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

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Michael Brown

Content Writer
Published: 12/08/2022
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Last updated: 12th August 2022 12:00pm

The top three easy access accounts all increased their rates this week.

Yesterday Moneyfacts research found that several providers have upped their variable interest rates in response to the historic Bank of England base rate rise last week.

It is a trend which can be observed on the easy access chart, with all three providers earning themselves a mention in our roundup after their interest rate hikes. Meanwhile, on the fixed rate chart, there are five different leaders in this week’s roundup as rates continue in an upward trajectory.

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

Al Rayan still tops this week’s easy access chart, but since the last roundup the Islamic bank has increased its expected profit by 0.10%. To access the Everyday Saver (Issue 3) savers require a minimum deposit of £5,000. Expected profit is compounded monthly and users must apply online to open their account. This can then be managed online, via the post or telephone.

The next provider is Zopa with its Smart Saver account. Not only does it offer the second-best easy access rate on the market, but it provides exclusive access to its set of “boosted pots”, which offer higher rates for longer notice periods. In order to access this account, savers do not need a minimum opening deposit and their interest can be paid away or compounded monthly. As this is a digital provider, this offer can only be accessed and managed via Zopa’s app.

Finally, Gatehouse Bank completes the chart this week. The Easy Access Account requires a minimum opening deposit of £1,000 and offers an expected profit rate. This is paid away on anniversary or monthly with savers only allowed to open their account online. Managing the account, meanwhile, can be done online or via the app.

Compare the best easy access accounts

Best Fixed Rate Bonds

We start the fixed rate section of the roundup with two different providers on the one year chart.

First up is Ford Money with its Fixed Saver 1 Year. This provider requires an opening deposit of £500 and pays away or compounds its interest monthly or on anniversary. Further additions are also welcome for 14 days from account opening. As a digital account, this must be opened and managed online.  

Then there is Gatehouse Bank. Its 1 Year Fixed Term Woodland Saver pays away or compounds its expected profit rate on maturity or monthly and does not allow further additions to your funds. To open this account, savers need £1,000 and must submit their application online. Meanwhile, managing this account must be done online or via the provider’s mobile app. As an added incentive, Gatehouse Bank will plant a tree in a UK woodland when an account is opened and funded.

On the two year chart is OakNorth Bank. The Fixed Term Savings account requires a minimum £1 deposit to start earning interest which is compounded annually and paid on maturity. Further additions are welcome for 14 days from the account opening and savers will need to open their account online or via OakNorth Bank’s app. Managing this account must be done via the same means.

Savers looking for a longer fixed term can consider Cynergy Bank on the three year chart. This option requires a minimum £10,000 deposit to start earning interest which is compounded on anniversary. Further additions are welcome for 14 days from the account opening and users are required to open their accounts online. Once this is completed, they can then manage their account online, via the post and telephone. Savers wishing to use online banking will need to either download the Cynergy Bank Authenticator App or request a Digipass.

Finally, Aldermore has overtaken last week’s leaders Shawbrook Bank on top of the five year chart. This offer requires a £1,000 opening deposit and pays away or compounds its interest monthly or on anniversary. Further additions are permitted for 14 days from account opening, and it must be opened and managed online here.

RCI Bank Logo RCI Bank Logo

Grow your savings with an award-winning bank

RCI Bank is committed to helping savers prepare for a better tomorrow through our simple savings products, award-winning human approach to customer service and competitive rates. 

  • Competitive rates: Reward yourself with a competitive rate, allowing you to save for life’s best moments.
  • Protecting your savings: All our savings accounts are protected by the Financial Services Compensation Scheme (FSCS), giving you the peace of mind that your hard-earned savings are safe.
  • Dedicated customer service: All customers are supported by our UK-based customer service team, available seven days a week. You will also have 24/7 online access to accounts through RCI Banks website or mobile app.

