Lockdown savings are something which many Britons have been fortunate enough to experience during the coronavirus pandemic, although of course, sadly many have been hit financially during this crisis. In January, the savings market increased by £13billion compared to December.
It marked a rise to £1,341billion, the highest level ever recorded, according to new Bank of England data released earlier this month.
Specifically, the easy access savings market was up 1.5 percent in this time frame, an increase of £13.2billion.
Many savers will want to ensure their money is working as hard for them as possible.
There are various websites out there which compare different options and interest rates being offered on savings.
This includes Moneyfacts.co.uk, and this particular money comparison website highlights some of the “best” of the latest products or rate changes on the consumer finance market each week.
In the most recent edition of the Moneyfacts Pick of the Week, Finance Expert at Moneyfacts.co.uk Eleanor Williams has analysed several deals.
This includes the Online Easy Access Account (Issue 35) from Cynergy Bank.
Ms Williams explained the bank has recently lifted the existing customer restriction on this account.
Commenting on the deal, on Thursday last week, the finance expert said: “Among various amendments across its range of savings products, this week Cynergy Bank has lifted the existing customer restriction on its Online Easy Access Account.
“Now paying a rate of 0.50 percent, within this limited sector of the market it takes the lead position in our top rate tables when compared against other easy access accounts that offer a bonus.”
However, Ms Williams went on to point out that action may need to be taken by savers in time to come.
This is because the account includes a bonus rate, which will expire after 12 months.
Once this happens, the interest rate being offered will drop to 0.30 percent.
The finance expert continued: “Savers looking to keep flexible access to their savings pot could be tempted by the return, but may wish to schedule a review after 12 months when the bonus will expire and the rate reduces by 0.20 percent.
“The account secures an Excellent Moneyfacts product rating.”
The 0.50 percent gross/AER – which includes a 0.20 percent bonus that expires after 12 months – is payable on anniversary.
There’s no notice that’s required with this account, and access is permitted, via a nominated account.
There is a minimum opening amount of £1, and up to £1million can be deposited in the account should the saver wish to do so.
To open this easy access option, however, the applicant must be at least 18 years old.
There is a joint account option available, Moneyfacts also pointed out.