Building society launches savings account with 4.6% interest and earns ‘excellent’ rating

The has launched a new easy access account with 4.6% , earning an “excellent” Moneyfacts rating. Savers can get started with a minimum deposit of £100 and interest is paid annually.

Easy access accounts are typically more flexible. They typically allow savers to make payments and withdrawals with minimal restrictions and small opening deposit requirements. Commenting on the deal, Caitlyn Eastell, spokesperson at , said: “Family Building Society has launched a new Online Saver this week. Savers searching for a competitive rate on a flexible savings account may find the 4.60% rate enticing.”

Ms Eastell noted that, although withdrawals are permitted, they must be from a minimum of £100.

Praising the offer, Ms Eastell said: “The deal secures a prominent position in our top tables and earns an Excellent Moneyfacts product rating.”

While the Family Building Society may be offering a competitive deal, it isn’t currently topping the table. Revolut’s Ultra account, which comes with a £45 monthly fee, takes the lead with an Annual Equivalent Rate (AER) of 5%. Up to £200,000 can be invested, interest is paid daily, and there are no restrictions on withdrawals.

For those looking for a fee-free account, Principality Building Society’s triple-access account offers an AER of 4.7%. Savers need just £1 to launch the account, and interest is paid annually. However, up to three withdrawals are permitted per year, which may not be ideal for those looking for flexibility.

West Brom Building Society falls just behind with an AER of 4.65%. Savers can launch an account with £1, and up to four withdrawals are allowed per year. Interest is paid annually.

For those looking for total flexibility to withdraw funds of any amount, at any time, Chip’s Instant Access Account offers an AER of 4.58%. The rate includes a 1.04% bonus for six months and interest is paid monthly. There are no withdrawal restrictions.