A number of best paying interest rates have been pulled of late, but there are still some opportunities to get inflation-beating returns.
Experts are revealing the best savings accounts for the week beginning February 19 which are offering customers an “excellent” and “competitive” interest rate.
This comes after many high street financial institutions, including Nationwide Building Society and Yorkshire Building Society, have withdrawn high-interest accounts from the market.
In recent years, savers have benefited from the Bank of England’s decision to raise the base rate to fight inflation with hikes being passed on via high street and challenger banks.
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Experts are revealing how savings interest rates are on the rise
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The accounts awarded an “excellent product rating” from Moneyfacts this week include the following:
- Close Brothers Savings – Easy Access Account (Issue Two) – pays an interest rate of 5.12 per cent
- Shawbrook Bank – Two Year Fixed Rate Cash ISA Bond Issue 88 – pays an interest rate of 5.01 per cent
- UBL UK – Two Year Fixed Rate Cash ISA – pays an interest rate of 4.68 per cent
- Investec Bank plc – Three-Year Fixed Rate Saver – pays an interest rate of 4.62 per cent
- Hodge Bank – Three Year Fixed Rate Cash ISA – pays an interest rate of 4.36 per cent.
The offering from Close Brokers Savings has a minimum opening amount of £10,000 with the maximum investment being £2million.
Access and further additions to the easy access account are permitted which can be opened and managed online.
In comparison, Shawbrook Bank’s ISA has a minimum operating balance of £1,000 with the ISA allowance of £20,000 being in place, while UBL Bank’s minimum amount sits at £2,000.
The three-year fix from Investec Bank has a minimum opening amount of £5,000 with the maximum contribution being £250,000.
LATEST DEVELOPMENTS:
The Bank of England base rate is at a 15-year high of 5.25 per cent GB NEWSNotably, access to the account is not permitted and any further additions are allowed for seven days from the account opening.
Hodge Bank’s account has a minimum opening amount of £1,000 and access to the product is allowed but is subject to a 270-day loss of interest penalty.
On the top-rated account, Moneyfacts spokesperson Caitlyn Eastell said: “This week, Close Brothers Savings has increased the rate on its Easy Access Account (Issue 2) and now pays a competitive return of 5.12 per cent on £10,000 investments.
“Savers will be happy to see they have unlimited access to their funds and there are no restrictions on further additions, which may entice those who wish to maintain flexibility.”