Three strikes and you lose with easy-access top buy

SAVERS who do not need to touch their cash have been thrown a lifeline by Newcastle Building Society.

Its Triple Access Saver pays a top 1.05 pc but limits you to taking money out just three times a year.

The icing on the cake is a guarantee the rate on the easy-access account will not be slashed during the next 12 months.

It will pay the equivalent of Bank of

England base rate (currently 0.1 pc) plus 0.8 percentage points until November 2021.

It is a much better option than an easyaccess account with a big bank at 0.01 pc.

Money Mail does not include accounts which restrict the number of times you take money out of your account among our best buys on easy-access accounts. But we do keep you up to date with what is on offer.

The Newcastle account beats the 0.96 pc paid by Coventry BS’s Double Access Saver 4 with two withdrawals a year. It also tops the Principality’s Online Limited Access at 0.9 pc on three annual withdrawals.

Last week, it emerged that Britons had saved at a record rate in lockdown, with nearly a third of the nation’s spending money stashed away.

Official figures revealed that households saved 29.1 pc of their disposable income between April and June — more than twice the previous high.

Rachael Griffin, of wealth management firm Quilter, says: ‘It seems contradictory that during an economic crisis households may be doing better financially. But due to lower levels of spending and an instinctive desire to tighten our belts during difficult times, people’s finances often strengthen.’