Best easy access rate of 2018 launches
Easy access savings rates are still stubbornly low but competition in the space seems to be hotting up with the launch of the best deal of 2018 so far.
UPDATED: As of 5pm today, this rate has now been cut from 1.41% to 1.34%
Bank of Cyprus UK has jumped to the top of the best buy tables with an account paying 1.41%, just beating the next best easy access deal from Coventry Building Society, which offers 1.40%.
The Bank of Cyprus UK’s account comes with a bonus of 0.56% for the first 12 months, which means savers should make a note to review their account in a year’s time.
It also allows unlimited withdrawals, unlike the Coventry option, which permits just three penalty-free withdrawals per year.
It can only be opened and managed online and the minimum deposit is £1.
Anna Bowes, co-founder of independent savings advice site, Savings Champion, said: “Some may be wary of using a provider that they are not familiar with but they should be reassured to know that Bank of Cyprus UK has a UK banking licence and is part of the UK Financial Services Compensation Scheme – so funds of up to £85,000 per person, are fully protected.”