Shawbrook Bank is offering savers the chance to get 4.63 percent AER on balances up to £85,000.

As the Bank of England base rate hits 5.25 percent, savers are urged to look around for the best rates available.

To stay competitive, banks and building societies have been increasing their savings rate to entice people to save with them. 

Shawbrook’s Easy Access Account Issue 36 takes “top pick” with unlimited withdrawals permitted.

An easy-access account is a savings account that allows people to withdraw money without notice.

It is designed for saving as these will typically offer a higher rate of interest than a current account.

The minimum account withdrawal amount is £500. If they receive an online withdrawal request before 9:30pm on a working day (or a request by phone or secure message by 2:30pm), they should receive their funds into their nominated account on the next working day. 

People can apply online and need a minimum account opening balance of £1,000.

The maximum is £85,000 for sole accounts or £170,000 for joint accounts.

The account is only available to individuals who are 18 years of age or over, permanently reside in the UK.

Once the account is open, savers can manage the account online via our secure eSavings portal or by telephone on 0345 266 6611.

The account is labelled as a “top-pick savings account” for Easy-access savings on the moneysavingexpert website.

Anna Bowes, co-founder of Savings Champion says: “It’s good to see competition hotting up again in the easy access market, with Shawbrook now leading the way paying 4.63 percent. 

“With rates continuing to improve, switching to a better-paying account could be an easy way to add valuable pounds to your pocket.”