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There are a few of easy access savings accounts paying 3.00% of which this is one. There are other options which offer slightly higher rates of interest, but nevertheless this is a competitive account.

The headline rate is good at 3.00% although be prepared to move your money after the first year as it includes a 12-month bonus of 2.50%.

Interest is calculated daily and you can choose whether to have it paid monthly or annually. The monthly option will suit those looking to use their savings interest to supplement their income.

You can make unlimited penalty-free withdrawals and deposits and access your account 24 hours a day.

The total amount covered under the Financial Services Compensation Scheme will be £85,000 (£170,000 if the accounts are in joint names).

West Bromwich BS WeBSave Plus 2

The main appeal of this account is that it offers a competitive 2.56% rate of interest without a bonus that disappears after the first few months.

It is therefore likely to suit savers who don’t want to have to keep moving their money in search of high returns.

The account can be opened with a minimum investment of £1,000, and the maximum amount you can deposit is £250,000 for both single and joint accounts. Bear in mind, however, that if you do have a large sum to invest, only the first £85,000 will be protected under the Financial Services Compensation Scheme.

The biggest downside of this account is that you can only make one penalty-free withdrawal a year, so it won’t suit anyone who needs regular access to their money.

On the plus side, savers can choose to receive interest either monthly or annually, making it a good choice for anyone looking to supplement their regular income.

This account is available to UK residents aged 16 or over.