A handful of banks and building societies have been raising the rates they pay new savers on taxable easy-access accounts – but you need to look behind the headline deal to find out what you’re signing up to.
Yorkshire Building Society has upped the return on its branch-based Single Access Saver to 1.2 per cent for new savers.
But the terms and conditions state you can make withdrawals on only one day in the year.
Yorkshire BS has upped the return on its branch-based Single Access Saver to 1.2%
At the end of your first 12 months, your account automatically turns into a Triple Access Saver.
This allows withdrawals on three days a year, but interest is a lower 0.85 per cent.
Unlike the Virgin Money account, which runs along the same lines, you can close the Yorkshire account at any time, even if you have made your withdrawal for the year.
Virgin Money’s internet-based Double Take E-Saver pays 1.2 per cent and limits you to two withdrawals a year.
Closing your account counts as one, so you must sit out the full year if you have already taken out money twice.
Tesco Internet Saver pays 1.25 per cent, dropping to 0.55 per cent after a year.
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