Ulster Bank: Easy Access Savings Account at 1.25% pa

Ulster Bank are now offering an Easy Access savings account paying 1.25% per annum, which easily beats all other offerings for accounts of this type. Funds can be withdrawn anytime with no penalty.

Opened and operated online. Minimum balance £1, maximum £5 million.

Available to UK residents of 18 or above (edited to correct age limit; previously incorrectly stated to be 16)

This would be useful to hold short-term money which is to be drip-fed into a regular saver account (or accounts).



(This has been mentioned on the Instant Access Savings Account Discussion thread, but I thought a separate thread would be useful to highlight this account).

EDITED TO ADD (28 JULY, FURTHER EDITED 6 AUGUST)

Before applying online to open this account, please be aware that the online opening process can be slow and it may be several weeks before you are in a position to fully operate the account (That said, my account was up and running within 2-3 weeks of initial application; while this is certainly slower than other savings account offerings, it was not undue and worth the wait).

PLEASE ALSO BE AWARE OF THE FOLLOWING:-

To withdraw funds from the account to another (non Ulster Bank) account, you require an Ulster Bank Anytime Banking card, a PIN for that card and a card reader. You need to apply for a card reader online (it will not be automatically sent). You should apply as soon as you have online access to the account. According to the Ulster Bank information for this account, an Anytime Banking card and PIN will automatically be sent to you when you apply for a card reader. However some people on this thread are reporting unacceptable delays in receiving the card, PIN or card reader, or UB denying that an online order was made. (Note:- if you have the card and PIN, it has been reported on this thread that a card reader issued by another bank will work to enable you to withdraw funds from this account). It has also been reported that you can use the Ulster Bank mobile phone app to withdraw (up to) £250 per day to another account without requiring the card, card reader and PIN. It is suggested that you do not rely on this but follow the commonsense rule which follows in bold lettering DO NOT LODGE FUNDS INTO THIS ACCOUNT UNTIL YOU ARE IN POSSESSION OF THE CARD, PIN AND A CARD READER AS IT WILL NOT BE POSSIBLE TO WITHDRAW FUNDS (BEYOND £250 PER DAY AFTER THE INCONVENIENCE OF DOWNLOADING AND USING THE MOBILE PHONE APP) UNTIL YOU HAVE THESE.