OakNorth Bank – 18 Month Fixed Term Deposit
This week, OakNorth Bank has increased the rates payable across a selection of its Fixed Term Deposit products. The 18-month option has received two increases and now pays 1.27% on maturity on minimum investments of as little as £1. The account secures a position within the top 10 when compared to other accounts with similar terms, and could be attractive to those savers looking for a competitive return and who are happy to secure their funds away for the 18-month term, as early access is not permitted. Some investors may be pleased to note though that further additions are available within 14 days of account opening. On balance, the deal earns an Excellent Moneyfacts product rating.
Key product details:
- Rate: 1.27% gross / 1.27% AER, payable on maturity
- Notice / term: 18 months
- Minimum opening amount: £1
- Maximum investment amount: £500,000
- Access: Not permitted
- Further additions: Permitted within 14-days of account opening
- Opening account: Online and via its app
- Managing account: Online and via its app
- Other information: Minimum applicant age 18.
Skipton Building Society – Online Bonus Saver Issue 7
Skipton Building Society has increased the rate on its Online Bonus Saver account by a significant 0.25% this week. Now paying 1.20% on anniversary, this account assumes pole position in the top rate tables when compared against other similar accounts currently offered. Investors should note that a review would be advised after 12 months when the bonus of 0.50% will expire and the rate will reduce. Savers who require flexibility and the ability to access their savings pot may be further pleased to note that this account is one which can be opened and managed online and carries a low minimum investment. The account earns an Excellent Moneyfacts product rating on balance.
Key product details:
- Rate: 1.20% gross / 1.20% AER, payable on anniversary
- Notice / term: None
- Minimum opening amount: £1
- Maximum investment amount: £1,000,000
- Access: Permitted
- Further additions: Permitted
- Opening account: Online
- Managing account: Online
- Other information: Minimum applicant age 16, additional interest payment made at end of bonus term.
West Brom Building Society – WeBSave Single Access ISA
West Brom Building Society has launched a new single access ISA this week, which secures a position in the top rate tables when compared against similar ISAs. Paying 0.90% yearly, those savers who wish to utilise their tax-free ISA allowance and able to meet the minimum investment amount of £1,000 may find this offers an attractive return. This account allows one withdrawal per account year, which means that careful planning would be advised as the rate will drop to 0.05% for the remainder of the account year should more than the one withdrawal be made. The deal earns an Excellent Moneyfacts product rating overall.
Key product details:
- Rate: 0.90% gross / 0.90% AER, payable yearly (variable rate)
- Notice / term: To 30.11.21
- Minimum opening amount: £1,000
- Maximum investment amount: ISA allowance (maximum £500K from transfers)
- Access: Permitted for one withdrawal per account year, rate reduces to 0.05% if more than one withdrawal made
- Further additions: Permitted
- Transfers in: Accepts cash and stocks & shares ISAs to a maximum of £500,000
- Transfers out: Permitted
- Opening account: Online
- Managing account: Online
- Other information: Minimum applicant age 16, on maturity paid into a limited access or easy access ISA.
