The account pays a variable interest rate of 4.81% AER with no minimum or maximum deposit amount. Customers are allowed to make unlimited deposits and one withdrawal per day, and interest is paid monthly.
Although the interest rate is not the highest currently on the market, the account offers much more flexibility than other easy-access accounts available. Many easy-access accounts on the best buy table include bonus interest rates or restrict the number of withdrawals you can make each year.
For example, Ulster Bank pays 5.25% on its Loyalty Saver account, but you need a current account with Ulster to be eligible. The headline rate is only paid if your balance is £5,000 or more – if you save less than that, the rate is 2.25%.
Chip’s Easy Access Saver pays 5% AER but only allows three penalty-free withdrawals in a 12-month period. After your fourth withdrawal, the interest rate will drop to 3.9% AER for the remainder of the year. The rate also includes a boosted rate of 0.93% AER for the first 12 months.
Monument’s Easy Access Account, via Raisin, pays 4.87% but requires a minimum deposit of £1,000. Withdrawals must be for a minimum of £500 and you won’t be allowed to make withdrawals that will take your balance below £1,000.
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Oxbury’s Easy Access Account pays 4.87% but requires a hefty £25,000 minimum deposit.
Charter Savings Bank’s Easy Access Issue 53 pays 4.5% AER but savers need a minimum deposit of £5,000 to open the account, and if the balance in the account drops below £5,000, the interest rate falls to a paltry 0.1% AER.
Paul Noble, CEO of Chetwood Bank, said: “There’s a clear need for fairly priced banking services that are easy to access and easy to understand. Our new easy-access savings account is just that, giving people the chance to stay on top of their money while improving their financial wellbeing by offering both security and flexibility.”
The new savings account is available at Chetwood Bank alongside existing brands such as SmartSave, ModaMortgages and CHL Mortgages.
