West Brom Building Society has earned an “excellent” rating after launching a new easy access savings account paying 4.55% interest AER.

Easy access accounts are one of the more flexible types of savings pots. They allow people to make payments and withdrawals with minimal restrictions and small opening deposit requirements. Savers can launch West Brom’s Four Access Saver Account online with a minimum deposit of £1, and up to four withdrawals are allowed per year to retain the same interest rate. Commenting on West Brom Building Society’s new deal, Caitlyn Eastell, spokesperson at Moneyfactscompare.co.uk, said: “West Brom Building Society has added a new Four Access Saver to its range this week.

“The account pays an attractive 4.55% AER yearly, with a monthly interest option available for savers looking to give their income a boost. Savers can deposit as little as £1 and, as is the case with many easy access accounts, further additions are permitted at any time.”

However, issuing a warning about the withdrawal rules, Ms Eastell noted: “Consumers should be aware that although withdrawals are permitted at any time, they are only allowed four penalty-free withdrawals per year, and savers could see their rate drop significantly to 1.90% AER if they exceed this.”

She added: “On assessment, the deal earns an Excellent Moneyfacts product rating.”

Savers must be aged 16 and over to launch an account, and up to £500,000 can be saved in the account overall.

How does the account compare?

At the time of writing, digital bank Chase tops the easy access savings market with a “boosted” interest rate of 5% AER. Savers can deposit up to £3million and access their savings as often as they like, with no fees, charges, or penalties.

The rate, which includes a fixed 2.17% AER bonus for 12 months, is available to new customers who open the Chase Saver Boosted account. To bank with the provider, savers aged 18 and over must have a smartphone with a UK mobile number. They must also be resident and tax resident of the UK only.

Atom Bank places just behind with an interest rate of 4.6% AER on its Instant Saver Reward account. There is no minimum deposit to launch, and up to £100,000 can be saved. Interest is also paid monthly, but at a lower rate during the months that a withdrawal is made.

Snoop, operated by Vanquis Bank, is the last of the top three. Its easy access savings account also offers an interest rate of 4.6% AER. Savers can launch the account with just £1, and interest is paid daily. Up to £85,000 can be saved overall, and withdrawals are not restricted.

Savers have been urged to review their accounts and switch providers if they’re not receiving a good deal. Rachel Springall, finance expert at Moneyfactscompare said: “The convenience of keeping savings pots in the most flexible easy access savings accounts with the biggest high street banks is costing savers, as some brands pay less than 1.50%.

“That is almost half what they can get compared to the market average (2.74%) and around a third of some of the best easy access rates on the market.”

She added: “Savers need to look beyond the most prominent brands, as challenger banks and mutuals are working much harder to entice deposits.”