Best ‘competitive’ savings accounts of the week as interest rates rise to 4.90 percent | Personal Finance | Finance
According to Moneyfacts, these are the three top savings accounts Britons should consider this week:
- Beehive Money – Bonus Saver Account – 4.90 percent interest rate
- Oxbury Bank – Personal Easy Access Account (Issue 1) – 4.75 percent gross / 4.85 percent AER payable monthly
- Chip – Chip Instant Access Account – 4.74 percent gross / 4.84 percent AER payable monthly.
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Each account has no notice period but different minimum operating balances depending on the product.
Rachel Springall, a finance expert at Moneyfactscompare.co.uk, broke down what the account with the top interest rate offers savers.
She explained: “Beehive Money has increased its Bonus Saver Account rate this week, which now pays 4.90 percent.
“The account grabs a position towards the top of its sector and may attract savers who have £1,000 to invest.
“The account does include an introductory bonus rate of 2.25 percent which runs until August 31, 2024, so a review of the account before this expires would be wise.”
The savings expert also highlighted the benefits of Britons taking advantage of Chip’s savings account.
Ms Springall added: “Chip has increased the rate on its Instant Access powered by ClearBank product this week to 4.74 percent gross, enhancing its position in the easy access sector.
“Savers searching for a flexible savings account with a competitive rate may find this deal enticing as it allows unlimited withdrawals.
“(They) should be aware that they need to hold a Chip subscription (for which both free and paid options are available.”
