Easy Access Rate Will Now Be 3.75%: Where to Find the Best Deals (2023)

Ease of access is now projected at 3.75% - as the battle for customers heats up, here's where you'll find the best deals to save

  • Banks under pressure to raise rates after benchmark rate hike last week
  • Coventry BS is preparing to raise interest rates to 3.6% on its main account, which is easily accessible online
  • Big banks continue to lag while maintaining record profits for themselves

go throughSylvia Morris in the Daily Mail

published: | renew:

63 share

81 see comments

Experts say savers are getting ready for big rate hikes on easy-to-access accounts.

The deals are expected to be a major battleground for banks vying for savings customers.

Mortgage associations and smaller banks have already announced another round of rate hikes in the coming weeks, with the easy-to-get rate expected to rise to 3.75%.

Pressure on banks to raise rates intensified after the Bank of England raised its benchmark rate to 4.5% from 4.25% last week.

It marked its 12th hike in the base rate in 18 months and the biggest increase since 1989.

Easy access: Smaller banks and building societies have announced another round of rate hikes in the coming weeks, with rates expected to rise to 3.75%.

"Savers want to keep their money close at hand, and you can expect rates to end up above 3.5 per cent and go as high as 3.75 per cent," said Kevin Mountford of savings platform Raisin.

Savers are unlikely to see a big increase in fixed-rate accounts. That's because savings providers believe last week's base rate hike could be the last and that rates could even fall in the coming months.

(Video) BEST SAVINGS ACCOUNTS: 3.71% easy-access, 5% fixes, top ISAs & more (May 2023 update)

  • Lloyds Bank with new... Best Savings Rates Made Easy: Best Deals Online & In Branch... Lloyds Bank Offers £150 Sign Up Bonus For Current Accounts…

share this article



how the money can help

  • Can you find a better savings rate? Check out our standalone best buys chart

App-based savings account Chip raised its rate to a high of 3.71% earlier this month in anticipation of the Bank of England's move.

Yesterday, GB Bank raised the rate on its Easy Saver to 3.7 per cent, while Ford Money raised it to 3.6 per cent from 3.45 per cent. Today, Cambridge BS is increasing interest rates on its easy-to-access Your Saver account to 3.5%.

Yorkshire BS rate rises by 0.25 percentage points from today, in line with base rate. Your affiliate-based Access Saver Plus Issue 7 will pay 3.05%, while your Internet Saver account will pay 3.25% to 3.5%, depending on the amount in your account.

In Coventry, rates will rise to 0.25 points on June 1. The maximum ease of access rate for limited-access (online) savings accounts will be 3.6%.

This month, Skipton’s Branch Tracker Issue 4 rate was also raised to 3.4% from 3.15%. Starting Monday, your other variable savings rate will increase by 0.25 percentage points.

But Britain's largest bank is still dragging its feet.

A Treasury committee of an influential group of lawmakers warned that the rates were unlikely to match any hike in the base rate by the big banks.

(Video) BEST SAVINGS ACCOUNTS: 6.25% monthly, 3.21% easy-access, 4.2% green bonds & more (March 2023 update)

That's as big banks have kept record profits by raising rates on mortgages and loans but not savings accounts.

Earlier this year, the big four banks - Barclays, Natwest, HSBC and Lloyds Banking Group - were reprimanded by a Treasury committee for failing to pass on increases in base rates to savers.

They pay between 0.7% and 1.3% for easy-access accounts, less than half that of smaller competitors.

This is despite a 4.4 percentage point increase in the base rate from 0.1% in December 2021. High street banks spent just 0.69 percentage points over the period.

One saver who deposits £10,000 earns £70 a year in interest, compared to £371 at Chip, £370 at GB Bank and £365 at Shawbrook Bank.

Chair of the Treasury committee, MP Harriett Baldwin, urged savers to find better deals by switching accounts. "This will prompt banks to raise interest rates, which are currently paltry," she said.

