Martin Lewis’s Money Saving Expert has named the “best” easy access savings account. Tembo HomeSaver’s 4.55% rate topped the finance guru’s ranking, which was updated on Thursday (July 16). It pays 4.55% on up to £20,000, including a 1.55% fixed bonus for new customers.
The catch is that you have to keep the account open with £1 or more for at least a year to receive the bonus. After Tembo’s account, Trading 212’s Cash ISA rate of 4.53% is next on MSE’s top savings account list, followed by Saga’s East Access Account, which offers a rate of 4.5%.
Saga’s offering includes a 1.64% bonus for new customers fixed for 12 months. MSE said while the product is aimed at the over 50s, anyone can open one.
MSE’s last “top pick” is from Chase, which is offering an easy access account with a 4.5% rate. This includes a bonus of 2.25% for new customers.
To take advantage of this offer, MSE said savers will need to open Chase’s free current account, adding that there is no need to switch and only one ID check is required.
The top fixed savings accounts, where you usually have to lock your money away for a set period, are from Marcus and GB Bank.
Part of Goldman Sachs, Marcus is offering 4.9% on amounts ranging from £1 to £250,000. This product can only be opened online and interest can be accessed after one year.
Dipping into the account before it matures is allowed, but it will result in a 90 day interest penalty.
GB Bank’s 4.78% one year fix pays interest either monthly or at maturity. You can open this one online with £1,000 and deposit a maximum of £100,000.
MBNA’s Fixed Saver has a 4.75% rate for one year and can be opened with £1,000 up to £750,000. You cannot make withdrawals for 12 months and can access your savings at maturity. MBNA is part of Lloyds.
Tembo, Saga and Chase’s products also appear on Moneyfacts‘ weekly ranking of the top savings products.
But top of the finance comparison site’s list is fintech app LemFi’s Instant Access Savings Account, which has a 5% rate for six months.
LemFi’s rate is matched by Revolut’s Instant Access Savings Standard product, which also includes a bonus.