Kent Reliance has increased the interest rate on its easy access savings account to 5.11 percent, earning an “excellent” Moneyfacts rating.
The account can be opened with a minimum deposit of £1,000 and interest can be paid monthly or annually.
Commenting on the deal, Rachel Springall, a finance expert at Moneyfactscompare.co.uk, said: “Kent Reliance has increased the rate on its Easy Access Account, which improves its position in the market.
“Paying a yearly rate of 5.11 percent, savers who have the required £1,000 upfront to deposit and are searching for a competitive return may find this an enticing account.”
Ms Springall added: “The monthly payment option could be ideal for those looking to supplement their income. On assessment, the account earns an Excellent Moneyfacts product rating.”
Kent Reliance, which is one of the trading names of OneSavings Bank plc, describes itself as a “national bank with a local feel”. It subscribes to the Financial Services Compensation Scheme (FSCS), which means eligible deposits of up to £85,000 are protected.
Savers must be 18 and over to launch an account and up to £1million can be invested overall.
But while Kent Reliance may be offering a more competitive deal, it isn’t currently topping the table. Metro Bank’s Instant Access Savings Account is offering an Annual Equivalent Rate (AER) 5.22 percent.
A minimum of £500 must be deposited within 28 days to earn the limited edition rate and interest is paid monthly. Access to funds is allowed at any time in a branch, online, or by phone.
Ulster Bank’s Loyalty Saver falls just behind with an AER of 5.2 percent on deposits of over £5,000.
Those with deposits lower than £5,000 will be paid a lower AER of 2.25 percent. Interest is paid annually and on account closure, and withdrawals are permitted at any time up to the daily limits.
Charter Savings Bank’s Easy Access (Issue 48) is offering a competitive AER of 5.13 percent.
The account can be opened with a minimum deposit of £5,000 and interest can be paid monthly or annually. Up to £1million can be invested overall and withdrawals can be made at any time.
For those with a smaller deposit, Cahoot’s Simple Saver (Issue Two) is also offering a competitive AER of 5.12 percent.
Cahoot, which is a division of Santander, offers savers the deal from a minimum deposit of just £1.
Interest is calculated daily and can be paid annually or monthly and withdrawals can be made at any time by transfer to another account.
