BM Savings bumps up easy access account interest rate to 1.6%
BM Savings increases rate on easy access savings account from 1.35% to 1.6%.
BM Savings has boosted the rate on its BM Online Extra easy access account from 1.35% to 1.6%.
It's a welcome change in an area of the savings market that has suffered very little competition to drive better rates.
What the account offers
The BM Savings Online Extra pays a rate of 1.60%, though it's important to note that includes a 1.10% bonus for the first 12 months. So you will need to move your money to a new home in a year's time. If you want the 1.60% interest rate, you'll need to deposit at least £1,000. You can open the account with less than that, but you'll be stuck with an awful 0.5% interest rate.
Unlike many recent market-leading easy access accounts, the BM Savings Online Extra offers unlimited withdrawals so it truly is an easy access account.
How it compares
If you're over 50 you can get a rate of 1.50% from Saga with its Telephone Saver. This account is actually provided by BM Savings, so all of the terms above apply to this account too. If you have a Kent Reliance Building Society branch nearby, you can get the same rate on its Branch Easy Access Savings account. This doesn't come with a bonus and can also be opened with £1,000. There are no limits on withdrawals.
Compare savings accounts with lovemoney.com
Better off with a current account
Current accounts currently offer far more impressive returns on your savings if you don't have huge balances, and offer unrestricted access to your money too.
Here are the top interest-paying current accounts
|
Current Account |
Interest Rate (AER) |
Yearly fee |
|
5% for the first year on balances up to £2,500 |
None |
|
|
5% on balances up to £2,000 |
None |
|
|
Club Lloyds Current Account |
4% on balances between £4,000 and £5,000 |
£5 a month if you don’t pay at least £1,500 in to your account |
|
3% on balances up to £3,000 |
£60 |
|
|
3% on balances from £3,000 to £20,000 |
£24 (£2 a month) |
|
|
3% on balances up to £2,500 |
£120 (£10 a month) |
|
|
Bank of Scotland Classic Account with Vantage |
3% on balances up to £5,000 |
None |
|
2% on balances up to £3,000 |
None |
Compare even more current accounts with lovemoney.com
More on savings accounts:
Savings accounts that beat inflation
Secure Trust bank launches four leading fixed rate bonds
Castle Trust fortress bonds paying up to 4%
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