The Bank of Cyprus UK has launched a new issue of its online easy access account at 1.30% AER.
The business bank claimed that the new issue was the best interest rate in the market and comes after a year of record-low rates, following the Bank of England’s decision to cut the bank rate to 0.25% in August 2016.
The account comes with a 12-month fixed introductory bonus and can be opened with just £1.
Richard Norman, head of savings at Bank of Cyprus UK, said: “We are delighted to offer this rate to UK savers.
“Our online easy access account is a highly competitive savings product providing savers with a flexible option for their savings.
“While it’s a tough environment for savers and the outlook remains uncertain, enterprising savers can still find flexible and attractive products.”
Withdrawals from the online easy access account are paid into a linked account almost instantaneously using Faster Payments.
Deposits with Bank of Cyprus UK are protected by the Financial Services Compensation Scheme up to the current statutory threshold of £85,000.
The Bank of Cyprus UK has been established in the UK since 1955 and has offices in north, central and south London and Birmingham.