Bank raises interest on easy access savings account to 4.85% and earns ‘excellent’ rating

Vanquis Bank has raised the on its easy access account to 4.85 percent, earning an “excellent” Moneyfactscompare rating.

Savers can get started with an initial deposit of £1,000 and interest can be paid monthly as well as annually.

Easy access accounts are typically more flexible, allowing savers to make payments and withdrawals with minimal restrictions and small opening deposit requirements.

In the current high cost-of-living environment, found that more than half of respondents are having to dip into their savings for everyday expenses, making easy access accounts especially popular at present.

Commenting on Vanquis Bank’s new deal, Caitlyn Eastell, spokesperson at , said: “Vanquis Bank has increased the rate on the third issue of its Easy Access Account this week.

“Now paying 4.85 percent on the account’s anniversary, the deal takes a competitive position in the no-notice sector.

“Savers will need to invest a minimum of £1,000 and this may attract those looking for flexibility in terms of their savings, additionally there is a monthly interest option available to those who wish to boost their income.”

Ms Eastell added: “On assessment, this account receives an Excellent Moneyfacts product rating.”

Savers must be aged 18 and over to launch the account and up to £250,000 can be invested overall.

While Vanquis may be offering a more competitive rate, it isn’t currently topping the table. Ulster Bank’s Loyalty Saver offers an Annual Equivalent Rate (AER) of 5.2 percent on deposits of over £5,000.

Those with deposits lower than £5,000 will be paid a lower AER of 2.25 percent. Interest is paid annually and on account closure, and withdrawals are permitted at any time up to the .

Chip’s Easy Access Saver (powered by Clearbank) falls just behind with an AER of five percent. The rate includes a 0.93 percent bonus for 12 months and interest is paid monthly. Up to three withdrawals are permitted per year before a lower is applied, and up to £1million can be invested overall.

For those looking for more flexibility, Monument Bank’s Easy Access Account, offered through Raisin UK, has an AER of 4.87 percent with unlimited withdrawals. Up to £85,000 can be invested overall and interest can be paid monthly.