Best Buy in Easy Access Savings Account


Last week, Aldermore Bank launched the best payment easy-access deal that savers have seen in nearly a year.

Its double-access account, which pays 0.75 percent, is 0.05 percentage points higher than the next best offer in the market – limited to just two withdrawals per year with savers.

However, a shorter deal offered by private bank Brown Shipley may prove more profitable for savers – as long as they have £ 10,000 to deposit.

Easy-access deals are on the rise, but savers who have £ 10,000 left are wise to check out Raisin’s platform when they can effectively leapfrog high rates with a £ 50 Wellcome bonus.

Brown Shipley’s easy-access deal, which pays 0.61, is available through the savings platform, Raisin, which offers a £ 50 welcome bonus for any new customer who puts £ 10,000 or more into a savings account. Its partner suppliers.

It is important to note that you must be new to Raisin as the bonus applies only to the person’s first savings account with the platform.

This means that if someone saves £ 10,000 on this account through the Raisin platform, they can effectively claim a 1.11 per cent rate for the first year – £ 111 profit.

The account must be opened online through the Raisin Platform and can be done with a minimum £ 1,000 deposit – though this is not enough to secure a welcome bonus.

This allows savers to put a maximum of £ 85,000 or £ 170,000 in joint accounts – which is the limit of the financial services compensation scheme.

There is no limit to the amount of withdrawals you can make; However, you will not be able to withdraw less than £ 500 in a single withdrawal transaction and no withdrawal will be authorized if your balance is less than £ 1,000

For those looking to raise more than £ 10,000, the added benefit of a £ 50 welcome bonus is less pronounced.

For example, if someone raised £ 20,000 on this account, they would receive a profit of £ 172 – an effective rate of 0.86 per cent for the first year.

For those who wish to deposit a maximum of £ 85,000 into the account, they can expect to earn £ 568 in the first year, including a welcome bonus.

This means an effective rate of 0.67 per cent, lower than both Aldermore’s 0.75 per cent deal and Synergy Bank’s 0.7 per cent rate.

Savers must deposit at least £ 10,000 to qualify for the £ 50 bonus.

Savers must deposit at least £ 10,000 to qualify for the £ 50 bonus.

There are other factors that savers should be aware of before signing up.

Anna Bowes, co-founder of Savings Champion, said: ‘It’s important to realize that you need to request a bonus. Details on how to do this are on the Raisin UK website.

‘This particular contract is a variable rate so it can be changed at any time, up or down.

‘Ultimately, because it’s an online process, you need to send your money electronically.’

What is Brown Shipley and Are Your Money Saved?

Founded in 1810, Brown Shipley is a private bank controlled by both the PRA and FCA.

The bank is owned by Quintet Private Bank and is part of a group of boutique private banks and wealth managers operating in more than 50 European cities.

Brown Shipley is headquartered in London and has offices in seven other UK cities and offers wealth planning, investment management and banking services.

FSCS protects all eligible deposits made to its bank accounts up to a total of £ 85,000 per person.

Savers who already have money with Brown Shipley should know that in terms of coverage, your FSCS coverage is the same.

Bowes added: ‘If you deposit £ 85,000 into this Brown Shipley account through the Raisin platform and you already have £ 50,000 with Brown Shipley, £ 50,000 of your money will not be covered by the FSCS.

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