Published On: Tue, May 23rd, 2023
Business | 0 views

Yorkshire Building Society offers market-leading interest on easy access ISA | Personal Finance | Finance

While savings grow increasingly competitive month-on-month, Britons are being urged to keep an eye on the market to ensure they’re investing in the best deals.

Yorkshire Building Society is currently taking the top spot for easy access with an Annual Equivalent Rate (AER) of 3.6 percent, and savers can get started with just £1.

Cash ISAs are a popular savings option as they come with additional benefits, such as enabling savers’ money to grow without having to pay tax on the interest above the Personal Savings Allowance (PSA).

These accounts typically come with a few more restrictions, but easy access accounts tend to be more liberal with withdrawals and transfers.

Yorkshire Building Society’s Limited Access ISA can be opened and managed online and savers must be 16 years or older.

READ MORE: Best savings accounts for easy access with high interest right now

Interest is calculated daily and applied to the balance annually on March 31. The maximum balance is £20,000 for ISA allowance, plus previous years’ ISA transfers of up to £500,000.

As a limited-access ISA, the account allows unlimited withdrawals on one day per calendar year, aligned with the anniversary of opening.

But while Yorkshire Building Society is offering a particularly attractive deal, competition isn’t too far behind.

Leeds BS’s Limited Issue Online Access ISA (Issue 60) falls just behind with an AER of 3.55 percent.

The account can be opened with a minimum deposit of £1,000 and interest is calculated daily and paid annually and on maturity on July 31, 2024.

Unlimited withdrawals can be made without notice or loss of interest, subject to the minimum balance of £1,000 being maintained.

Chorley Building Society is also offering a competitive 3.55 percent AER of its Easy Access Cash ISA (Three Withdrawals).

The account can be opened with a minimum deposit of £1 and interest is calculated daily and applied annually on April 5.

Up to three withdrawals are permitted per year without incurring a penalty. Additional withdrawals will result in a lower 1.6 percent interest rate.

Savers must be aged 16 or over and the account must be held in a single name, as joint accounts are not permitted.

Source link