Savings update: Kent Reliance raises easy-access rate to 1.5%
28th November 2018 11:12
by Sylvia Morris from interactive investor
Kent Reliance has raised the rate on its easy-access account to a top 1.5%.
It now matches the rate offered by Goldman Sachs’s Marcus account, which has topped best buy tables since its launch a couple of months ago.
However, unlike the Marcus online saver, the Kent Reliance account does not come with an initial bonus. The Marcus rate includes a 0.15 percentage point bonus for the first year.
- Easy-access savings accounts come with increasingly restrictive conditions
On fixed-rate bonds, the best six-month rate is 1.8% from OakNorth Bank, while Tandem Bank pays 2.05% fixed for one year.
Other top one-year deals include 2.02% from OakNorth and 2.01% from both Kent Reliance and Charter Savings Bank.
For two years, Sharia-compliant Al Rayan Bank pays 2.32% followed by Charter Savings Bank, Investec Bank and Tandem Bank all paying 2.3%.
On tax-free cash Isas, both Charter Savings Bank and Virgin Money pay 1.4%, but with the Virgin account you are limited to two withdrawals a year.
On fixed-rate cash Isas, both Charter Savings Bank and Al Rayan Bank pay a top 1.6% for 12 months, while Paragon, Aldermore, Clydesdale and Kent Reliance all pay 1.55%.
For two years, you can earn 1.82% through both Paragon and Bank of Cyprus UK.
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This article was originally published in our sister magazine Moneywise, which ceased publication in August 2020.
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