Customers who use the UK’s top banks are being alerted to potentially better deals elsewhere. Finance experts have highlighted a “top deal” on savings accounts which could see customers earn hundreds of pounds extra.
Trading 212 is offering a 5.05% rate on easy-access savings. It not only gives customers a very healthy interest rate but also allows them to access their cash should they need to. The account has been highlighted by Martin Lewis’ Money Saving Expert (MSE).
At that rate, savers with £5,000 in their account would make an extra £252 in interest over a year. Someone with £10,000 would pocket £505.
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It shows how considering the best savings accounts can easily result in bonus money adding up, to potentially be put to holidays, days out, other treats or just helping to pay bills or clear debt. Finance experts have encouraged households to think about their savings and the accounts they currently use.
Millions stick with the same savings accounts for years despite them having poor interest rates and yielding very little return. By simply switching to an account with a better rate, households could bag hundreds of pounds in free cash at the end of the year.
MSE said: “Top 5.05% easy-access savings. A cash ISA’s just a savings account you never pay tax on. And the current top rates beat the top normal easy-access savings, so for those who’ve not used this year’s £20,000 ISA allowance, Trading 212’s new 5.05% (min £1, unlimited withdrawals) is the top rate with 4.9% AER variable standard interest plus a year’s 0.15% rate boost for newbies.”