This is the financial savings account I’d open proper now – and why you must AVOID the very prime charges: SYLVIA MORRIS

A new crop of easy access savings accounts pay bumper rates, but there is one I believe that stands out from the crowd thanks to a special perk.

Many of the deals that aim to top best-buy tables have rates of more than 4 per cent but come with some major catches.

These usually take the form of restrictions on how many times you can withdraw your money, an inflated bonus rate for the first 12 months, or a combination of both.

The easy-access savings deal that caught my eye as a genuine good all-rounder is Newcastle Building Society’s Base Rate Tracker at 4.15 per cent, available online or through 33 branches.

It is a relatively simple account, which you can open and forget about for a year, and offers an ordinary account and a tax-free cash Isa version.

Crucially, it comes with an extra benefit, as it will track the Bank of England base rate until the end of May next year. 

Locked in: Newcastle Building Society’s Base Rate Tracker at 4.15%, tracks the Bank of England base rate until the end of May next year

That’s good news when the base rate is expected to go up, maybe as early as next week at Thursday’s Bank of England Monetary Policy meeting.

Unusually, the Newcastle deal pays you more than the base rate, which is 3.75 per cent, and you are guaranteed 0.4 percentage points over the benchmark.

This means you will always know what you are earning over the year – and Newcastle will move the rate up within five days of any base rate rise.

The account scores extra points for having no restrictions on withdrawals, but the catch with the Newcastle deal is that it’s not such good news if the base rate drops. 

Make sure you note in your diary to move your money next May, or you will end up with a lousy but as yet unspecified rate.

The 4.15 pc is not the top easy-access rate, but to earn more you need to pay more attention, and it is a mistake to assume that your bank or building society will pass on the whole base rate rise.

Instead, they often launch new issues of their accounts paying a top rate while leaving loyal customers on a lower rate.

Cahoot pays a higher 5 per cent on its Sunny Day Saver. It’s a great account for those building up savings, but the most you can have in this account and earn interest on is £3,000, which will give you £150 interest in your first year.

If you want the convenience of an app-based account, then Tembo Homesaver pays a decent 4.75 per cent, including a 1.75 percentage point bonus for a year.

This account is open to everyone, but those aiming to buy a home or remortgage can get an extra 1 per cent bonus, taking it to 5.75 per cent, if they use Tembo’s mortgage broking service. 

Cynergy’s Online Easy Access account, Issue 97, pays 4.27 per cent including a 2 percentage point one-year bonus.

The biggest bonus comes from the Post Office with its Online Saver. It pays 4.1 per cent with a 3.2 percentage point bonus for a year – so your rate will drop to just 0.9 per cent. If you forget to move, it will be a costly mistake.

Principality BS’s new Online Bonus 5 Access pays 4.25 per cent including a 1.95 percentage point bonus for a year but it also limits the number of withdrawals you can make in a year to five.

On the High Street, you can earn 4 per cent with Nationwide’s One Year Single Access Saver. 

This is for money you don’t think you will need but don’t want to tie up in a fixed-term bond. You can make only one withdrawal a year – make more and the rate drops to a shabby 1.05 per cent.