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Rivalry in the easy access arena as top rates improve

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Rachel Springall, Press Officer
Rachel Springall, Press Officer / Finance Expert T: 01603 476210 E: Email Rachel
03/05/2022
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Rivalry in the easy access arena as top rates improve

Savers looking for a simple savings account will find easy access accounts have improved over the past few months. Indeed, the latest analysis by Moneyfacts.co.uk shows that the average rate of the current top six easy access accounts and easy access ISAs now pay more than double compared with a year ago.

Rivalry in the easy access arena as top rates improve

Savers looking for a simple savings account will find easy access accounts have improved over the past few months. Indeed, the latest analysis by Moneyfacts.co.uk shows that the average rate of the current top six easy access accounts and easy access ISAs now pay more than double compared with a year ago.

  • The current top six easy access accounts in the market now pay 1.20% on average, up from 0.67% six months ago and 0.44% a year ago (based on a £10,000 deposit).
  • The top easy access deal today pays 1.49% gross, which is 0.99% higher than the top deal a year ago.
  • The current top six easy access ISAs in the market now pay 0.96% on average, up from 0.62% six months ago and 0.42% a year ago (based on a £10,000 deposit).
  • The top easy access ISA today pays 1.05% gross, which is 0.60% higher than the top deal a year ago.
  • The current top six easy access accounts in the market now pay 1.20% on average, up from 0.67% six months ago and 0.44% a year ago (based on a £10,000 deposit).
  • The top easy access deal today pays 1.49% gross, which is 0.99% higher than the top deal a year ago.
  • The current top six easy access ISAs in the market now pay 0.96% on average, up from 0.62% six months ago and 0.42% a year ago (based on a £10,000 deposit).
  • The top easy access ISA today pays 1.05% gross, which is 0.60% higher than the top deal a year ago.

Top easy access rates

A year ago

Six months ago

Today

ICICI Bank UK - SuperSaver Savings Account - 0.50%

Aldermore - Double Access Account Issue 1 (0-2 withdrawals pa) - 0.75%

Chase - The Chase Saver Account - 1.49%

Kent Reliance - Easy Access Account - Issue 45 - 0.45%

Cynergy Bank - Online Easy Access Account (Issue 43) - 0.70%

Aldermore – Double Access Account Issue 1 (0-2 withdrawals pa) - 1.25%

Yorkshire Building Society - Annual Access Account Issue 8 - 0.45%

Shawbrook Bank - Easy Access - Issue 28 - 0.67%

Zopa - Smart Saver - 1.19%

Paragon Bank - Limited Edition Easy Access Account (Issue 8) - 0.41%

Paragon Bank - Triple Access Account (Issue 5) (0-3 withdrawals pa) - 0.65%

Tandem Bank - Instant Access Saver - 1.10%

Marcus by Goldman Sachs® - Online Savings Account - 0.40%

Brown Shipley - Raisin UK - Easy Access Account - 0.61%

Al Rayan Bank - Everyday Saver (Issue 2) 1.10%

RCI Bank UK - Freedom Savings Account - 0.40%

Tesco Bank - Internet Saver - 0.61%

Investec Bank Plc - Online Flexi Saver - 1.05%

Top deals at £10,000 gross. Excludes linked funded deals or eligibility restrictions. Source: Moneyfacts.co.uk

 

