Hampshire Trust Bank has increased the interest rate on its Online Easy Access Account to 5.09 percent, earning an “excellent” rating from Moneyfacts.

Easy access savings accounts are offering some of the highest returns in decades, with challenger banks competing closely for the top spots.

Commenting on the deal, Caitlyn Eastell, a spokesperson at Moneyfactscompare.co.uk, said: “Hampshire Trust Bank has increased the rate on its online easy access account by 0.54 percent this week.

“Now paying 5.09 percent gross/AER, the product is available with a minimum investment of just £1.

“Withdrawals can be made to a nominated account at any time. Savers can open the account online, and manage it online, by post or via telephone. Overall, this deal earns an Excellent Moneyfacts product rating.”

The account can only be opened online by savers aged 18 and over, and up to £250,000 can be invested overall.

But while Hampshire Trust Bank may be offering a more attractive deal, it isn’t quite taking the top spot. People can snap up the highest paying easy access account with Chorley Building Society with an Annual Equivalent Rate (AER) of 5.3 percent.

The mutual’s North West Easy Access Saver allows one withdrawal per year and can be opened with a minimum deposit of £1,000.

Interest is calculated daily and paid annually on December 31. Savers aged 18 or over can apply online, in a branch or by post and up to £200,000 can be invested overall.

For savers looking for a bit more freedom to access their money, Cynergy Bank is offering an AER of 5.15 percent for the first 12 months.

Savers can open an account with a minimum deposit of £1 and withdrawals are permitted at any time without penalty.

The account can be launched online and interest is paid annually on the anniversary of opening. Up to £1million can be invested overall and the deal is only available for customers aged 18 or over.

Placing just behind is Cahoot’s Simple Saver (Issue Two) with an AER of 5.12 percent.

Cahoot, a division of Santander, offers savers the deal from a minimum deposit of just £1.

Interest is calculated daily and can be paid annually or monthly and savers must be aged 16 or over and UK residents.

The account can be launched and managed via online banking and up to £2million can be invested overall. Withdrawals can be made at any time by transfer to another account.