Simple Saver (issue 2) is an easy access account which lets customers deposit money as often as they like, as well as withdrawing their funds without any fees or restrictions.
A customer with £10,000 saved in the account would earn £512 a year in interest.
Customers who choose to have their interest paid monthly, rather than annually, will earn 5% gross (variable).
The account can be opened online with a minimum balance of £1. The Simple Saver can be opened as either a single or joint account.
To be eligible for the Cahoot Simple Saver account, customers must:
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- be a UK resident
- be aged 16 or over
- be registered or will register for online banking with a valid email address
Alternative easy access savings accounts
Savers can earn more money elsewhere on easy access savings – but most other accounts paying more than 5% interest come with restrictions.
The best easy access account at the moment is from Chorley Building Society. It pays 5.3% but you can only make one withdrawal each year before the interest rate is reduced.
Coventry Building Society’s Triple Access Saver (Online) pays 5.20% but it only allows three withdrawals before the interest rate drops.
There’s also a loyalty saver account from Ulster Bank which also pays 5.20% – but only on balances of £5,000 or more (2.25% below this).