Top easy access ISA rates

A year ago

Six months ago

Today

Kent Reliance - Cash ISA - Easy Access - Issue 28 - 0.45%

Shawbrook Bank - Easy Access Cash ISA - Issue 18 - 0.67%

Cynergy Bank - Online ISA (Issue 22) - 1.05%

Yorkshire Building Society - Annual Access Account ISA Issue 4 - 0.45%

Cynergy Bank - Online ISA (Issue 17) - 0.65%

Marcus by Goldman Sachs® - Cash ISA - 1.00%

Paragon Bank - Limited Edition Easy Access ISA (Issue 6) - 0.41%

Paragon Bank - Triple Access Cash ISA (Issue 5) (0-3 withdrawals pa) - 0.65%

SAGA - Saga Cash ISA - 1.00%

Marcus by Goldman Sachs® - Cash ISA - 0.40%

Marcus by Goldman Sachs® - Cash ISA - 0.60%

Al Rayan Bank - Instant Access Cash ISA (issue 3) - 1.00%

Yorkshire Building Society - Six Access e-Saver ISA Issue 5 - 0.40%

Tesco Bank - Instant Access Cash ISA - 0.60%

Shawbrook Bank - Easy Access Cash ISA - Issue 20 - 0.92%

Charter Savings Bank - Easy Access Cash ISA - Issue 20 - 0.40%

Charter Savings Bank - Easy Access Cash ISA - Issue 24 - 0.56%

Principality BS - Online ISA - 0.80%

Top deals at £10,000 gross. Excludes linked funded deals or eligibility restrictions. Source: Moneyfacts.co.uk

Top easy access rates

A year ago

Six months ago

Today

ICICI Bank UK - SuperSaver Savings Account - 0.50%

Aldermore - Double Access Account Issue 1 (0-2 withdrawals pa) - 0.75%

Chase - The Chase Saver Account - 1.49%

Kent Reliance - Easy Access Account - Issue 45 - 0.45%

Cynergy Bank - Online Easy Access Account (Issue 43) - 0.70%

Aldermore – Double Access Account Issue 1 (0-2 withdrawals pa) - 1.25%

Yorkshire Building Society - Annual Access Account Issue 8 - 0.45%

Shawbrook Bank - Easy Access - Issue 28 - 0.67%

Zopa - Smart Saver - 1.19%

Paragon Bank - Limited Edition Easy Access Account (Issue 8) - 0.41%

Paragon Bank - Triple Access Account (Issue 5) (0-3 withdrawals pa) - 0.65%

Tandem Bank - Instant Access Saver - 1.10%

Marcus by Goldman Sachs® - Online Savings Account - 0.40%

Brown Shipley - Raisin UK - Easy Access Account - 0.61%

Al Rayan Bank - Everyday Saver (Issue 2) 1.10%

RCI Bank UK - Freedom Savings Account - 0.40%

Tesco Bank - Internet Saver - 0.61%

Investec Bank Plc - Online Flexi Saver - 1.05%

Top deals at £10,000 gross. Excludes linked funded deals or eligibility restrictions. Source: Moneyfacts.co.uk

 

Top easy access ISA rates

A year ago

Six months ago

Today

Kent Reliance - Cash ISA - Easy Access - Issue 28 - 0.45%

Shawbrook Bank - Easy Access Cash ISA - Issue 18 - 0.67%

Cynergy Bank - Online ISA (Issue 22) - 1.05%

Yorkshire Building Society - Annual Access Account ISA Issue 4 - 0.45%

Cynergy Bank - Online ISA (Issue 17) - 0.65%

Marcus by Goldman Sachs® - Cash ISA - 1.00%

Paragon Bank - Limited Edition Easy Access ISA (Issue 6) - 0.41%

Paragon Bank - Triple Access Cash ISA (Issue 5) (0-3 withdrawals pa) - 0.65%

SAGA - Saga Cash ISA - 1.00%

Marcus by Goldman Sachs® - Cash ISA - 0.40%

Marcus by Goldman Sachs® - Cash ISA - 0.60%

Al Rayan Bank - Instant Access Cash ISA (issue 3) - 1.00%

Yorkshire Building Society - Six Access e-Saver ISA Issue 5 - 0.40%

Tesco Bank - Instant Access Cash ISA - 0.60%

Shawbrook Bank - Easy Access Cash ISA - Issue 20 - 0.92%

Charter Savings Bank - Easy Access Cash ISA - Issue 20 - 0.40%

Charter Savings Bank - Easy Access Cash ISA - Issue 24 - 0.56%

Principality BS - Online ISA - 0.80%

Top deals at £10,000 gross. Excludes linked funded deals or eligibility restrictions. Source: Moneyfacts.co.uk

Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Savers who prefer to keep their cash within a flexible account may be pleased to see interest rates on easy access accounts and easy access ISAs are on the rise. The top easy access rate today is the highest on the market since October 2019, and is around double the top rate available six months ago, and near three times more than a year ago. The back-to-back Bank of England base rate rises have influenced savings providers to improve variable rates over the past year, but it is competition from challenger banks that dominate the top rate tables.

