Savers looking for a better return can now get 1.5% on a genuinely easy access account after the Nottingham building society this week quietly raised the rate on its Beehive online saver.
In recent months savings rates have been creeping up to the extent that it is now worth comparing the latest deals with the rate you are currently getting on your savings.
Beehive, which is Nottingham building society’s online brand, upped the interest rate by 0.1% on Tuesday. It means the online account now pays 1.5%, making it the UK’s top paying easy access account – although savers have to keep a minimum balance of £2,500 to earn that rate.
The account is opened and managed online – the Guardian checked it this week and it is very easy to manage. There are no restrictions on withdrawals. Interest is paid annually on 30 April, and accounts can be opened in sole or joint names.
Savings are covered up to the normal FSCS limits of £85,000 per person. The account, given an “excellent” rating by data firm Moneyfacts, is not likely to be open for very long due to expected popularity, so open it this weekend if you are in the market.
There are two rival accounts paying similar rates, which don’t require such a big minimum investment. Savers can invest anything from £1 upwards in Virgin Money’s latest Double Take E-Saver account, which also pays 1.5%. The small downside is that savers can only make two withdrawals a year.
The Marcus (Goldman Sachs) online saver pays 1.49% (gross) on balances of £1 and upwards, which includes a bonus rate of 0.15% gross fixed for the first 12 months.
All three accounts are variable, meaning rates could be reduced in the future – but they probably all beat the rate you are currently on if you haven’t moved your money for some time.
