Interactive Investor

Savings update: Kent Reliance raises easy-access rate to 1.5%

28th November 2018 11:12

Sylvia Morris from interactive investor


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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.

  • Is this the beginning of the auto-enrolled savings account? NEST launches pensions sidecar

This article was originally published in our sister magazine Moneywise, which ceased publication in August 2020.

These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.

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