Aldermore Bank announced last week the highest paying, easy-access savings deal in almost one year.
Double-access accounts paying 0.75 Percent are 0.05 points better than any other offering. But, it has only two annual withdrawals for savers.
However, one lesser deal, offered by the private bank, Brown Shipley, could prove more lucrative for savers – as long as they have £10,000 to deposit.
Easy-access deals are on the up but savers with a spare £10,000 would be wise to check Raisin’s platform in case they are effectively able to leapfrog the top rates via the £50 welcome bonus
Brown Shipley’s easy-access deal, which pays 0.61 per cent, is available through the savings platform, Raisin, which in turn, is offering a £50 welcome bonus to any new customer who puts £10,000 or more into a savings account with one of its partner providers.
It’s important to note that the bonus is only applicable to the first Raisin savings account.
It means anyone saving £10,000 into this account via the Raisin platform, can effectively secure a rate of 1.11 per cent for the first year – a return of £111.
The account must be opened online via the raisin platform and can be done so with a minimum deposit of £1,000 – although this is not be enough to secure the welcome bonus.
It allows savers to put in a maximum of £85,000, or £170,000 in the case of joint accounts – which is the cap of the Financial Services Compensation Scheme limit.
There is no limit to the amount of withdrawals you can make; however, you are unable to withdraw less than £500 in a single withdrawal transaction and a withdrawal will not be authorised if it leaves your balance below £1,000
For those looking to stash away more than £10,000, the added advantage of the £50 welcome bonus will become less pronounced.
For example, someone stashing away £20,000 in this account will secure a return of £172 – an effective rate of 0.86 per cent for the first year.
For those looking to deposit the maximum £85,000 into the account, they could expect to earn £568 in the first year when including the welcome bonus.
It would result in an effective rate at 0.67%, below Cynergy Bank’s rate of 0.75% and Aldermore’s rate of 0.75 percent.
Savers will need to deposit at least £10,000 to be eligible for the £50 bonus.
Before signing up, savers should be mindful of other important factors.
Anna Bowes was co-founder at Savings Champion. She stated: “It is important to realize that you must request the bonus. You can find more information on Raisin UK’s website.
This deal can also be changed to a variable-rate rate at any given time.
“Finally. Because this is an online transaction, you will need to also send funds electronically.
Is your money safe with Brown Shipley?
Brown Shipley was founded in 1810. It is a private bank that is subject to regulation by the FCA as well as the PRA.
Quintet Private Bank is the owner of this bank. It is also part of an international group that includes boutique private banks as well as wealth managers in more than 50 European cities.
Brown Shipley, a London-based company with seven offices across the UK, is located in London and provides wealth management and investment management services.
All eligible deposits made into its bank accounts are protected by the FSCS up to a total of £85,000 per individual.
Brown Shipley savers should remember that their FSCS protection does not change.
Bowes added: ‘If you deposit £85,000 into this Brown Shipley account via the Raisin platform and you already hold £50,000 with Brown Shipley, £50,000 of your money will not be protected by the FSCS, as the amount per banking licence that is protected is £85,000 per person.’