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Cynergy Bank bucks the trend by raising easy access ISA rate

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Cynergy Bank has increased the rate on its easy access ISA as other providers make cuts.

The easy-access Online ISA pays 1.31%, with unlimited withdrawals.

The account can be opened with £1 and transfers in are accepted from existing ISA products.

The rate rise will be welcomed by savers, who have faced a run of cuts in recent months.

Just last week, Virgin Money cut its market-leading easy-access ISA deal from 1.36% to 1.21%.

However, there are better rates available.

Yorkshire Building Society is offering the top rate of 1.35%, with a minimum deposit of £100. However, withdrawals are limited to one a year.

Sharia-compliant Al Rayan Bank also pays an expected profit rate of 1.35%, with unlimited withdrawals. But the minimum opening deposit is £50.

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