New simple entry cost savings account ‘won’t be around for long’
Cash MOT: Kent Reliance has launched a new straightforward entry savings account, and its industry-foremost price will be common with savers 
Photograph: PA
Kent Reliance has launched a new easy accessibility saver (Issue six) having to pay a top charge of one.6pc, creating it a greatest-buy financial savings account.
It can be opened with a minimum of £1,000, on the internet, by submit or in any of its 9 branches (in Kent, West Sussex and Hampshire). There are no withdrawal restrictions on the account.
Much more information: Kent Reliance straightforward entry account – concern six
Verdict:
This new account from Kent Reliance provides a improve to the simple accessibility savings marketplace, which not too long ago saw companies reducing their prices – Tesco reduced its rate from one.55pc to 1.3pc, whilst State Financial institution of India Uk reduce its easy accessibility account (from 1.5pc to 1.25pc) yesterday.
Final week, Coventry pulled its market place-top account (1.6pc) from the market place totally.
Placing £15,000 into Kent’s effortless entry account would give savers £192 in curiosity each and every 12 months, soon after fundamental-charge tax is deducted. Increased rate tax payers would earn £144.
Sue Hannums, of SavingsChampion.co.uk, said: “It is fantastic to see a new market leading straightforward access account being launched at a time when numerous suppliers are withdrawing best buys and changing them with decrease paying versions.
“What also marks this account out against some options on the market is that it is a clean account, there are no withdrawal restrictions and no introductory bonus. Consequently, the account has the winning combination of getting simple and paying the leading rate in the simple access market place at the moment.
“The only downside is that with so a lot of other companies lowering their prices, the account may possibly not be offered for long, as the demand for it might be high.”
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– Kent Reliance has also launched a new ideal-purchase two year repair paying out two.3pc. Click right here for more information.