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Glimmer of hope for savers as banks increase one year bond rates
Derin Clark

Derin Clark

Online Reporter
Published: 11/08/2020

The race to the bottom of the savings chart after the Bank of England cut interest rates to 0.1% in March and launched a new Term Funding Scheme with additional incentives for SMEs (TFSME) seems to have temporarily halted, as several banks have increased rates over the last month.

Since the start of July, QIB (UK), Charter Savings Bank and United Trust Bank have all increased their one year fixed rate bonds more than once. In fact, both Charter Savings Bank and United Trust Bank have increased rates three times over the last month. Not only have these banks been increasing rates, but they all now sit within the top six best deals in the one year fixed rate bond chart.

QIB (UK) offers the best one year fixed bond rate overall, with its Raisin UK – 1 Year Fixed Term Deposit paying an expected profit rate of 1.20% gross on maturity. Secure Trust Bank offers the second-best one year fixed bond rate, with its 1 Year Fixed Rate Bond paying 1.16% gross yearly, while the third-best rate for a one year fixed bond comes from OakNorth Bank, which pays 1.11% on its Fixed Term Deposit. United Trust Bank pays the fourth-best rate on its UTB 1 Year Bond, which pays 1.10% gross on anniversary.

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Bonus offer helps to boost savings

From today, Raisin UK is changing how the bonus structure on its savings accounts works, which could result in savers earning up to £50 simply by opening a savings account.
Under the new bonus structure, savers depositing £75,000 and over can earn a £50 bonus, those depositing £40,000 - £74,999 can earn £25, a deposit of £10,000 - £39,999 can earn £10 and those depositing £5,000 - £9,999 can earn £5. There is no bonus offered on deposits of less than £5,000.

As well as this, Raisin UK is allowing a grace period for customers depositing between £5,000 - £9,999, who will be worse off with this new bonus structure. The automatic grace period allows anyone who funds their first savings account with the amount of £5,000 - £9,999 by the 31 August 2020 to receive a £10 bonus instead of the new bonus of £5.

Bonuses are offered to those opening their first Raisin UK account and the account must be opened via its website.

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The best savings rates this week 07.08.20

The savings charts have remained fairly stable this week and savers looking for a fixed rate bond will be pleased to see that all of last week’s top rates have remained available in the charts. As well as this, the highly competitive easy access account from National Savings & Investments remains available in this week’s chart. While the savings charts seem to have become more stable over the last few weeks, the economic climate still remains uncertain and savers should act quickly if they want to secure the best rates.

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The best ISA rates this week 06.08.20

Over the last few weeks, it seems that the rates at the top of the fixed rate ISA charts have become more stable, with many of last week’s top rates remaining available this week. As well as this, the top rates in last week’s easy access ISA chart are still topping the chart this week and the chart has been strengthened by a new higher-paying second-best rate being available. Saying this, savers looking to secure the best rates should act quickly, as the continuing economic uncertainty means that the top ISA rates may not be available for long.

Savers should note that the rates below are the best rates available at 5pm on Thursday 6 August 2020 and, although correct at the time of publishing, they may not be available after this time.

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Invest in property or a pension - which is best to boost your retirement?

The numbers of people searching for buy-to-let in the UK has seen an increase of more than 2.5 times from the end of March to mid-July, according to Google trends data. As the economic outlook for the Autumn continues to remain bleak and with the expectation of further job losses to come, those saving for retirement may be concerned about another stock market shock and reductions in value to their pensions and investments. Investing in property during difficult economic times is often seen as a safer option with the security of owning a physical asset.
With more people looking at buy-to-let to generate a return on their funds, we explore how investing in property compares to a pension and where to find the best buy-to-let mortgages.

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Recent News

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Saving for retirement has never been harder: Coronavirus and the cost of care

6th August 2020

Rising care costs are reducing inheritances that many were planning to use towards their own retirement savings, while Covid-19 is stretching people between saving into an emergency fund for today or saving for the longer-term.

Rising care costs are reducing inheritances that many were planning to use towards their own retirement savings, while Covid-19 is stretching people between sa

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Are savings safe in the bank?

5th August 2020

The global Coronavirus pandemic is an unprecedented crisis that has highlighted the importance of having a significant amount of savings to fall back on in case of unexpected events

The global Coronavirus pandemic is an unprecedented crisis that has highlighted the importance of having a significant amount of savings to fall back on in case of unexpected events

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August Premier Bond winners announced

3rd August 2020

The latest winners of the £1 million Premium Bonds prize draw have been revealed, while a further seven lucky Premier Bonds holders won £100,000 in the August draw

The latest winners of the £1 million Premium Bonds prize draw have been revealed, while a further seven lucky Premier Bonds holders won £100,000 in the August draw

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The best savings rates this week 31.07.20

31st July 2020

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Most Popular Savings News

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Invest in property or a pension - which is best to boost your retirement?

6th August 2020

The numbers of people searching for buy-to-let in the UK has seen an increase of more than 2.5 times from the end of March to mid-July, according to Google trends data.

The numbers of people searching for buy-to-let in the UK has seen an increase of more than 2.5 times from the end of March to mid-July, according to Google tren

Read More
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Saving for retirement has never been harder: Coronavirus and the cost of care

6th August 2020

Rising care costs are reducing inheritances that many were planning to use towards their own retirement savings, while Covid-19 is stretching people between saving into an emergency fund for today or saving for the longer-term.

Rising care costs are reducing inheritances that many were planning to use towards their own retirement savings, while Covid-19 is stretching people between sa

Read More
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The best savings rates this week 07.08.20

7th August 2020

The savings charts have remained fairly stable this week and savers looking for a fixed rate bond will be pleased to see that all of last week’s top rates have remained available in the charts

The savings charts have remained fairly stable this week and savers looking for a fixed rate bond will be pleased to see that all of last week’s top rates have remained available in the charts

Read More
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Glimmer of hope for savers as banks increase one year bond rates

11th August 2020

The race to the bottom of the savings chart after the Bank of England cut interest rates to 0.1% in March and launched a new Term Funding Scheme with additional incentives for SMEs (TFSME) seems to have temporarily halted, as several banks have increased rates over the last month

The race to the bottom of the savings chart after the Bank of England cut interest rates to 0.1% in March and launched a new Term Funding Scheme with additional incentives for SMEs (TFSME) seems to have temporarily halted, as several banks have increased rates over the last month

Read More

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