The big banks pay very well on some accounts, but these accounts often come with terms and conditions that you must abide by in order to receive the general rate.

For example, Barclays pays 5.12% interest on its Rainy Day Saver account, but only on the first £5,000 deposited into the account.

NatWest pays a 6.17% fee to current account customers who open a Digital Regular Saver and save between £1 and £150 per month with a balance of up to £5,000.

Any savings over £5,000 will net you 1% at NatWest and just 0.7% at Barclays.

Others show higher rates, but usually only for a year.

Your funds are then automatically transferred to another account with a fee as low as 0.7%.

For example, the Halifax Incentive Bonus currently pays 3%. However, once you've been on your account for 12 months, you switch to Instant Saver, which only costs 0.9%.


How to Find the Best Savings Rate

Savings rates are rising after years of stagnation, with savers now getting discounts as low as 5%.

But the money in many people's old savings accounts is still paying less than 1%.

Checking the top rates is essential, but it also makes it easier to manage your savings in one place.

In recent years a seriesSavings platformAlready launched, giving savers the option to switch when better deals are available and manage accounts from different banks and mortgage companies.

Each works slightly differently and includes its own exclusive offerings. To learn more and view offers, visit our specialSavings platform maximum interest rate table.

You can also see our completeBest Buy Savings Table, independently curated by savings guru Sylvia Morris and the This is Money team.

Basic Savings:

> Compare the best savings rates in our table

> Check the best rates on savings platforms

> Sign up for Savings Alerts to get the best deals

(Video) Problem 07 Based on Sales & Total Cost - Marginal Costing

Some links in this article may be affiliate links. We may earn a small commission if you click on them. This helps us fund This Is Money and keep it free. We do not write articles to sell products. We do not allow any commercial relationship to affect our editorial independence.

Popular Currency Sectors

  • Best Savings Rate Table
  • Find the Best Mortgage Calculator
  • Power Portfolio Investment Tracker
  • Stock market data and share prices
  • This is the Money Podcast
  • this is money newsletter
  • The Best DIY Investing Platform
  • best bank account
  • Best Isas for Cash
  • best credit card
  • save on energy bills
  • Compare broadband and TV deals
  • How to Find Cheaper Car Insurance
  • show video in reverse
  • financial calculator
(Video) CRM WordPress Plugin - RepairBuddy - 3.75

Easy Access Rate Will Now Be 3.75%: Where to Find the Best Deals (6)


share your thoughts

  • Newest
  • oldest
  • highest rating
  • worst rating

The following comments have not been moderated.

The views expressed above are those of our users and do not necessarily reflect the views of MailOnline.

We are no longer accepting comments on this article.


Where can I get 7% interest on my money? ›

7% interest isn't something banks offer in the US, but one credit union, Landmark CU, pays 7.50% interest, though there are major requirements and stipulations. So, is it worth it?

Where can I get 5% interest on my money? ›

Best 5% interest savings accounts
  • Best overall: Western Alliance Bank Savings Account.
  • Best for earning a high APY: Newtek Bank Personal High Yield Savings.
  • Best for no fees: Bask Interest Savings Account.
  • Best for easy access to your cash: Panacea High-Yield Savings Account.
4 days ago

Which bank gives 8% interest on savings account? ›

DCB Bank hikes savings account and fixed deposit interest rates up to 8%

Which bank has the best interest rate? ›

The best high-yield savings account rates
  • CIT Bank - 4.85% APY.
  • Popular Direct - 4.85% APY.
  • UFB Direct - 4.81% APY.
  • TAB Bank - 4.76% APY.
  • Bask Bank - 4.75% APY.
  • Bread Savings - 4.65% APY.
  • Salem Five Direct - 4.61% APY.
  • CIBC Bank USA - 4.52% APY.

