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Top rates on new, easy-to-access savings accounts continue to rise: Savers can now get more than 3% after the latest base rate hike
- Swansea BS pays 3.25% but is only open to those living in Wales
- Shawbrook Easy Access account pays 3.01 percent
- Tandem pays 3.05 percent on its app account
Savers should aim for 3 percent interest on easily accessible accounts as interest rates continue to rise.
Some providers have raised their rates since the Bank of England’s base rate rose from 3.5% to 4% early this month. Others are expected to follow in the coming weeks.
The top rate stands at 3.25 per cent from Swansea BS. But it’s only open to those who live in Wales, or if you’re already a member of the association and live somewhere in the UK. You can open it in any of the four branches or by post for £1.
– Check out the best easily accessible savings rates here.
Welsh rarebit: The best easy access rate stands at 3.25% from Swansea BS on its Instant Access Saver. But it is only open to those living in Wales and existing customers
Online Shawbrook Easy Access account pays 3.01 percent, while Tandem pays 3.05 percent on its app account, which includes a 0.2 percentage point bonus for a year.
You can also earn 3.1 percent online with Paragon Bank, but you can only make three withdrawals per year. Others that cross the 3 percent mark include Atom (via the app), Saffron BS, and Secure Trust online — all of which offer 2.95 percent.
If you prefer a branch or postal account, Skipton Base Rate Tracker of 2.9 percent guarantees you’ll pay the Bank of England base rate minus 1.1 percentage points.
Bank bosses were slammed last week by MPs on the Treasury Committee for failing to pass higher rates on their popular easy access accounts.
They have passed on only a small part of the 3.9 percentage point increase in base interest rates since December 2021.
Worst of all is Barclays Everyday Saver, which pays 0.55 percent, while the best of the bunch, HSBC Flexible Saver, manages just 0.95 percent — though both offer special rates to existing customers. HSBC offers 3 per cent up to the maximum level of £10,000.
sy.morris@dailymail.co.uk