first direct increases rate on easy access savings account to 2.6%

“Monmouthshire Building Society pay three percent gross on its Premium Instant Account for savers who have £25,000 to invest and Al Rayan Bank pay an expected profit rate of 2.81 percent for those who have £5,000, both allow unlimited withdrawals.

“If savers have a smaller pot and are prepared to limit their withdrawals, then they could choose Earl Shilton Building Society which are paying 3.00 percent on its Heritage account, which requires a £1,000 minimum investment and permits four withdrawals per year.”

The bank has just increased the rates on several accounts, with the total rate for the Bonus Savings Account, including the bonus, going up from 1.65 percent to 2.6 percent.

First direct has also doubled the interest rate on its Regular Saver Account, from 3.5 percent to seven percent.

The account is only available to existing first direct 1st Account customers and the account must be opened online.

READ MORE: Thousands of more Britons face ’93 percent tax rate’ after allowances slashed

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