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Skipton Building Society is offering a market-leading 5.04 percent interest rate on its easy access ISA\u00a0account.<\/p>\n
Easy access accounts have largely grown in demand since the start of the cost of living crisis, as more Britons have been needing increasing freedom to dip into their pots to stay afloat.<\/p>\n
With consecutive Base Rate rises, combined with an\u00a0FCA crackdown\u00a0on providers failing to pass this on to customers, average interest rates on these accounts have gradually climbed since the start of last year.<\/p>\n
According to\u00a0Moneyfactscompare.co.uk, the average easy access ISA rate has risen month-on-month to 3.24 percent and stands at its highest point since December 2008<\/p>\n
But Skipton Building Society\u2019s easy access rate is far exceeding this at 5.04 percent. The rate includes a 1.24 percent bonus for the first 12 months, after which the rate will reduce to 3.8 percent, which is still more than the average.<\/p>\n
READ MORE: <\/strong> Man only spends \u00a35 a week in supermarket thanks to savings tip<\/strong><\/p>\n The account is available to UK residents aged 16 or over and can be opened and managed online, in a branch, by phone or by post.<\/p>\n Savers can get started with just \u00a31 and interest is paid annually on the day before the anniversary of the account opening.<\/p>\n Up to \u00a385,000 can be invested overall and withdrawals are permitted at any time without notice or penalty charges.<\/p>\n Don’t miss… <\/strong> While Skipton may be taking the top spot, competition doesn\u2019t fall too far behind. Moneybox offers an Annual Equivalent Rate (AER) of five percent for one year. The account can be opened with a minimum deposit of \u00a3500 and withdrawals can be made at any time.<\/p>\n Shawbrook Bank places just before with an AER of 4.93 percent. The account can be opened with a minimum deposit of \u00a31,000 and withdrawals are also permitted, however, the minimum amount must be \u00a3500.<\/p>\n Commenting on the market, Rachel Springall, finance expert at\u00a0Moneyfacts, said: \u201cSavers will find average interest rates across easy access accounts breached three percent for the first time in almost 15 years, great news for those who prefer to keep their cash accessible.<\/p>\n We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info<\/p>\n \u201cHowever, as the Bank of England Base Rate stands at 5.25 percent, not every account has seen the benefits of every rate rise, so it is imperative that savers take time to compare and switch deals.\u201d<\/p>\n Ms Springall added: \u201cThe same sentiment applies to easy access ISAs, as rates have continued to move in an upward trajectory. If savers are comfortable to give notice to access their funds, they will find both notice accounts and notice ISAs pay over four percent on average.<\/p>\n \u201cIt\u2019s always worth exploring the different savings options available and choosing a deal that suits specific needs.\u201d<\/p>\n![](\"https:\/\/cdn.images.express.co.uk\/img\/dynamic\/23\/590x\/secondary\/ISA-ALLOWANCE-2023-5016600.jpg?r=1697538481394\")
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