Family BS now offers 0.72% for easy access savings accounts.
The Family Building Society has launched an Easy Access 0.72% Best Buy Savings Account.
It’s the best easy-access deal launched in 2022 so far, and it will give hope to rate-starved savers after Aldermore withdrew its market-leading 0.75% deal, the last month.
Cynergy Bank and Investec both cut their highest rates in recent weeks, paying 0.7% and 0.71% respectively.
Those interested in taking advantage of The Family Building Society’s new offer must have at least £1,000 to start saving and should act quickly as funds can only be added to the account until February 7.
The Financial Services Compensation Scheme protects funds held with the mutual, based in Epsom, Surrey, up to £85,000.
If the interest rate stays the same, a saver who puts £10,000 into the account will get back £72 after one year.
There are some restrictions on the account, including a maximum withdrawal limit of £25,000 and a minimum withdrawal limit of £100, but most savers are unlikely to be affected.
“Hopefully with a rate of 0.72% this will inject a bit more competition between easy access accounts, although there are a few terms and conditions to watch out for,” said Anna Bowes, co-founder of Savings Champion.
Shawbrook Bank’s current Easy Access account pays 0.67% for those who want more flexibility with future deposits.
In a currently stagnant savings market, the Family Building Society is leading the way.
Despite the Bank of England’s base rate increasing from 0.1% to 0.25% last month, average savings rates have remained relatively stable across the board.
The average easy access supply fell from 0.19% to 0.2% in the past month, while the average one-year fixed supply remained at 0.8%.
In fact, since the start of last year, average easy-to-access transactions have only increased by 0.02%, with many large banks paying just 0.01%.
Savings rates will most likely return to pre-pandemic levels if the base rate is raised further this year, with some predicting a 0.75% increase.
The Bank of England is expected to raise its key rate from 0.25% to 0.5% next month, according to JPMorgan.
Nokia News – Quick recap
The market-leading 0.72% rate is the highest paying offer launched so far in 2022 Savers need to act quickly as money can only be added until February 7