Martin Lewis's Money Saving Expert (MSE) has named Tembo HomeSaver's easy access savings account as the best available, offering a rate of 4.55% on balances up to £20,000. The rate includes a 1.55% fixed bonus for new customers, but the catch is that the account must remain open with at least £1 for a minimum of one year to qualify for the bonus.
Top Easy Access Accounts
Following Tembo, Trading 212's Cash ISA ranks second with a rate of 4.53%. Saga's Easy Access Account comes third at 4.5%, which includes a 1.64% bonus for new customers fixed for 12 months. MSE notes that while the Saga product is aimed at the over 50s, anyone can open an account.
MSE's final top pick is from Chase, offering an easy access account with a 4.5% rate, including a 2.25% bonus for new customers. To take advantage, savers must open Chase's free current account, but no switch is required and only one ID check is needed.
Fixed Savings Accounts
For those willing to lock away funds, Marcus (part of Goldman Sachs) offers a 4.9% rate on amounts from £1 to £250,000, accessible online with interest paid after one year. Early withdrawals incur a 90-day interest penalty. GB Bank's one-year fix pays 4.78% with interest monthly or at maturity, requiring a minimum of £1,000 up to £100,000. MBNA's Fixed Saver offers 4.75% for one year, with deposits from £1,000 to £750,000; no withdrawals are allowed for 12 months.
Other Rankings
Tembo, Saga, and Chase also appear on Moneyfacts' weekly ranking of top savings products. However, Moneyfacts' top spot goes to fintech app LemFi's Instant Access Savings Account, offering 5% for six months, matched by Revolut's Instant Access Savings Standard product, which also includes a bonus.