Where can I get 3% interest? ›

High-yield savings accounts with APYs of 3% (or more)
  • UFB DIRECT: 3.83% APY. Minimum deposit: None. ...
  • Bask Bank: 3.6% APY. Minimum deposit: None. ...
  • Upgrade: 3.5% APY. Minimum deposit: None. ...
  • CIT Bank: 3.25% APY. Minimum deposit: $100. ...
  • LendingClub: 3.25% APY. ...
  • Marcus by Goldman Sachs: 3% APY. ...
  • SoFi: 3% APY. ...
  • Discover: 3% APY.
Nov 15, 2022

Where can I get 6% on my savings? ›

Best 6% interest savings accounts
  • Digital Federal Credit Union (DCU) Primary Savings.
  • Mango Savings™
  • Clearpath Federal Credit Union 12-month CD/IRA.
May 1, 2023

Who is paying the highest interest rates? ›

Best High-Yield Savings Account Rates
  • CFG Bank – 5.07% APY.
  • Newtek Bank – 5.00% APY.
  • My Banking Direct – 5.00% APY.
  • TotalDirectBank – 4.95% APY.
  • Primis Bank – 4.92% APY.
  • Vio Bank – 4.85% APY.
  • First Foundation Bank – 4.85% APY.
  • Popular Direct – 4.85% APY.

Should I take my money out of the bank 2023? ›

Do no withdraw cash. Despite the recent uncertainty, experts don't recommend withdrawing cash from your account. Keeping your money in financial institutions rather than in your home is safer, especially when the amount is insured. "It's not a time to pull your money out of the bank," Silver said.

What is the highest paying 12 month CD? ›

Best 1-Year CD Rates
  • CFG Bank – 5.28% APY.
  • CIBC Agility – 5.27% APY.
  • Premier Members Credit Union – 5.25% APY.
  • BrioDirect – 5.25% APY.
  • Limelight Bank – 5.25% APY.
  • Communitywide Federal Credit Union – 5.25% APY.
  • First Internet Bank – 5.22% APY.
  • KS State Bank – 5.20% APY.

How to earn 15 percent interest? ›

Best way to get 15% p.a. on your investment
  1. Direct equity. Buying a part of a company from the stock market can prove beneficial because the company is growing, causing your investments to multiply. ...
  2. Real estate. ...
  3. Gold. ...
  4. Equity mutual funds. ...
  5. Debt mutual funds. ...
  6. PPF. ...
  7. FD.

What is best CD rate now? ›

Top National CD Rates
Apple Federal Credit Union4.00% APY$500
Credit Human4.00% APY$500
Discover Bank3.80% APY$2,500
For more options, see our in-depth 10-year CD rankings
58 more rows

What is the highest paying CD rate right now? ›

Capital One: 6 months – 5 years, 3.90% APY – 4.75% APY; no minimum deposit needed to open. Synchrony Bank: 3 months – 5 years, 2.25% APY – 5.00% APY; no minimum deposit needed to open. Citizens Access: 1 year – 5 years, 3.30% APY – 5.00% APY; $5,000 minimum deposit to open.

How high will CDs go in 2023? ›

Are CD Rates Going Up? Yes, CD rates are currently on the rise. In March 2023, the Federal Open Markets Committee (FOMC) raised the target range for the federal funds rate by 0.25%, bringing the benchmark range to 4.75% to 5.00%.

Is it possible to get a 4 interest rate right now? ›

If you can afford a 15-year-term, you may be able to land that coveted 4%-ish rate, pros say. Average fixed rates for 15-year mortgages are about 5%, but remember that that is just the average, so you can get lower if you have an excellent credit score, good financials and/or you buy discount points.

Which government bonds pay the highest interest rate? ›

Compare the Best Savings Bonds
CompanyType of Savings BondInterest Rate
U.S. TreasurySeries EE2.10% (January 2023) fixed Updated every 6 months Guaranteed to double in value after 20 years
U.S. TreasurySeries I6.89% (January 2023) variable Updated every 6 months

How much interest does $1000000 earn at 3? ›

For example, if you invest your million dollars at an interest rate of 3% for ten years, you will earn $300,000 in interest.

