Last week, Aldermore Bank launched the best paying easy-access deal savers have seen in almost a year.
Its double-access account paying 0.75 per cent is 0.05 percentage points higher than the next best offering on the market – albeit with savers limited to just two withdrawals each year.
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.
Although it’s worth noting you’ll need to be new to Raisin as the bonus only applies to a person’s first savings account with the platform.
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.
This would mean an effective rate of 0.67 per cent which falls below both Aldermore’s 0.75 per cent deal and Cynergy Bank’s 0.7 per cent rate.
Savers will need to deposit at least £10,000 to be eligible for the £50 bonus.
There are also other factors that savers need to be aware of before signing up.
Anna Bowes, co-founder of Savings Champion said: ‘It’s important to realise that you need to request the bonus. Details of how to do this are on the Raisin UK website.
‘This particular deal is also a variable rate so it could be changed at any time, either up or down.
‘Finally, as this is an online process, you also need to send your funds electronically.’
What is Brown Shipley and is your money protected?
Founded in 1810, Brown Shipley is a private bank, which is regulated by both the PRA and FCA.
The bank itself is owned by Quintet Private Bank, and is part of a group of boutique private banks and wealth managers operating across over 50 European cities.
Brown Shipley is headquartered in London with offices in seven other UK cities and offers wealth planning, investment management and banking services.
All eligible deposits made into its bank accounts are protected by the FSCS up to a total of £85,000 per individual.
Savers who already hold money with Brown Shipley should be aware that in terms of coverage, your FSCS protection remains the same.
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.’
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