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The top savings rates that last for just FIVE DAYS

Top savings rates that last for just FIVE DAYS: Why you need to act fast to grab the best deals before they disappear

  • The best easy-access rate is now 0.75 per cent with Atom Bank 
  • Smaller banks often attract more money than they need when at top of best buys
  • Aldermore’s top 0.75 per cent deal was on sale for just seven days
  • Ford Money was offering 0.73% but closed deal to new joiners just 5 days later


Savers need to act fast to grab top rates, as they can vanish after just five days.

The best easy-access rate is now 0.75 per cent with Atom Bank, with other new banks also offering 0.7 per cent or more.

This is up to 74 times more than you can earn with major High Street banks, which still pay as little as 0.01 per cent.

Smaller banks often attract more money than they need when their accounts are at the top of the best buy tables. And once they reach their quota, they close their doors to new savers

But smaller banks often attract more money than they need when their accounts are at the top of the best buy tables. 

And once they have reached their quota, they swiftly close their doors to new savers.

Ford Money raised its rate to 0.73 per cent this month but then closed the account to new customers just five days later. 

Aldermore’s top 0.75 per cent deal was on sale for seven days. Meanwhile, Charter Savings Bank, traditionally among the best payers, closed its account to new savers last Thursday. Cynergy Bank followed suit a day later.

Those who already have an account will be able to continue to pay in money.

But there are still good deals for new savers from a handful of smaller banks such as Atom. RCI Bank has upped the rate on its Freedom Account to 0.7 per cent, while Shawbrook pays 0.72 per cent on its easy access account, which opened to new savers last Friday. 

And Investec’s Online Flexi Saver pays 0.71 per cent.

Rates are edging up after the Bank of England base rate rose to 0.5 per cent this month.

Since then, Treasury-backed National Savings and Investments has upped the rate on its easy-access Direct Saver and Income Bonds to 0.5 per cent, which has helped to revive competition for our savings. 

You can open National Savings and Investments Direct Saver online or by phone. You can also open its Income Bonds by post.

But the big banks, including Barclays Everyday Saver, Lloyds Easy Saver and Standard Saver, Halifax Everyday Saver and Instant Saver, continue to pay savers a derisory 0.01 per cent — or 10p interest a year for every £1,000 in your account.

And they hold the bulk of the £974 billion in easy access accounts earning an average 0.1 per cent. With inflation at 5.5 per cent, you are seeing your money depreciate by 5.49 per cent a year.

Your money with new banks is as safe as with big banks. You get the same compensation if the bank runs into trouble under the Financial Services Compensation Scheme, up to a maximum of £85,000 — or £170,000 on joint accounts.

sy.morris@dailymail.co.uk

Savings accounts

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