Adam French, head of consumer finance at Moneyfactscompare.co.uk, said the deal was one of the most competitive offers at present, offering impressive returns while still allowing customers to access their cash. He said: “DF Capital has increased the rate on its Easy Access Account, now paying 4.20% AER, making it one of the most competitive options on the market if you want to make regular deposits and withdrawals and get easy access to your money.”
“The account requires a minimum £1,000 deposit and offers monthly interest payments. It allows for unlimited, flexible withdrawals but typically requires notice of one working day to withdraw funds.”
The account has an AER of 4.2%, which reflects cumulative interest on previously earned returns. The gross variable rate is 4.12%, which does not account for cumulative interest. This makes AER a more accurate reflection of how much money may accumulate by the end of the year, assuming the rate remains the same.
If a customer’s account stands at £10,000 when interest is due, they could earn £420 at the current AER rate. For an account holder with £5,000 in the bank, they could earn £210 on their funds. Interest is paid monthly.
Customers can withdraw funds freely, but they must withdraw a minimum of £1,000, unless their account balance is lower, in which case they can only withdraw the full balance.
DF Capital will process any withdrawal requests the same day if they are received before 4:30pm. Any later requests will be processed the next working day.
Customers must deposit a minimum of £1,000 to open the account online, and they can deposit up to a maximum of £250,000. Once it is open, account holders can manage their funds either online or by telephone.