Top Savings News

Derin Clark

Derin Clark

Online Reporter
Published: 26/06/2019

There are three different providers offering the same top rate for easy access savings rates at the moment.

The current top rate in the easy access savings chart is 1.50% AER, which is being offered by Cynergy Bank, Marcus by Goldman Sachs® and Virgin Money.

Cynergy Bank is offering this rate on its Online Easy Access Account – Issue 23, which requires a minimum deposit of just £1 to open and a 0.50% bonus for 12 months is included in the rate. Once open, further additions and withdrawals, via a nominated account, are allowed. The account can only be opened and managed online.

Online Savings Account from Marcus by Goldman Sachs® has been dominating the easy access chart since it was launched last year. The rate includes a 0.15% bonus for 12 months and there is no minimum deposit needed to open this account. Interest is paid monthly at a gross rate of 1.49%, equating to 1.50% AER. To open this account a UK mobile number is needed, and once open further additions and withdrawals are allowed. It must be opened online but can then be managed by phone as well.

The two accounts from Virgin Money – Double Take E-Saver Issue 10 and Man Utd Double Take E-Saver Issue 5 – both pay 1.50% AER from a minimum opening deposit of just £1, however unlike the other accounts offering this rate, they do not include a bonus. In addition to this, while both accounts allow further additions, they restrict withdrawals to just two per calendar year, which includes closure. Both accounts can only be opened and managed online. They each offer a version that pays interest on a monthly basis at a slightly reduced gross rate of 1.49%, which equates to 1.50% AER. In addition to this, the Man Utd Double Take E-Saver Issue 5 includes 10 entries into the prize draw for every month the account is open and one extra entry for every £50 held in the account.

Account Rate

Cynergy Bank

Online Easy Access Account – Issue 23
1.50% AER

Marcus by Goldman Sachs®

Online Savings Account
1.50% AER

Virgin Money

Double Take E-Saver Issue 10
1.50% AER

Virgin Money

Man Utd Double Take E-Saver Issue 5
1.50% AER

With wedding season in full swing, many couples are preparing to walk down the aisle on what is one of the most important days of their lives, but with the UK being the fifth most expensive country in the world to host a wedding, the costs can be eye-watering.

According to the 2019 Global Wedding Report, compiled The Knot, WeddingWire and Bodas.net, the average cost of a wedding in the UK stands at £14,740, which excludes rings and a honeymoon. As few couples will have this amount of money to hand to pay for a wedding, many will have to plan in advance and build up a substantial savings pot to pay for their big day. Luckily for those saving up for a wedding, there are a number of savings accounts available providing competitive rates.

While fixed rate bonds are currently providing the best rates in the savings market, these savings accounts are usually not right for those saving for a wedding, as once open they normally do not allow further deposits and can tie money into terms for five-years or more. Instead, savers should look at savings accounts that allow more flexibility with making further additions and withdrawals to their savings.

As recently as two weeks ago, some websites were trumpeting notice accounts as the ‘inflation-beating’ products of choice for investors looking for good returns. However, now that rates for all the top notice accounts have fallen below May’s 2.01% inflation figure we ask if they are still the best option for middle of the road savers?

Nothing stands still in the finance sector for long. Just like the apex-predator of the oceans, the shark, it seems that savings products have one rule: keep moving or die. But in this constantly fluid environment, where can the smart investor go to find a safe, semi-permanent home for their hard earned savings?

For many people, notice accounts occupy the temperate zone in between the sparse, interest-rate poor stretches of instant access and the frozen fund tundra of the long-term bond.

With inflation falling to 2.00% earlier this week, it meant good news for savers as more accounts are now offering rates that can match or beat inflation. All the top rates in our fixed rate bonds chart offer rates above inflation, while the best rates in the notice account and easy access savings charts are still below inflation, however they remain highly competitive this week.

Inflation has fallen to 2.0% in May, down from 2.1% in April, which is good news for savers as it means more savings accounts now beat inflation. There are now 116 savings accounts that offer inflation-beating rates for a £10,000 deposit, the majority of which are within the fixed-rate bond sector. The reduction in the rate of inflation has resulted in 20 additional savings accounts that can now match, or beat, inflation.

Recent Savings News

Savings
news icon
Are notice savings accounts a grand place to invest £1,000 or more?

24th June 2019

With rates for the top notice accounts falling below the rate of inflation we ask if these types of savings accounts are still the preferred home for deposits of £1,000 or more.

We explain why notice savings accounts are still a good place for your savings.

Read More
news icon
The best savings rates this week 21.06.2019

21st June 2019

With inflation falling to 2.00% earlier this week, it meant good news for savers as more accounts are now offering rates that can match or beat inflation. All the top rates in our fixed rate bonds chart offer rates above inflation, while the best rates in the notice account and easy access savings charts are still below inflation, however they remain highly competitive this week.

All the top rates in our fixed rate bonds chart offer rates above inflation, while the best rates in the notice account and easy access savings charts are still below inflation, however they remain highly competitive this week.

Read More
news icon
Moneyfacts Weekly Product News - 20/06/2019

20th June 2019

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market over the past seven days. The deals are available right now, but may be subject to change.

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market over the past seven days. The deals are available right now, but may be subject to change.

Read More
news icon
What is the best challenger bank?

20th June 2019

Savers looking to put their money into a fixed-rate bond will get better rates by choosing a challenger bank rather than a traditional high street bank, recent data from Moneyfacts UK Savings Trend Report reveals.

Savers looking to put their money into a fixed-rate bond will get better rates by choosing a challenger bank rather than a traditional high street bank

Read More

More Money and Finance News

Get our weekly newsletter

Weekend Moneyfacts is available free by email to all Moneyfacts.co.uk users.

Please send me Weekend Moneyfacts, Savers Friend and selected third-party offers.

Cookies

Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy