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Market-leading savings deal pulled after just two days

Paloma Kubiak
Written By:
Paloma Kubiak
Posted:
Updated:
31/10/2018

The Nottingham Building Society has pulled its top-paying instant access account after just two days following ‘unprecedented demand’.

The mutual said savers flocked to take advantage of the 1.55% easy access online account, which launched on Monday morning.

As well as a top-paying rate, the account allowed unlimited withdrawals and couples were able to open an account each as well as a joint account. Based on £1,000 being deposited, savers would earn £15.50 in a year.

It toppled the previous best buy deal from Marcus, by Goldman Sachs, which offered 1.5% on balances between £1 and £250,000.

A Nottingham spokesperson, said: “We can confirm due to unprecedented demand, our eSaver instant access issue 9 is no longer available.

“Many savers took advantage of this limited time offer and are set to benefit from the market leading rate. To those that missed out, stay tuned to our new eSavings brand, Beehive Money.”

Why savers need to act fast

At the time of launch, the Nottingham said there was no limit to how many people could open the account, but added that it would be monitoring applications.

After launching at 9am on Monday, savers were given a very slim window to open the account.

YourMoney.com has previously warned savers that they need to act fast to take advantage of the best buy rates typically offered by smaller providers, as some deals are pulled after just three days.

If you missed out on The Nottingham’s offer, the Marcus by Goldman Sachs easy access account paying 1.5% is still available. Though as it includes a 12-month bonus of 0.15%, make sure to shop around at maturity so you’re getting the best deal on your cash savings.

Anna Bowes, director of independent savings advice site, Savings Champion, said: “As suspected, this account was not available for long and this is an illustration as to why savers should snap up any account that is competitive, in case it is withdrawn from sale quickly.

“Waiting for something better to come along means you are losing out on valuable better interest while you wait and you might miss out completely. With an easy access account, the funds can easily be moved, if something even better comes along, so less of a reason to wait.”