It's been a long time since savings rates looked healthy, but there's a new way to earn 6% on your cash.
It's been a long time since savings rates looked healthy, but there's a new way to earn 6% on your cash.
If you’ve been lamenting the appallingly low rate you’re getting on your savings, I’m sure the promise of a 6% return will catch your eye.
But given that the top easy access savings accounts are paying under 3%, I doubt you’ll be surprised to hear there are one or two hurdles to jump over first before you can enjoy this great rate.
Step one
First of all, you’ll need to switch to the Alliance & Leicester Premier Direct current account. This might seem like a lot of effort just to get a better rate on your savings. But if you’re keen to increase your returns, you’ll soon see why it’s worth it.
For now, just note that, to be eligible for this account, you will need to be over 21 and pay in £500 a month.
Earn 5%
So why should you bother? One of the major benefits of the Premier Direct account is the generous rate is pays on your balance. You’ll earn 5% on the first £2,500 you invest in the account, and that rate is fixed for a year. So, if you keep a constant balance of this amount, you’ll earn £125 over the next 12 months.
Earn 6%
Plus, if you take out this current account, you’re eligible for a high interest savings account, too. A&L’s Premier Regular Saver pays a fantastic fixed rate of 6% for 13 monthly payments. You can save between £10 and £250 a month. If you paid in the maximum, that means you would earn an extra £96 over the next year.
Remember, this regular saver is exclusively available to A&L Premier Direct accountholders. You can apply for it via lovemoney.com/currentaccounts.