SAVERS can get more for their money if they stash their cash in Charter Savings Bank's new top-paying Cash Isa.
At 1.62 per cent, the account pips previous best buy Cynergy Bank, which pays 1.56 per cent.
It comes at a time when market-leading easy-access accounts are being pulled by providers.
In the past few weeks alone, Marcus by Goldman Sachs slashed its chart-topping easy-access rate from 1.5 per cent to 1.45 per cent, while Virgin Money has dropped its 1.5 per cent rate to 1.43 per cent.
But Charter's account comes with two catches. Firstly, you have to save at least £5,000 to open it, which is less than the £500 minimum with Cynergy.
And secondly, with both accounts you have to be willing to lock your cash away for a year.
If you withdraw money early you'll lose 150 days' worth of interest with Charter, while it's an even higher 180 days' with Cynergy.
Taking Charter's minimum savings criteria, if you're happy to lock your cash away for a year, at the end end of it you'd get £5,081 with Charter and £5,078 with Cynergy.
Both accounts accept transfers in from previous Cash Isas, which means you could use them to boost rates on old, low-paying accounts.
In comparison, the top easy-access Cash Isa is a lower 1.44 per cent, also with Charter, according to MoneySavingExpert.com.
How do you switch Isa provider?
IF you're in the market for a new, better paying Isa, there's one thing you shouldn't do.
Never withdraw money from your Isa account to put it into your new one – if you do it'll lose its tax free benefits.
Instead you need to follow the simple transfer process.
Make sure that the new account you want to use accepts transfers (not all do) and then fill in the Isa transfer form with the new provider.
It will arrange for your savings to be transferred over, with the process taking no more than 15 working days.
And remember, you can only have one "active" Cash Isa per tax year.
Meanwhile the lowest easy-access savings account outside of an Isa is 1.48 per cent with Shawbrook Bank.
The difference between an Isa and a savings account is that any interest earned on Isa money is tax-free, although you're only allowed to save up to £20,000 per tax year.
That said, all basic-rate taxpayers get a tax-free personal savings allowance of £1,000 a year, so unless you've got loads of cash any interest is unlikely to be taxed (it's £500 for higher rate taxpayers, while additional rate payers don't get an allowance).
Both accounts can be beaten but only if you're willing to lock your cash way for even longer than a year.
And they're both protected by the Financial Services Compensation Scheme, which means the first £85,000 saved is covered if the banks go bust.
Financial comparison site Moneyfacts warns savers keen on the account to open it quickly though, as it's unlikely to last long – you can apply for both accounts via their websites.
A spokesperson said: "While this Isa is still available, just four days after launch the bank withdrew its 18 month fixed rate bond, 18 month postal fixed rate bond, and two-year fixed rate Cash Isa."
Check out our round-up of the best Cash Isas for 2019 and the top savings accounts for 2019.
Plus, here's how to track down lost savings, lottery wins, and pensions.
There are currently more than 1.6million unclaimed Premium Bond prices worth a whopping £63million, according to the NS&I.
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