Supercharge your money with a 4.86% rewarded boost GB Bank Easy Access Savings account

The best time to start a savings account is right now, because the sooner you can put your money to work, the faster you’ll reach your financial goals.

But with so many savings accounts offering confusing tariffs, how do you know where to grow your money?

We’re excited to have partnered with GB Bank to bring you our new rewarded boost GB Bank Easy Access account. 

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What is the rewarded boost GB Bank Easy Access account?

The biggest clue is in the name. The rate includes a rewarded boost. On top of an already great rate of 4.40% AER (variable), you’ll receive an additional rewarded boost of 0.46% for the first 12 months, on the first £25,000 you save.

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Let’s break that down.

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First, there’s the main interest rate: 4.40% AER. The difference between AER and Gross interest is explained in this article, but in short, AER is more accurate, since it takes into account compounding and interest that’s paid more frequently.

So, you’ll earn 4.40% AER on whatever money you save.

Then there’s the rewarded boost of 0.46%. This reward is applied for the first 12 months after opening your account, and applies to the first £25,000 in your account. Which means you’ll earn the equivalent 4.86% AER on your first £25,000 in the first 12 months. 

After that, your rate returns to 4.40% AER, which is still a high rate.

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Why choose a rewarded boost savings account?

Seeing your money grow is a huge motivator to keep going and reach your goals. Our GB Bank Easy Access Savings Account gives your savings that little extra that can really encourage you to keep going. 

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And, because the GB Bank Easy Access Savings Account has a high rate of interest, you’re more likely to keep up with inflation –which can help your money to retain its value.

As for watching your money grow, with the rewarded boost account, your interest is paid daily, so it’s easy to see the progress you’re making. 

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Will the interest in my GB Bank Easy Access account compound?

Yes, it will, absolutely. Compounding is when you earn interest on top of what you’ve already earned. 

For example, if you have £1,000 in your GB Bank Easy Access account, you’ll earn 4.86% in the first year (4.40% + 0.46%), which is £48.60, assuming you have had a balance of £1,000 in the account for the complete 12 months.

In the second year, assuming you add nothing else, your balance will be £1,048.60. Your interest rate would now change to the underlying rate at 4.40%, which could give you additional interest return of £46.13. The more you pay in, and the longer you leave your savings, the more they will grow.

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What else you need to know

By opening a NuWealth and GB Bank Easy Access account, you’ll get access to:

• Unlimited withdrawals each month
• Minimum first deposit: £500
• Minimum top-ups: £50
• Maximum balance: £85,000
• Minimum balance: £500
• Total boosted rate: 4.86% AER
• Rewarded boost: 0.46% rewarded boost on top of the 4.40% AER (variable) rate (first 12 months)

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Eligibility: The rewarded boost applies to the first £25,000 of your portfolio. Any balance above this amount will earn interest at the underlying GB Bank Easy Access Accounts interest rate which is not fixed. 

Duration: The rewarded boost applies for 12 months from the date your account was created. After this period, your interest will revert to the underlying GB Bank Easy Access accounts interest rate. 

Payment Schedule: The rewarded boost is accrued daily and paid monthly. Standard interest is paid daily.

Tax Information: The rewarded boost is not included in your annual savings allowance and may need to be declared in your tax return.