How do I get 10% return on savings? ›

How Do I Earn a 10% Rate of Return on Investment?
  1. Invest in Stocks for the Long-Term. ...
  2. Invest in Stocks for the Short-Term. ...
  3. Real Estate. ...
  4. Investing in Fine Art. ...
  5. Starting Your Own Business (Or Investing in Small Ones) ...
  6. Investing in Wine. ...
  7. Peer-to-Peer Lending. ...
  8. Invest in REITs.

How much interest does $10000 earn in a year? ›

Money market account.

Generally, a money market account pays more than a traditional savings account. Since money market accounts were paying well over 4%, with some institutions between 1% to 1.60% in interest, you can earn between $100 to $160 per year with $10,000.

Can I withdraw $20000 from bank? ›

Unless your bank has set a withdrawal limit of its own, you are free to take as much out of your bank account as you would like. It is, after all, your money. Here's the catch: If you withdraw $10,000 or more, it will trigger federal reporting requirements.

What is the best place to put money? ›

The best places to save money include high-yield savings accounts, high-yield checking accounts, CDs, money market accounts, treasury bills and savings bonds. These products offer varying degrees of security, returns and liquidity.

How much is $100000 at 3% interest? ›

On a $100,000 mortgage at a 3% APR, your total interest costs would range from $24,304.70 to $51,777.45, depending on the loan term you choose.

Can I live off interest on a million dollars? ›

Once you have $1 million in assets, you can look seriously at living entirely off the returns of a portfolio. After all, the S&P 500 alone averages 10% returns per year. Setting aside taxes and down-year investment portfolio management, a $1 million index fund could provide $100,000 annually.

How much is $100 000 with 5% interest? ›

What is 5% interest on $100,000 in a savings account? If you have $100,000 in a savings account that pays five percent interest, you will earn $5,000 in interest each year. This works out to be $416.67 per month.

What is the safest investment with the highest return? ›

High-quality bonds and fixed-indexed annuities are often considered the safest investments with the highest returns. However, there are many different types of bond funds and annuities, each with risks and rewards. For example, government bonds are generally more stable than corporate bonds based on past performance.

How can I double my money without risk? ›

5 Ways to Double Your Money
  1. Take Advantage of 401(k) Matching.
  2. Invest in Value and Growth Stocks.
  3. Increase Your Contributions.
  4. Consider Alternative Investments.
  5. Be Patient.
Nov 1, 2022

How can I earn 20 interest on my money? ›

How To Get a 20% Return On Your Money
  1. Eliminating credit card debt. Did you know that credit card companies can charge interest rates as high as 29.99%? ...
  2. Paying your bills on time. We have covered the topic of late fees in the past. ...
  3. Refinancing a high interest rate auto loan.

Which banks are in trouble in 2023? ›

List of Recent Failed Banks
Bank NameCityState
First Republic BankSan FranciscoCA
Signature BankNew YorkNY
Silicon Valley BankSanta ClaraCA
May 8, 2023

How much money should you always have in the bank? ›

A long-standing rule of thumb for emergency funds is to set aside three to six months' worth of expenses. So, if your monthly expenses are $3,000, you'd need an emergency fund of $9,000 to $18,000 following this rule. But it's important to keep in mind that everyone's needs are different.

Can banks seize your money if economy fails? ›

(Kitco News) - A bank can legally confiscate its clients' money in the event it needs to stay afloat, and most retail investors are not aware of this, said Lynette Zang, Chief Marketing Analyst at ITM Trading, who stressed that such legislation is already codified in the Dodd-Frank Act.

What is the best CD rate for $100000? ›

Top National Jumbo CD Rates vs. Regular CD Rates
CD Bank5.01% APY$100,000
NexBank4.35% APY$100,000
All In Credit Union4.13% APY$100,000
Best non-Jumbo option: TotalDirectBank5.15% APY$25,000
46 more rows

How much can I make with $10000 CD? ›

A one-year CD with a $10,000 opening deposit that earns a yield of 5.1 percent would be worth around $10,510 when it matures in 12 months' time. This high-yielding one-year CD would earn you around $342 more in total interest than a CD earning the national average rate.

