Oxbury Bank increases interest rate on easy access account and earns ‘excellent’ rating | Personal Finance | Finance
Oxbury Bank has increased the interest rate on its east access savings account this week to 4.75 percent (4.85 AER), earning an “excellent” rating from Moneyfactscompare.
Savers need a minimum deposit of £1,000 to launch an account and interest is paid on a monthly basis.
Commenting on the deal, Rachel Springall, finance expert at Moneyfacts said: “Oxbury Bank has increased the rate on its Personal Easy Access Account this week, which takes a prominent position in the easy access savings sector.
“The account pays an attractive rate of 4.75 percent gross and may entice savers looking for flexibility with their cash as the account allows unlimited withdrawals.”
Ms Springall added: “Savers must note that their initial deposit must be made within the first 90 days of account opening or the account will close automatically. Overall, the deal earns an Excellent Moneyfacts product rating.”
Savers can open Oxbury Bank’s Personal Easy Access Account (Issue 1) online and via its mobile app and people must be aged 18 or over to do so.
People can invest up to £500,000 in the account overall and can make unlimited withdrawals without facing a penalty charge. However, withdrawal requests must be made prior to 1pm.
But while Oxbury may be offering a more “attractive” rate, it isn’t currently topping the table. Beehive Money’s Bonus Saver August 2024 is currently offering an Annual Equivalent Rate (AER) of 4.9 percent.
According to Ms Springall, the account grabs a position “towards the top” of its sector and may attract savers who have £1,000 to invest.
The account includes an introductory bonus rate of 2.25 percent which runs until August 31, 2024, so Ms Springall suggested a “review” of the account before this expires “would be wise”.
Interest is calculated daily and paid annually and up to £250,000 can be invested overall.
Unlimited withdrawals are permitted without notice or loss of interest, providing at least £1,000 is kept in the account at all times. There is also no maximum amount people can withdraw in any one day.
Savers must be aged 18 or over to open an account, which can be managed via Beehive Money’s app.
Cahoot, which is a division of Santander, is also offering an AER of 4.9 percent on its Simple Saver account, and savers can get started with just £1.
Interest is calculated daily and can be paid annually or monthly and savers must be aged 16 or over and UK residents.
The account can be launched and managed via online banking and up to £2million can be invested overall. Withdrawals can be made at any time by transfer to another account.
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