Furness Building Society has launched a new double-access savings account paying 4.9% interest, earning an “excellent” Moneyfactscompare rating.
Savers can make two withdrawals per calendar year and interest is paid annually.
The account can be opened with as little as £1 and up to £250,000 can be invested overall.
Commenting on the deal, Caitlyn Eastell, spokesperson at Moneyfactscompare.co.uk, said: “Furness Building Society has launched a new Double Access Saver account this week.
“The deal takes a competitive position within the easy access market paying a rate of 4.90% yearly.”
However, Ms Eastell warned: “It is important savers note that this deal provides limited access to their pots, as only two withdrawals are permitted each year.
“Any additional withdrawals will result in the account transferring to an access account, so it is crucial savers plan carefully at the outset.
“On a more positive note, further additions are permitted. Overall, the deal receives an Excellent Moneyfacts product rating.”
While Furness Building Society may be offering the market-leading rate for easy access savings accounts, the competition doesn’t fall too far behind.
Monument Bank’s easy access account, offered through Raisin UK offers an Annual Equivalent Rate (AER) of 4.87 percent.
Savers can open an account with a minimum deposit of £1,000, interest is paid monthly, and up to £85,000 can be invested.
This account would benefit those needing more freedom to dip into their funds, as there are no penalties on withdrawals.
Atom Bank’s Instant Saver Reward places just behind with an AER of 4.85 percent.
There’s no minimum deposit required to open an account, and interest is paid monthly. However, if a withdrawal is made, the interest rate will drop to 3.25 percent for that month. To maximise earnings, it’s best to avoid making withdrawals from this account whenever possible.