What is the highest paying 3 month CD? ›

Best 3-Month CD Rates
  • TotalDirectBank – 5.15% APY.
  • Brilliant Bank – 5.10% APY*
  • Pen Air Federal Credit Union – 4.75% APY.
  • Umbrella Bank – 4.75% APY.
  • Merrick Bank – 4.75% APY.
  • Newtek Bank – 4.60% APY.
  • Alliant Credit Union – 4.50% APY.
  • Teachers Federal Credit Union – 4.50% APY.

How long will it take $1000 to double at 5% interest? ›

Answer and Explanation: The answer is: 12 years.

What will $10,000 be worth in 20 years? ›

With that, you could expect your $10,000 investment to grow to $34,000 in 20 years.

What is 5% interest on $20000? ›

For example, if you take out a five-year loan for $20,000 and the interest rate on the loan is 5 percent, the simple interest formula would be $20,000 x .05 x 5 = $5,000 in interest.

What are the best 5 year CD rates right now? ›

Best 5-year CD rates for May 2023
  • BMO (not available in all states): 4.30% APY.
  • Popular Direct: 4.50% APY.
  • Barclays: 4.50% APY.
  • Alliant Credit Union: 4.35% APY.
  • Self-Help Credit Union: 4.34% APY.
  • Quontic Bank: 4.30% APY.
  • Ally Bank: 4.10% APY.
  • Bread Savings: 4.25% APY.
May 1, 2023

Is there any chance of CD rates going up? ›

Following the latest interest rate hike, yields on CDs are expected to peak and then level off. According to Bankrate, by the end of 2023, the national average for one-year CDs is estimated to increase to 1.8% up from 1.38% at the end of 2022.

What is considered a good 6 month CD rate right now? ›

Terms apply to offers listed on this page. The national average APY (Annual Percentage Yield) on a 6-month CD is 1.19% APY. However, some of the best online banks offer up to 5.10% APY for a 6-month CD right now.

Will CD rates go over 5 in 2023? ›

CD Rates Will Likely Increase Into the Second Half of 2023

Some banks, as of this writing, are offering yields of 5% or higher on short-term CD rates. Whether CD rates stay that high for the remainder of the year remains to be seen.

Will CDs reach 4 percent? ›

The annual percentage yields on high-yield savings accounts and one-year online-bank CDs can now reach 4% and 5%, according to DepostAccounts.com.

How high will interest rates go in 2023? ›

With the next Federal Reserve meeting coming up on May 3, 2023, it's uncertain if the Fed will keep interest rates in a holding pattern through the spring. Both the Fed and experts are predicting another 0.25% rate hike for May.

How can I get 10% interest on my money? ›

How Do I Earn a 10% Rate of Return on Investment?
  1. Invest in Stocks for the Long-Term. ...
  2. Invest in Stocks for the Short-Term. ...
  3. Real Estate. ...
  4. Investing in Fine Art. ...
  5. Starting Your Own Business (Or Investing in Small Ones) ...
  6. Investing in Wine. ...
  7. Peer-to-Peer Lending. ...
  8. Invest in REITs.

Is 7 percent a good interest rate? ›

A good personal loan interest rate depends on your credit score: 740 and above: Below 8% (look for loans for excellent credit) 670 to 739: Around 14% (look for loans for good credit) 580 to 669: Around 18% (look for loans for fair credit)

Where do I get highest interest rate? ›

BankInterest rateTenure
Shivalik Small Finance Bank8%18 Months to less than 24 months.
Suryoday Small Finance Bank8.51%999 days
Fincare Small Finance Bank8.41%1000 days
Utkarsh Small Finance Bank8.25%700 days
1 more row
Mar 29, 2023

Where can I get higher interest? ›

The following six options are some of the best ways to earn interest on your money.
  • High-yield savings account (HYSA) ...
  • Certificate of deposit (CD) ...
  • Money market account (MMA) ...
  • Bonds. ...
  • Rewards checking account. ...
  • Bank bonuses. ...
  • 9 Best Investments for Beginners.
Apr 23, 2023

Is 3.75% interest good? ›

3.75% is considered a good mortgage rate. This number can vary depending on the type of home loan that you have and other factors such as your credit score, the length of the loan, and other factors.

