Best UK Savings Rates This Week (2022) | moneyfacts.co.uk

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Michael Brown

Content Writer
Published: 01/07/2022

Last updated: 1st July 2022 12:00pm

All best fixed rate offers increase over the past week.

Short-term fixed rate bonds appear to be popular right now. In particular, there has been an increased interest in six to nine month bonds on our consumer website, which could be the result of savers expecting further base rate hikes in the short-term.

While this may be where consumers are most interested, there continues to be movement across the overall fixed rate market. Compared to last week, the top providers on the fixed rate bond market have all changed this week, with better rates. In the easy access market, Al Rayan Bank and Gatehouse Bank both changed their offers this week, as they attempt to offer the best expected profit rate on the market. Meanwhile, Secure Trust Bank also appears on our notice roundup.

Below we’ve highlighted the top rates currently available in our comparison charts that are available to new customers, but higher rates may be available to existing customers only.

Easy Access Saving Rates

Virgin Money continues at the top of the easy access market this week with its collection of Club M Saver, M Plus Saver, and M Saver accounts. The key differences among these options are the corresponding linked current accounts, which will need to be opened to access this market-leading rate. Whatever option is chosen, interest is compounded quarterly and an opening deposit is not required. Meanwhile, for those who intend to save more than £25,000, Virgin Money will drop its rate to 0.75%. All three of these accounts can be opened through different means, with the Club M Saver opened online or via the telephone, the M Plus Saver online, in branch, or via telephone, and the M Saver via branch or telephone. Managing these accounts, meanwhile, can all be done either online, in branch, via telephone, or mobile app.

Second position also remains unchanged this week with Chase’s easy access account. Better known as JP Morgan by some readers, this provider requires its users to have or open the Chase Current Account to access this offer. The good news is that the current account does not come with any fees, and has other perks such as 1% cashback on your spending. The entire application process for both the Chase Current Account and Saver Account will need to take place via its mobile app, which will need to be kept on your phone to manage your funds too. Interest can be compounded or paid away every month, and there is no minimum deposit required to open this account.

While Gatehouse Bank briefly offered the best expected profit rate for easy access accounts on Tuesday, its account is now bettered by Islamic providers Al Rayan Bank. The Everyday Saver (Issue 2) compounds its expected profit rate every month on balances of £2,500 or more. It can only be opened via Al Rayan Bank’s website, but once the account is up and running it can be managed online, via the post, or telephone.

Compare the best easy access accounts

Best Fixed Rate Bonds

All top fixed rate offers which appeared in our roundup last week have been replaced by better offers.

For one year fixed bonds, the National Bank of Egypt (UK) Limited offers the top rate, which can only be accessed through the Raisin platform. Savers will need a minimum opening deposit of £10,000 in order to access this rate too, which does not allow further additions. Once the account is up and running, it can be managed via the Raisin platform, post, or telephone.

The best rate on the two year chart is offered by two different providers this week. First up is Monument Bank’s 2 Year Fixed Term Deposit, which requires a hefty £25,000 opening deposit. Further additions are allowed 14 days from account opening, which may be preferable for those who wish to bolster their funds with a portion of their regular income. Interest is either paid away or compounded on anniversary, while this offer can be opened and managed via the bank’s app.

Secondly there is Castle Trust Bank to consider, which allows its savers to have their interest paid out on anniversary or maturity. However, like its fixed ISA offer included in this week’s roundup, if savers are to choose an interest pay-out on anniversary, then their Annual Equivalent Rate (AER) will drop. For this fixed savings offer, the rate will drop to 3.03%, which would rank second best on our charts. Savers need a much smaller £1,000 opening deposit to access this rate, and further additions are allowed 14 days from account opening too. Meanwhile, opening and operating this account will need to be done online or via the app. 

The leader for this week’s three year fixed bond is Charter Savings Bank. Its Fixed Rate Bond is flexible too, allowing its users to compound or pay away their interest monthly or on anniversary. Like the aforementioned two year fixed offers, savers are allowed to add to their funds 14 days from account opening if they wish to increase their interest pay-out. However, this deal only allows these additions to be from a nominated account. To open this account, users must apply online and make a minimum opening deposit of £5,000. Since this is a digital provider, users must also manage their account online.

Finally, those looking for a longer fixed term will find Monument Bank at the top of the five year chart. This deal is structured similarly to its table-topping two year fixed deal with the same opening requirements, interest pay-out options, and means of operating the account.  

Compare the best fixed rate bonds

Notice Accounts Saving Rates

Aldermore leads the way for accounts which require a notice period of 30 days or less. Its 30 Day Notice Account Issue 12 can pay away or compound its interest monthly, or on anniversary of when the account was first funded. Savers need a minimum deposit of £1,000 to open their account and can withdraw their funds in accordance with the 30-day notice policy. Managing and opening this account must be completed online.

Secure Trust Bank overtakes Moneybox this week as the provider offering the best rate for accounts with a notice period of 60 days or under. Before starting your account, it is worth noting that this offer allows four interest withdrawals and three capital withdrawals per annum. The 60 Day Notice Account compounds or pays away interest quarterly on balances of £1,000 or more, while withdrawals must be made in accordance with the 60-day notice period. Opening this account must be done online, while managing it can be done online or via the telephone.

Finally, Oxbury Bank is the provider offering the best rate for accounts needing a notice period of 120 days or less. It compounds its interest monthly on balances of £1,000 or more while withdrawals must be in accordance with the 120-day notice period. Transactions must be made via a nominated account and this offer can only be accessed by applying online. Managing this account can be done online or via the mobile app. However, the Oxbury App is required to use online banking.

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. 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.

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