“The average easy access rate has risen from 0.16% a year ago to 0.39% today based on a £10,000 investment, a 0.23% rise, but the average return of the top six easy access deals is now 0.76% more than in May 2021. This shows that there are still plenty of brands out there which are not offering a competitive return, and in fact, 83% of easy access accounts pay less than the current Bank of England base rate of 0.75% based on a £10,000 investment. As has always been the case, there is no guarantee that savers will see any benefit from a base rate rise, and instead, they should be prepared to shop around to find better rates. Easy access ISA rates are also on the rise and this will be positive news for those looking to utilise their new tax-free ISA allowance.

“Consumers may be struggling to put some cash aside for emergencies due to the rising cost of living, and in fact, a recent study by the ONS revealed 43% of adults reported that they would not be able to save money in the next 12 months, which is the highest percentage since the question was first asked in March 2020. The optimism of consumers expectations to save has waned since the start of the year, which isn’t too surprising, and is in stark contrast to the boom in consumers putting money aside during the UK lockdown. However, to have some easily accessible cash to fall back on could prove vital this year, so consumers can mitigate the use of short-term credit to cover unexpected costs.”

 

Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Savers who prefer to keep their cash within a flexible account may be pleased to see interest rates on easy access accounts and easy access ISAs are on the rise. The top easy access rate today is the highest on the market since October 2019, and is around double the top rate available six months ago, and near three times more than a year ago. The back-to-back Bank of England base rate rises have influenced savings providers to improve variable rates over the past year, but it is competition from challenger banks that dominate the top rate tables.

“The average easy access rate has risen from 0.16% a year ago to 0.39% today based on a £10,000 investment, a 0.23% rise, but the average return of the top six easy access deals is now 0.76% more than in May 2021. This shows that there are still plenty of brands out there which are not offering a competitive return, and in fact, 83% of easy access accounts pay less than the current Bank of England base rate of 0.75% based on a £10,000 investment. As has always been the case, there is no guarantee that savers will see any benefit from a base rate rise, and instead, they should be prepared to shop around to find better rates. Easy access ISA rates are also on the rise and this will be positive news for those looking to utilise their new tax-free ISA allowance.

“Consumers may be struggling to put some cash aside for emergencies due to the rising cost of living, and in fact, a recent study by the ONS revealed 43% of adults reported that they would not be able to save money in the next 12 months, which is the highest percentage since the question was first asked in March 2020. The optimism of consumers expectations to save has waned since the start of the year, which isn’t too surprising, and is in stark contrast to the boom in consumers putting money aside during the UK lockdown. However, to have some easily accessible cash to fall back on could prove vital this year, so consumers can mitigate the use of short-term credit to cover unexpected costs.”

 

Notes to editors

Pioneering financial comparison technology for over 35 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfactscompare.co.uk is the financial product price comparison site, launched as Moneyfacts.co.uk in 2000 and rebranded to Moneyfactscompare.co.uk in 2023, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfactscompare.co.uk shows whole of market data regardless of commercial bias, showing consumers a true picture of the best products based on the criteria they select.

We hope you find this press release insightful. We would appreciate a link back to Moneyfactscompare.co.uk if you decide to source this information.

For more information about us please see our key facts.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

 

Notes to editors

Pioneering financial comparison technology for over 35 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfactscompare.co.uk is the financial product price comparison site, launched as Moneyfacts.co.uk in 2000 and rebranded to Moneyfactscompare.co.uk in 2023, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfactscompare.co.uk shows whole of market data regardless of commercial bias, showing consumers a true picture of the best products based on the criteria they select.

We hope you find this press release insightful. We would appreciate a link back to Moneyfactscompare.co.uk if you decide to source this information.

For more information about us please see our key facts.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

 

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Rachel Springall Press Officer / Finance Expert
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E: Email Rachel
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E: Email Caitlyn
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©2024 Moneyfacts Group plc. All Rights Reserved. Use of this Website constitutes acceptance of the Company’s General Terms of Use & Privacy Policy. Moneyfacts Group plc is registered in England and Wales, company no. 4063110. Registered office: Moneyfacts House, 66-70 Thorpe Road, Norwich, NR1 1BJ. Moneyfacts, MONEY £ ACTS and INTEREST are Registered Trademarks.