Easy access savings rates fall 65pc in 12 months: these are today's best deals

Pile of pound coins
Savers who want the ability to dip in and out of their savings pot should opt for an easy-access account Credit: Nadia Isakova / Alamy

Savers looking to deposit their money into an easy-access savings account may be disheartened by the crop of rates on offer, with most providers paying less than 1pc. The average, according to the Bank of England, is just 0.15pc - down 65pc in just one year.

Remember, there are alternative ways to save that people should consider, such as in current accounts and peer-to-peer lending.

Best easy-access accounts

RCI Bank, Britannia and Yorkshire Building Society all pay a top rate of 1.1pc.

RCI's Freedom Savings account is online only and can be opened with £100. The French provider is not covered by the UK's Financial Services Compensation Scheme which protects funds of up to £85,000.

Instead it subscribes to the French equivalent which covers €100,000. Should the bank go bust customers will claim their money back in the same way as in the UK however there may be issues with language and the exchange rate.

Britannia customers must have at least £500 to open its Select Access Saver. The top rate of 1.1pc is offered to those who do not need to make more than four withdrawals a year. Savers who need to dip into the account more often will see the rate plummet to just 0.1pc for the rest of the year.

The account from Yorkshire Building Society is even more limited. Customers can only make withdrawals on one day of the year. The 1.1pc rate is only paid for 12 months as long as this criteria is met. After a year the account turns into a Triple Access Saver which pays just 0.6pc.

Tesco Bank pays 1.06pc.

The Internet Saver can be opened online with £1. However the rate includes a 0.66pc bonus which is only paid for the first 12 months. The rate will drop to just 0.4pc.

Bank of Cyprus UK offers 1.05pc but this drops to 0.6pc after a year.

Charter Savings Bank pays 1.01pc. Savers must have at least £1,000 to save and the account can be opened online.

The Post Office also offers a rate of 1.01pc but this falls to 0.25pc after 12 months.

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