Top easy access savings account is now paying 2.86% interest on savings up to £85,000Savings rates have been improving during the last 12 months with one of the top easy access savings

accounts now paying 2.86 percent interest. By Jackie Annett 09:27, Sat, Dec 31, 2022 | UPDATED: 10:08, Sat, Dec 31, 2022 Share Article Share Article Facebook X LinkedIn Reddit Bluesky Email

Copy Link Link copied Bookmark Comments Martin Lewis advises on moving your savings into ISAs

While record high inflation has put a dampener on Britons' finances, banks have been passing on interest rate rises to savers. MoneySavingExpert founder Martin Lewis has called for anyone

of Britons due £1350 cost of living payments in 2023

Savers can currently get more than five percent interest on their savings if they can afford to lock their money away for a number of years.

However, many people need easy access to their savings accounts top pay for rising bills or emergencies.

When it comes to easy access accounts, one of the top accounts is Zopa which is a digital only banking app that pays interest of 2.86 percent.

An account can be opened with as little as £1 and people can save up to £85,000 and still get this rate.

READ MORE: Millions of Britons due £1350 cost of living payments in 2023

Customers can also separate savings into Access anytime and Boosted interest pots to help with savings goals. 

Boosted pots enable people to get more interest as they aren't easy access and customers need to provide notice before dipping in.

Access pots, on the other hand, allow savers to withdraw money at any time without penalties or fees.

The more notice people can give before accessing a savings pot, the more interest they will earn.

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Access pots

Boosted pots 

seven days' notice - 2.91 percent AER31 days' notice - 3.06 percent AER95 days' notice - 3.26 percent AER 

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Meanwhile, people can get seven percent interest on savings of £3,600 if they can afford not to touch the account for 12 months with first direct.

However, customers can only get this interest rate on savings between £25 and £300 every month.

Customers who choose to switch their current account will also receive a £175 bank bribe.

Anyone who opens up a Regular Saver Account with first direct will get another £20 on top.

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Customers who pay in the maximum £3,600 over the 12 months will receive £136.50 in interest at the end of the fixed rate period.

Sarah Coles, senior personal finance analyst at Hargreaves Lansdown, said: “At the moment, you can make up to three percent on your savings if you’re prepared to accept restrictions, and we

can expect accounts to start offering the same rate with more flexibility as we get towards the end of the year.

“The high street banks increased rates on their branch-based easy access accounts very fractionally at the start of the month, and they may do again.

“However, they’re still likely to be offering a fraction of one percent, so if you’re tied to them by loyalty or inertia, this will cost you dear.”