Placing sixth is Shawbrook Bank’s Easy Access Account (Issue 33), with an AER of 3.01 percent.
A minimum deposit of £1,000 is required to open the account and up to £85,000 can be invested. Interest is calculated daily and paid on the anniversary of the first deposit either monthly or annually. However, interest will drop slightly to 2.88 percent for those who opt for monthly payments.
There are no limitations on the number of withdrawals and these can be made without notice, however the minimum amount that can be withdrawn is £500.
Chase Bank’s Saver Account places seventh with an AER of three percent.
There is no minimum deposit to open the account and interest is calculated daily and awarded to accounts monthly. Unlimited withdrawals are also permitted.
Chase bank accounts also offer a number of additional benefits, including a one percent cashback on everyday debit card spending for the first 12 months and five percent interest on round-ups.
Customers can also enjoy zero fees on transactions abroad, as well as in-app card control to freeze spending as and when.
In eighth place is Gatehouse Bank’s Easy Access Account, also with an AER of three percent.
The account can be opened with £1 and up to £1million can be invested overall.
The account operates under Shariah principles, which means that profit is gained instead of interest. Savers have access to their online account at all times and can easily withdraw all or part of their funds to any nominated account without facing a penalty.