Easy access accounts from Revolut and LemFi continue to top the ranking of this week's best savings deals, both offering 5% AER. However, there are catches with each account, which share top spot in Moneyfacts' ranking of the week's best deals.
Bonus rates and conditions
Adam French, head of consumer finance at Moneyfactscompare.co.uk, told the Daily Express: "Standout savings deals from LemFi and Revolut are currently leading the UK's easy-access market, with both paying a market-beating 5.00% AER – comfortably ahead of present inflation expectations."
French noted that both accounts have a minimum opening deposit of just £1 and no limits on withdrawals, offering genuine easy access. However, he warned: "These are not invest and forget accounts. Savers need to know these eye-catching rates rely on temporary bonus offers."
LemFi's 5.00% AER includes a new-customer bonus of 1.89%, which lasts for six months. Revolut's top rate is boosted by a 2.02% bonus running until December 2026. Revolut also offers more options with the same 5% AER, but requires a paid-for current account with the fintech company.
Other top deals
Third in Moneyfacts' weekly ranking is the Homesaver account from Tembo Money, with 4.55% AER, including a 1.55% bonus for 12 months. Homesaver customers who take out a qualifying mortgage with Tembo Money could receive 5.55% AER, subject to terms and conditions.
Savings and investment app Plum sits in third place this week, with its Easy Access Account-Basic offering 4.52% AER for new customers. This app-only account includes a 1.40% bonus paid on balances between £1 and £20,000. Amounts above this will get 3.05% AER. The bonus rate expires after six months.
Moneyfacts urged savers to always check deposits are fully protected by the Financial Services Compensation Scheme before opening any of these accounts.
Martin Lewis's Money Saving Expert puts Trading 212's 4.67% Cash ISA at the top of its easy access savings account ranking this week, followed by Tembo's Homesaver and 4.5% deals from Saga and Chase.
