Building society offers competitive 6% interest savings account – ‘£360 extra cash’ | Personal Finance | Finance

Earl Shilton Building Society has launched a 6% interest regular savings account that could earn savers up to £360 in one year. Account holders will be able to withdraw money and make up to two deposits per month into its Monthly Saver account, capped at £500.

This means savers could put away a maximum of £6,000 during the year lifespan, earning them £360 in interest, based on the current rate. However, it is vital to note that the account is based on a variable rate of interest, and it could be subject to changes.

Earl Shilton Building Society (ESBS) explained: “Monthly Saver is a great way of building up your savings by putting away some money each month.

“Unlike traditional Regular Saver savings products, our Monthly Saver allows you to deposit more than once a month which gives you flexibility on how much you wish to put aside. All we ask is that you deposit at least £1, and no more than £500, per month.”

For savers who want to put away smaller sums of money, the rewards could still be lucrative. If an account holder deposits £100 every month over the year, the projected balance will reach £1,238.91, based on the current variable interest rate.

ESBS highlighted that the account is ideal for savers who can afford to set aside regular savings, because it will be closed if money is not deposited each month.

Withdrawals are also capped at twice a year, so it will not work for savers who regularly need to take out money. The account will be closed if more than two withdrawals occur over 12 months.

Anyone who wants to open an account must visit a branch, and the account must be for a UK resident aged 13 or older. It cannot be opened online or by post.

Its analysis found that the biggest banks offered just 1.19% on their flexible easy access accounts, compared to an average of 4.12% offered by the top challenger banks.