Ulster Bank offering 5.2% on savings accounts

The best 5.2% quick access saved account offered by Ulster Bank, owned by NatWest, has been available despite lower rates on other products.

When the savings market was at its most competitive in October of last year, Ulster Bank increased the rate on its easy-access account. Since November, lenders have begun lowering their rates; nonetheless, Ulster Bank's offer is still valid.

Even with shorter maturity periods for the top savings accounts and declining savings rates, over 1,000 accounts—among them this Ulster Bank 5.2% saver—now outperform inflation.

The savings account offered by Ulster Bank is likewise somewhat below the base rate of 5.25%, which was frozen by the Bank of England in December for the third time.

This is one of the best easy access accounts available, and it's a desirable option if you want to save money for emergencies or short-term goals while still earning a respectable interest rate.

Who is eligible for Ulster Bank’s Saver Rate?

Although Ulster Bank is headquartered in Northern Ireland, anybody over 16 living in the UK can set up this account.

When opening an account, you must apply online and provide your email address and phone number. If you reside in Northern Ireland, however, you can obtain assistance in a branch. If not, you must submit an online application via the Ulster Bank website.

To receive the 5.2% rate, you must have at least £5,000; any amount less will earn you 2.25%. Therefore, if you have at least £5,000 to spare, this is only a best-buy.

Withdrawals are limitless, and in addition to online and mobile banking, residents of Northern Ireland can also make in-branch withdrawals.

Since interest is paid yearly after a year you would get £260 on a £5,000 deposit.

(Sources: moneysavingexpert.com, moneyweek.com)