Easy-access deals still being axed

Easy-accEss accounts continue to be slashed, despite rates on fixed deals nudging up.

This week, those in West Bromwich Bs Limited access saver saw their rate fall from 1.12 pc after tax (1.4 pc before) to 1 pc (1.25 pc). y ou are limited to seven withdrawals a year.

you can earn this rate on other easyaccess accounts with no withdrawal restrictions — even in the High street. Kent Reliance Branch Easy access saver pays 1.17 pc (1.46 pc) while Leeds Bs pays 1 pc (1.25 pc)

and Virgin Money, which limits you to three withdrawals a year has raised the rate for new savers in its Defined access account to 1.21 pc (1.51 pc).

West Bromwich also cut the rate on its W ebsaver Limited access Isa down to 1.4 pc from 1.55 pc. and from september, Barclays is meting out harsh cuts on its Instant cash Isa 1, which has appeared in Money Mail’s Best Buys.

On balances up to £15,000, the rate tumbles from 1.29 pc to just 0.8pc. Up to £30,000 and you’ll earn 0.9 pc, down from 1.39 pc, while those with higher balances will see their rate down from 1.49 pc to a miserly 1 pc.

Tesco Bank has also cut its cash Isa rate — down from 1.25 pc to 0.75 pc.

savers should look to switch to a better deal. Nationwide pays 1.4pc on balances of £1 or more.

The new Issue of V irgin Defined access Isa pays a higher 1.51pc, but it limits you to making three withdrawals a year. Make any more and the rate falls to 0.75 pc.