The best paying easy-access accounts are disappearing from the market at a frightening speed.
After a matter of weeks of being offered, ICICI have removed the Super Savings Internet Account it was offering to potential customers. Sadly, for those who didnít get there in time, it was offering a rate of 1.4%. This was alongside the fact that it stipulated no withdrawal restrictions and there wasnít a bonus condition, thus making it among the best accounts on the market.
Further to this, the National Countiesí Building Society were offering an account which was withdrawn on Tuesday of this week. This was a similarly attractive rate at 1.41% and has only been on the market since January 26th 2015.
There are very few other accounts that offer such competitive rates. Ones that do tend to put limitations on the accounts, for example that you can only make a certain number of withdrawals per annum. They might further impose bonus restrictions that make the account not as lucrative.
One of the most attractive deals on the market now is the East Access Saver from Virgin Money which offers a rate of 1.21 % and is available via the internet or through the postal service. The highlight to this account is that are no limitations placed on the withdrawal of money or bonuses.
The Post Office offer an Online Saver and this does come with a bonus for the first twelve months. However, as a result of the bonus the rate plummets from the initial 1.4% to 0.65% after the year. Further to this, Nationwide have a Limited Access Saver that offers a rate of 1.25% but the client is restricted to a total of five withdrawals per annum. If the customer decides to make more withdrawals than the designated five, the percentage drop is huge- from 1.25% to 0.5%.
There are a few other options that one could consider. There is the Coventry Building Society PostSaver that offers a competitive 1.4% rate. However, the client is restricted to a total of twelve withdrawals per annum. One can get a better 1.5% rate at Kent Reliance but it is much harder to access – there are only nine offices where it is available in the UK.