Round up of best non-ISA savings accounts Jan 19 - Savings - Guides |

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Round up of best non-ISA savings accounts Jan 19

Category: Savings
Author: Nigel Woollsey
Updated: 11/02/2019

At a glance:
• ICICI Bank and Family Building Society offered a number of highly competitive deals in the easy access accounts sector during January.
• Gatehouse Bank and BLME offered the best rates for one-year fixed rate bond accounts, while BLME offered the best deals for long-term fixed rate bonds.
• The best two-year and three-year fixed rate bond rates came from Al Rayan Bank.

The savings market started 2019 in aggressive style, with fierce competition in the easy access market and a heating up of rates for fixed term bonds.

Both ICICI Bank UK and Family Building Society launched deals that in excess of the 1.50% rate of Marcus by Goldman Sachs.

Away from the easy access market many Fixed Rate Bonds providers launched new deals or raised rates on their current range during January.

The Sharia compliant banks dominated the best buy tables for fixed term bonds. With BLME launching strong rates for both 1 year fixed rate bonds and long-term bonds. Its best rate was 2.75% on its seven-year bond, but short-term savers will also benefit from 2.15% on its one-year bond.

Here's our round-up of the best savings accounts in January 2019.

Best Easy Access Accounts

The best easy access account with a £1 minimum deposit came from ICICI Bank UK's HiSave Bonus Saver Account. This account offered savers a flexible saving option where they could make unlimited deposits and withdrawals and gain 1.55% AER on a monthly basis. This account could be opened online and savers could then manage their savings by phone and a mobile app.

For those who had a minimum deposit of £15,000 or more but wanted fast access to their funds the Family Building Society's Premium Saver (3) offered the best deal. This account offered a bonus-free deal that paid a variable rate of 1.51% yearly. Savers could then make further contributions until 8 March 2019 or up to the £250,000 maximum investment limit and there was a minimum withdrawal of £100. . Accounts were able to be opened online, in branch or by post and could be managed all these ways, as well as by phone. For those without the £15,000 minimum opening deposit and who didnt mind banking online, during January there was also the option of Family Building Society's Online Saver that paid a lower rate of 1.26% starting from a minimum deposit of £100.

Best Fixed Rate Bonds

In January a number of fixed rate bond providers increased their rates. The two best deals for one-year savings accounts came from Gatehouse Bank and Bank of London and the Middle East (BLME). Gatehouse Bank increased its rate last month to offer savers an expected profit rate of 2.15% for the year. It could be opened with a minimum investment of £1,000 and the account was available through the Raisin UK platform which, depending on the amount deposited, offered a bonus of up to £100. In February the rate was reduced to 2.10%.

BLME dominated the best fixed rate bond deals during January. Its one-year savings account offered savers an expected profit rate of 2.15% on its one-year bond. The bank also offered a number of highly competitive deals for the long-term bond sector. Its seven-year bond was paying an expected profit rate of 2.75%, its five-year deal offered 2.70%, while its four- year bond offered an expected profit rate of 2.50%.

In the two-year bond and three-year bond sectors Al Rayan Bank offered the best January deals. Its two-year bond rate offered an expected profit rate of 2.42% which is paid quarterly. Whilst its three-year bond rate offered savers an expected profit rate of 2.52%.

Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.