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Eight easy access accounts now pay 1.5%…but all come with a catch

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12/06/2019
Activity in the easy access market has been hotting up recently with two market-leading deals from Cynergy Bank and Beehive Money launching last week.

Five easy access savings accounts and three easy access ISAs now pay a table-topping 1.5 per cent – but each account comes with a catch.

Here we explain who offers what:

Savings accounts

Marcus, the retail arm of banking giant Goldman Sachs, was the first to launch its 1.5 per cent easy access deal back in September 2018. It can be opened online with as little as £1 and allows unlimited withdrawals.

The catch: it comes with an introductory bonus of 0.15 per cent for 12 months so after one year the rate drops to 1.35 per cent.

Virgin Money Double-Take E-Saver and Virgin Money Man United Double-Take E-Saver can be opened online with just £1 and have no introductory bonus.

The catch: you can only withdraw your money twice a year, so they might not be suitable if you want immediate access to your cash.

Beehive is the new online savings brand for the Nottingham Group (which also owns the Nottingham Building Society). It is offering 1.5 per cent for new and existing online customers, which is unusual as most top-paying deals are open to new customers only. It can be opened online and allows unlimited withdrawals.

The catch: it has a minimum deposit of £2,500.

Cynergy Bank Online Easy Access Account can be opened online with just £1 and allows unlimited withdrawals.

The catch: it comes with an introductory bonus of 0.5 per cent for 12 months so the rate drops to 1 per cent after a year (a bigger drop than you’d see if you saved with Marcus).

ISAs

Coventry Building Society Easy Access ISA can be opened online with just £1 and allows unlimited withdrawals.

The catch: it comes with an introductory bonus of 0.35 per cent bonus until the end of August 2020.

Virgin Money Double-Take E-ISA and Virgin Money Manchester United Double-Take E-ISA can both be opened online with just £1 and have no introductory bonus.

The catch: you can only withdraw your money twice a year.

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