Tandem Bank raises its simply accessible financial savings account to the very best purchase price of 5%

Tandem Bank in the present day raised the rate of interest on its simply accessible financial savings account to five p.c, following the Bank of England’s rate of interest hike final week.

The new price features a 0.35 p.c bonus for 12 months.

The deal beats Secure Trust Bank to the highest spot of best-buy easy-access accounts – it gives 4.65 p.c.

According to Moneyfacts, it’s the first time since January 2009 that there’s an simply accessible financial savings account that pays out greater than 5 p.c.

Tandem now gives the market-leading, easy-to-access account after elevating charges to five p.c

Accounts can only be opened and managed through the Tandem app and savers can open an account with £1.

Savings with Tandem are protected as much as £85,000 per individual by the Financial Services Compensation Scheme.

Tandem’s newest price hike closes the hole between the rate of interest set by the Bank of England, which stands at 5.25 per cent, and rose by 0.25 share factors final week.

Tandem launched in 2014 and 4 years later purchased Harrods Bank, giving it a full banking licence. It is headquartered in Blackpool, Lancashire.

In addition to financial savings merchandise, it additionally gives automotive financing, mortgages and residential loans.

Elsewhere, there are 11 suppliers providing charges of 4.5 p.c or extra within the impartial tables of This is Money Savings.

The finest resolution for a 12 months gives 6.06 p.c and comes from SmartSave. This is best than the very best fixes over any size, together with over 5 years.

The finest simply accessible cash Isa has a price of 4.4 p.c and comes from Cynergy Bank.