Top News

The best rate for easy access savings accounts has been named by personal finance experts, and it doesn't come from a popular UK high street bank. Savers often lose out on hundreds, if not thousands of pounds, by not shopping around for the best interest rates for their savings. Analysis by TotallyMoney, carried out by Moneycomms, shows that 37% of people have not switched savings accounts for at least five years, while 27% have never switched at all, meaning many are missing out on better rates.

Meanwhile, an analysis from LHV Bank compared what the average saver could earn over the next five years if they left cash in a typical high street easy access account versus a higher-paying alternative, revealing that savers are losing out on as much as £1,600 annually. That said, there are attractive rates on the market at the moment, including an impressive 4.75%.

The best easy access rate right now, according to MoneySuperMarket, is Tembo's HomeSaver. This account is specifically designed for those hoping to buy a home and offers the highest rate among easy-access accounts available in the UK.

The market-leading 4.75% rate is available for a year. The rate includes a 12-month fixed bonus of 1.75%, on a base rate of 3%. Both are earned daily and paid on the eighth working day of the following month.

Additionally, savers can earn up to 5.75% AER variable when you use the Tembo mortgage service. This is available for the first 12 months, subject to completing a mortgage application through Tembo within three years.

The base interest rate is variable, so it can go up and down. Savers will be given at least 14 days' notice before an interest rate decrease occurs.

However, the 12-month introductory rate and HomeSaver Bonus Rate are fixed and accrue on the balance in the account each day for 365 days from the date you submit your application to open your HomeSaver account.

Tembo says that if you deposit £1,000, your final balance at the end of the 12 months can be £1,057.50, provided you meet the conditions of the HomeSaver Bonus. This calculation assumes that savers make no withdrawals or further deposits and that interest rates remain unchanged for 12 months.

The maximum deposit savers can make into the account is £20,000, while the minimum is £1,000. Additionally, savers must be aged over 18, be a UK resident and not be a US citizen.

Your regular home address must be in the UK, and you will also need a National Insurance Number and an email account to open the account.

While the interest rate mentioned above is the market leader right now, the account is very much designed for those who are saving to buy a home or remortgage. However, there are excellent rates for all kinds of savers looking for a new easy access account.

Falling slightly behind Tembo with a rate of 4.50% is the Chase Saver with Boosted Rate. This includes a 2.25% AER 12-month bonus on top of the standard maximum rate. The minimum deposit is just £1, while the maximum is £3 million

There is also the Sidekick Easy Access 7 with its rate of 4.17%. Savers must deposit at least £5,000 into the account, while the maximum deposit is £59,999.