Top-paying bank offers 5.2% for easy access savings - but there’s a catch

Savers looking to take advantage of current high interest rates may want to consider the top-paying easy access savings account.

Ulster Bank is currently offering 5.2 percent with its Loyalty Saver, with the rate available for balances above £5,000.

Those with balances below this amount will get a rate of 2.25 percent. The rate is tiered, meaning whichever one you have applies to the entire balance.

It's important to note that as the bank is based in Northern Ireland, if you do not live there, you can only open and manage an account online.

Savers can deposit money or make a withdrawal whenever they want to, online or using the app.

Interest is paid annually when the account closes, and the interest can be paid into another account.

You will need to be a UK resident aged 16 or over to open an account and you will need an current account with the bank.

Savers also need to register for the Anytime Internet Banking services to manage their account via online, over the phone or on the mobile app.

Deposits can be transferred in from a current account or savings account in your name held with Ulster Bank or with another bank.

There is no minimum deposit required to open the account and no regular deposits are needed.

There is also no maximum balance limit so you can put in as many funds as you like.

Other banks are offering rates above five percent on easy access savings, according to moneyfactscompare.co.uk.

This includes Oxbury Bank offering 5.04 percent and Monument Bank offering 5.03 percent.

The Bank of England held the base rate at 5.25 percent again in its latest decision, with many analysts predicting it will soon drop.

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