Amount of money in easily accessible accounts rises above £1 trillion for the first time
The amount savers have in easily accessible accounts has risen above £1 trillion for the first time.
Easy access is by far the most popular type of account with those who want to have money on hand. And UK Finance, the banking industry’s trade body, says people continue to prefer these accounts over the ones you hold your money with.
According to figures from the Bank of England, savers now have a record amount in direct access accounts, having added £3bn in September.
Easy access is by far the most popular type of account with those who want to have money on hand
The average rate paid on all easily accessible accounts is now 0.4 percent, up from just 0.1 percent in January.
Rachel Springall, of Moneyfacts analyst: ‘Having access to cash quickly in uncertain times is a good idea, because it can cover unexpected costs in the short term.’
The best deals for online accounts include Al Rayan Everyday Saver 3 (2.81 percent, Marcus By Goldman Sachs (2.5 percent) and Investec Online Flexi Saver (2.45 percent). Zopa pays 2.4 percent through a app account.
In the High Street, Swansea BS Instant Access (2 per cent), Kent Reliance Easy Access (2 per cent on over £1,000), Skipton BS Everyday Saver (1.9 per cent) and Monmouthshire BS Escalator (1.8 per cent) are among the best payers.
View our best cash Isa savings tables here