 

Grow your savings with an award-winning bank

RCI Bank is committed to helping savers prepare for a better tomorrow through our simple savings products, award-winning human approach to customer service and competitive rates. 

  • Competitive rates: Reward yourself with a competitive rate, allowing you to save for life’s best moments.
  • Protecting your savings: All our savings accounts are protected by the Financial Services Compensation Scheme (FSCS), giving you the peace of mind that your hard-earned savings are safe.
  • Dedicated customer service: All customers are supported by our UK-based customer service team, available seven days a week. You will also have 24/7 online access to accounts through RCI Banks website or mobile app.

 

RCI Bank Logo RCI Bank Logo

Grow your savings with an award-winning bank

RCI Bank is committed to helping savers prepare for a better tomorrow through our simple savings products, award-winning human approach to customer service and competitive rates. 

  • Competitive rates: Reward yourself with a competitive rate, allowing you to save for life’s best moments.
  • Protecting your savings: All our savings accounts are protected by the Financial Services Compensation Scheme (FSCS), giving you the peace of mind that your hard-earned savings are safe.
  • Dedicated customer service: All customers are supported by our UK-based customer service team, available seven days a week. You will also have 24/7 online access to accounts through RCI Banks website or mobile app.

 

Grow your savings with an award-winning bank

RCI Bank is committed to helping savers prepare for a better tomorrow through our simple savings products, award-winning human approach to customer service and competitive rates. 

  • Competitive rates: Reward yourself with a competitive rate, allowing you to save for life’s best moments.
  • Protecting your savings: All our savings accounts are protected by the Financial Services Compensation Scheme (FSCS), giving you the peace of mind that your hard-earned savings are safe.
  • Dedicated customer service: All customers are supported by our UK-based customer service team, available seven days a week. You will also have 24/7 online access to accounts through RCI Banks website or mobile app.

 

RCI Bank Logo RCI Bank Logo

Grow your savings with an award-winning bank

RCI Bank is committed to helping savers prepare for a better tomorrow through our simple savings products, award-winning human approach to customer service and competitive rates. 

  • Competitive rates: Reward yourself with a competitive rate, allowing you to save for life’s best moments.
  • Protecting your savings: All our savings accounts are protected by the Financial Services Compensation Scheme (FSCS), giving you the peace of mind that your hard-earned savings are safe.
  • Dedicated customer service: All customers are supported by our UK-based customer service team, available seven days a week. You will also have 24/7 online access to accounts through RCI Banks website or mobile app.

 

Grow your savings with an award-winning bank

RCI Bank is committed to helping savers prepare for a better tomorrow through our simple savings products, award-winning human approach to customer service and competitive rates. 

  • Competitive rates: Reward yourself with a competitive rate, allowing you to save for life’s best moments.
  • Protecting your savings: All our savings accounts are protected by the Financial Services Compensation Scheme (FSCS), giving you the peace of mind that your hard-earned savings are safe.
  • Dedicated customer service: All customers are supported by our UK-based customer service team, available seven days a week. You will also have 24/7 online access to accounts through RCI Banks website or mobile app.

 

Compare the best fixed rate bonds

Notice Accounts Saving Rates

The new leader for accounts requiring a notice period of 60 days or under is RCI Bank UK. The RCI Bank E-Volve Savings 14 Day Notice Account allows savers to choose whether to pay away or compound their interest on anniversary or monthly. In addition, withdrawals must be made via a nominated account and are subject to a two-week notice period. Users are required to open this account online with a minimum deposit of £1,000. Managing your funds can be done online and via the mobile app. As an extra incentive for environmentally savvy investors, all funds invested in this account will be used to finance electric vehicles, charging points and future green transportation projects.

To complete the roundup this week is OakNorth Bank. The Notice Savings Account compounds its interest monthly on balances of a single pound or more while withdrawals are subject to the 90-day notice period. This account can only be opened and managed online or via the provider’s app. 

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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