Oxbury launches market-leading 5.01% easy access savings account

Oxbury Bank has gone to the top of the easy access table with a new account paying 5.01% AER — currently the highest easy access rate available to UK savers. But the headline figure comes with a six-month bonus baked in, so it's worth understanding what you'll actually earn before you apply.

The Easy Access Bonus Rate Summer Saver 1 is open to new Oxbury savings customers only and can be opened with a minimum of £1,000.

What you'll actually earn

The 5.01% AER is the headline, but it isn't what most savers will pocket over a full year.

That rate is made up of an underlying 3.51% AER plus a 1.50% bonus that only runs for six months — from 24 June to 24 December 2026. After that, the account drops to the underlying rate. The 5.01% figure is simply the annualised equivalent if the bonus ran for a whole year, which it doesn't.

On Oxbury's own worked example, a £1,000 deposit left untouched for 12 months grows to £1,042.56 — an effective return of around 4.26% over the year, not 5.01%. Still strong for easy access, but the gap matters if you're comparing accounts on the headline number alone.

A couple of other conditions to flag:

• You need to keep at least £1,000 in the account to earn interest. Drop below that and the rate stops applying.

• The rate is variable and not tracked to the Bank of England base rate, so Oxbury can move it. Reductions on balances over £100 come with at least 14 days' notice.

Who can open it

This one is for new savings customers only. Oxbury defines that as anyone who has never held an Oxbury savings account — or an existing customer who only holds a lending product, such as a farm loan or mortgage. If you already have savings with Oxbury, you won't qualify, and ineligible accounts are closed with funds returned.

You'll also need a UK current account in your name to pay money in and out, and you must fund the account within 90 days of opening it.

How it compares

At 5.01%, Oxbury edges ahead of the current crop of 5.00% easy access deals from the likes of Revolut and LemFi. Where it stands out is the conditions:

• No current account hoop. Several rival 5% rates require you to open the provider's current account or e-money account first. Oxbury doesn't.

• The rate applies to your whole balance up to £120,000 — rather than being capped at a lower tier (Revolut's top rate, for example, only applies up to £25,000).

• Same-day access via a proper UK bank, with full £120,000 FSCS protection that neatly matches the account's maximum deposit.

The trade-off is that it's a bonus account with a short fuse, and it's app-and-online only — there's no branch or phone management.

The bottom line

For a saver with up to £120,000 who wants a market-leading rate today and is comfortable reviewing it when the bonus ends in December, this is one of the strongest easy access options currently available. Just diarise the bonus expiry: once it reverts to 3.51%, it's no longer table-topping, and you'll likely want to move.

If you're weighing access against return, it's also worth checking fixed-rate bonds and notice accounts, which can pay more if you can lock the money away.

Today's best easy access rates

Easy access rates are variable and change fast — top accounts can be pulled or beaten within days, and providers regularly tweak rates with little notice. The table below shows the best easy access savings accounts available right now, updated regularly, so you can check whether Oxbury's 5.01% is still leading the market before you apply.

Rates correct at the time of writing. AER and bonus terms are set by the provider and can change. Always check the latest rate and full terms with Oxbury before opening an account. FSCS protection covers eligible deposits up to £120,000 per person, per banking licence.