Shawbrook Bank and Saffron Building Society have recently launched two new easy-access savings accounts that have quickly become best buys in the market. Shawbrook Bank’s account offers a rate of 4.63%, while Saffron’s E-Saver account offers a rate of 4.6%. Both accounts come with the added benefit of Financial Services Compensation Scheme protection up to £85,000.
Shawbrook Bank’s account can be opened online with a minimum deposit of £1,000 and provides next working day access to funds. Saffron Building Society’s E-Saver account can also be opened online and comes with no restrictions such as high minimum balances or limited withdrawals.
Anna Bowes, co-founder of Savings Champion, commented on the increased competition in the easy access market, highlighting that Shawbrook and Saffron Building Society are leading the way with their competitive rates. However, she also mentioned other institutions like Nottingham Building Society, Paragon, and Loughborough Building Society, which are hot on Shawbrook’s heels with rates of 4.6%, although the Paragon and Loughborough accounts only allow two penalty-free withdrawals per year.
In addition to the easy-access savings accounts, Shawbrook Bank has also launched a best buy easy-access ISA with a rate of 4.33% and a one-year fixed ISA with a rate of 5.71%. Andrew Hagger, a personal finance expert, praised the deals from Shawbrook and Saffron, noting their competitive rates and straightforward products without any catches or restrictions.
Adam Thrower, head of savings at Shawbrook, encouraged savers to take advantage of the high-interest rates currently available. He mentioned that many savers are still leaving their money in current accounts and missing out on potential earnings. Laura Bright, senior product manager at Saffron, reassured savers that their E-Saver account offers a great rate without any strings attached, and can be easily managed online or through their app.
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