Earl Shilton BS’ Progress account places third with an Annual Equivalent Rate (AER) of 2.85 percent.
The account is aimed at those aged between 18 and 50 with limited instant access paying a conditional bonus. This account requires a minimum deposit of £100 to open and a maximum of £180,000 can be invested. Interest is calculated daily and compounded annually on the last day of February.
Up to six withdrawals are permitted per year to qualify for the 2.85 percent bonus rate. If any more withdrawals are made, interest will reduce to 1.8 percent.
Ranking fourth is Al Rayan Bank’s Everyday Saver (Issue 3) with an AER of 2.81 percent.
A minimum of £5,000 must be deposited to open this account and people can make unlimited withdrawals free of charge. Interest is calculated and credited to the account on the last day of every month.
In fifth place is Yorkshire Building Society’s Internet Saver Plus (Issue 12) with an AER 2.6 percent.
This account requires a £1 minimum deposit to open and offers a tiered interest rate on the balance. For savings between £1 and £10,000, a 2.3 percent AER is applied, while savings of over £10,000 and £50,000 will qualify for the 2.6 percent and 2.65 percent AER. Withdrawals are also permitted without penalty or notice.
In sixth place is Buckinghamshire BS’ Single Access Saver with an AER of 2.6 percent.
This account requires a minimum deposit of £100 to open and up to £500,000 can be invested in total. Interest is calculated daily and paid annually on December 31.
However, just one withdrawal is allowed between January 1 and December 31 each year without notice or penalty, after which no further withdrawals can be made during that calendar year.
A second withdrawal within a calendar year will result in the automatic closure of the account.
Cumberland BS’ eSavings Account (Issue 3) places seventh, also with an AER of 2.6 percent.
A minimum deposit of £1 is required to open the account and up to £50,000 can be invested. Interest is compounded and applied to the balance yearly, and withdrawals are also permitted.
However, new customers must live within Cumberland’s operating area to open a savings account.
Placing eighth is first direct’s Bonus Savings Account with an AER of 2.6 percent.
A minimum deposit of £1 is required to open the account and interest is calculated daily and credited monthly.