Will interest rates go down in 2023? ›

1) Interest-rate forecast.

We project a year-end 2023 federal-funds rate of 4.75%, falling below 2.00% by mid-2025. That will help drive the 10-year Treasury yield down to 2.25% in 2025 from an average of 3.5% in 2023. We expect the 30-year mortgage rate to fall from an average 6.25% in 2025 to 4% in 2025.

Is 3.5% a good interest rate? ›

Is a 3.5% interest rate good? In today's climate, 3.5 percent interest on a mortgage is below average. In 2020 and 2021, during the record low rates of the pandemic, 3.5 percent was above average for a new 30-year mortgage.

Which bank has highest rate of interest for senior citizens? ›

Here is a list of top government banks offering best FD interest rates for senior citizens.
  • Bank of Baroda.
  • State Bank of India.
  • Punjab National Bank.
  • Canara Bank.
  • Punjab & Sind Bank.
  • Union Bank of India.
Mar 7, 2023

Which bank has the highest interest rate for fixed deposit 2023? ›

DCB Bank has revised fixed deposit interest rates for deposits below Rs 2 crore. The new rates are effective from May 8, 2023, according to the DCB Bank website. Following the modification, the bank is now providing FDs with the highest interest rate, 8%, for regular customers and 8.50% for senior citizens.

Which bank has the highest interest rate for term deposit? ›

Highest 24-month term deposit rates
Judo Bank4.85%
G&C Mutual Bank4.65%
AMP Bank4.60%
1 more row

How much will a $5 000 CD earn? ›

Annual Schedule
start principalinterest

Where should I invest my money right now? ›

12 best investments right now
  • High-yield savings accounts.
  • Certificates of deposit (CDs)
  • Money market funds.
  • Government bonds.
  • Corporate bonds.
  • Mutual funds.
  • Index funds.
  • Exchange-traded funds (ETFs)
May 4, 2023


1. Horizontal and Vertical Disallowance case Study BFM CAIIB
(Bankers Zone)
2. Best High Yield Savings Account Rates 2023 | Earn 5.02% On Your HYSA
(Diamond NestEgg)
3. Fixed Deposit Interest Rates In Telugu 2023 - Latest Fixed Deposit Interest Rates |9%| @ffreedomapp
(ffreedom App - Money (Telugu))
4. 💥BEAUTIFUL CUSTOM BUILT HOME With Multiple Uses allowed on 3.75 Acres Lot at a Great Price💥
(Saurav Sharma)
5. Let's Look Behind a Real Human Liver
(Institute of Human Anatomy)
6. do you know about this?
(Tinker Man Mick)


Top Articles
Latest Posts
Article information

Author: Dean Jakubowski Ret

Last Updated: 05/08/2023

Views: 6345

Rating: 5 / 5 (70 voted)

Reviews: 93% of readers found this page helpful

Author information

Name: Dean Jakubowski Ret

Birthday: 1996-05-10

Address: Apt. 425 4346 Santiago Islands, Shariside, AK 38830-1874

Phone: +96313309894162

Job: Legacy Sales Designer

Hobby: Baseball, Wood carving, Candle making, Jigsaw puzzles, Lacemaking, Parkour, Drawing

Introduction: My name is Dean Jakubowski Ret, I am a enthusiastic, friendly, homely, handsome, zealous, brainy, elegant person who loves writing and wants to share my knowledge and understanding with you.