Top rates on easy access savings accounts continue to climb above 3%

Savers should aim for 3 per cent interest on easy-access accounts as rates continue to climb. 

Some providers have upped their rates since the Bank of England base rate rose from 3.5 per cent to 4 per cent at the beginning of this month. Others are expected to follow in the next few weeks.

The top rate stands at 3.25 per cent from Swansea BS. But it is only open to those who live in Wales, or if you’re already a member of the society living anywhere in the UK. You can open it in one of its four branches or by post with £1.

– Check out the best easy-access savings rates here. 

Online Shawbrook Easy Access account pays 3.01 per cent, while Tandem pays 3.05 per cent on its app account, including a 0.2 percentage point bonus for a year.

You can also earn 3.1 per cent with Paragon Bank online, but you can only make three withdrawals a year. Others pushing the 3 per cent mark include Atom (via its app), along with Saffron BS and Secure Trust online — all offering 2.95 per cent.

If you prefer a branch or postal account, Skipton Base Rate Tracker at 2.9 per cent guarantees to pay the Bank of England base rate less 1.1 percentage points.

Bank bosses were grilled by Treasury Committee MPs last week for failing to pass on higher rates on their popular easy-access accounts. 

They have only passed on a small fraction of the 3.9 percentage points rise in the base rate since December 2021.

The worst is Barclays Everyday Saver, which pays 0.55 per cent, while the best of the bunch, HSBC Flexible Saver, manages just 0.95 per cent — although both offer special rates to existing customers. HSBC offers 3 per cent up to its maximum £10,000 level.

sy.morris@dailymail.co.uk