Customers looking for the best savings account have two new choices as C&G launched their Reserve Account and Alliance & Leicester introduced DirectSaver.
The DirectSaver account pays an interest rate of 5.25 per cent gross and allows account holders to save anything from £5,000 to £100,000.
According to Alliance & Leicester, it is designed for savers who want to earn a high rate of interest without investing in the stock market which could potentially yield lower returns.
Withdrawals and deposits can be made using the internet or telephone as research conducted by the bank found that half of people looking for a savings account are discouraged by products that need a period of notice to access funds.
Ross Dalzell, manager for savings at Alliance & Leicester, said: “DirectSaver is designed to help people get the most from their savings, but at the same time, give peace of mind that funds can be accessed immediately should they need to.”
For those with more to invest, C&G’s Reserve Account is available to customers with more than £50,000 to invest. Savers can earn 5.35 per cent gross interest and earn a 0.85% bonus for six months.
Citing the accounts advantage over other “risky investment vehicles”, C&G offers three no-notice withdrawals per year.
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