Monument Bank has raised the interest rate on its easy access savings account this week to 4.91 percent AER, earning an “excellent” Moneyfactscompare rating.
The account can be launched with a minimum deposit of £1,000 and is now offering some of the best returns in its sector.
Interest on this account is paid monthly and up to £85,000 can be invested overall.
Commenting on the deal, Caitlyn Eastell, a spokesperson at Moneyfactscompare.co.uk, said: “Monument Bank has increased the rate on its Raisin UK easy access account this week.
“It is available to those who can invest £1,000 upfront. Paying a rate of 4.8 percent gross / 4.91 percent AER, the deal takes a place in our top rate tables when compared against other easy access accounts.
“This may be an ideal option for savers looking for some flexibility when it comes to their savings, however, although withdrawals and further additions are permitted all transactions must be from a minimum of £500 which may need to be considered.
“The account secures an Excellent Moneyfacts product rating.”
While Monument Bank may be offering one of the most competitive rates in the easy access savings market, it isn’t quite taking the top spot.
Still topping the leaderboard is Ulster Bank’s Loyalty Saver with an Annual Equivalent Rate (AER) of 5.2 percent on deposits of over £5,000. Those with deposits lower than £5,000 will be paid a lower AER of 2.25 percent.
Interest is paid annually and on account closure, and withdrawals are permitted at any time up to the daily limits.
Chase’s Saver Boosted Rate Offer takes second place with its account paying an AER of 5.1 percent.
The interest rate includes a one percent bonus, which will be paid until January 16, 2025. There is no minimum deposit to open the account and interest is paid monthly.
Oxbury Bank falls just behind with an AER of 5.02 percent on its Easy Access Account Limited Edition One for savers with a minimum deposit of £20,000. Up to £500,000 can be invested and interest is paid monthly.
