savings for the first 12 months, bringing the rate to 4.89 per cent .
Customers who hold at least £1,000 in investments will then receive a 0.45 per cent bonus, bringing the rate to a peak of 5.34 per cent.
The account is available to new and existing customers, can be opened online or in the Sidekick app in minutes and requires a minimum deposit of £1,000.
The interest is paid out daily while the bonus is paid out monthly and there is no limit to the number of withdrawals savers can make with this account.
Money held on the Sidekick platform is protected through the Financial Services Compensation Scheme (FSCS).
The money is held at GB Bank and is protected up to £85,000 by the Financial Services Compensation Scheme. Customers need the Sidekick app to get the rate.
How does it compare to the best easy-to-access deals?
The best easy-access account currently offered by Chip pays 5 percent interest.
Easy access to the chip* The interest includes a bonus interest of 0.94 percent for twelve months, with the underlying interest having a variable interest rate of 4.07 percent.
The 0.93 percent increase applies to customers who opened the account after September 20, 2024
The variable underlying interest rate is 1 percent below the Bank of England’s base rate. This means that if the base rate were to rise or fall, Chip’s interest rate would reflect it one percent lower.
One of the downsides to this account is that you can only make three withdrawals within a twelve-month period before you are penalized.
Following withdrawals within a twelve-month period, the interest rate returns to 3.9 percent (the underlying rate with boost applied) or 2.97 percent (variable tracker without boost) for the remainder of the twelve-month period since opening. the bill.
Other easily accessible deals are offered by Oxbury Bank, which pays 4.87 per cent on savings from £25,000.
Chetwood Bank’s easy-access account pays 4.86 percent on deposits from £1.
Atom Bank launched a savings account with a ‘reward rate’ of 4.86 percent if savers do not withdraw money. If they do withdraw money, the rate drops to 3.25 percent.
What is Sidekick?
Sidekick is an asset management platform that offers savings accounts and investments.
It was founded in 2022 by CEO Matt Ford with the aim of unlocking access to the benefits of the financial elite.
It is aimed at entrepreneurs, tech workers and lawyers who want to invest but don’t know what the next steps are outside of traditional wealth management providers.
Ford said: “Our mission is to unlock the financial benefits of the ultra-wealthy.
‘A good savings interest rate is key here, and we are proud to offer the highest, easily accessible interest rate on the market.’
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Affiliate links: If you purchase a product, This is Money may earn a commission. These deals have been chosen by our editors because we believe they are worth highlighting. This does not affect our editorial independence. * Chase: 3.69% gross. The Ts and Cs apply. 18+, UK residents