Secure Trust Bank review

The account pays a variable rate, and the current headline rate is 3.75%. Because the rate is variable it can move up or down, and it sits above the savings-accounts median of 3.08%.

The minimum deposit is £1, a small opening balance for a first saver. It still ranks 220 of 370 on minimum deposit among the brands compared here, so savers with larger sums have more choice.

Deposits are covered by FSCS up to GBP 85,000. The bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under licence 204550.

Withdrawals to a Nominated Account carry no cap and need no notice period. The account is managed through Internet Banking, the app or by phone, so money can move out without waiting for any notice window to run.

It is an easy-access account rather than a fixed or notice account, which suits money that may be needed at short notice and matches the 75.6% share of savings accounts here. The headline rate of 3.75% can change as the bank revises it.

The account is run through Internet Banking, an app or by phone, and support runs on phone and help centre. Help is available by phone and through a help centre, which suits savers who prefer speaking to someone rather than writing in.

The account is provided by Secure Trust Bank PLC, a UK bank that has traded since 1952. Savers are holding a deposit with a named bank under a banking authorisation rather than a balance held by a payments firm.

It ranks 172 of 473 on headline rate among the brands compared here, and its overall score is 4.8. The offer scores 6.1 while cost scores 3.8, so the interest rate carries more weight than anything else on the account.