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Derin Clark

Derin Clark

Online Reporter
Published: 08/06/2020

Savers looking for a more positive year after seeing rates fall throughout 2019 will have been disappointed at savings rates falling even further this year, as the unexpected base rate cuts in March began to have an impact.

Back in March, the Bank of England cut base rate in two consecutive weeks with the final cut resulting in base rate standing at a historic low of 0.10%. In addition to this, the Bank of England has negative interest rates under ‘active review’, which if implemented could see rates falling even further.

March also saw the Government announce its Term Funding Scheme (TFSME), which was launched in April. This scheme means that banks are less reliant on funding from savers and, as a result, means that they have less incentive to maintain competitive rates to attract savers.

These events, which were in response to the Coronavirus pandemic, saw rates fall across the savings chart, with many hitting historic lows. As such, savers will likely not be surprised that the best rates in 2020 were all available at the start of the year.

The best fixed rate bonds available in 2020 so far

Overall, the best fixed bond rate this year came from UBL UK, which offered 2.38% gross on its 5 Year Fixed Term Deposit and was in the chart for a few weeks at the start of January. The best three year fixed bond rate so far this year came from Bank of London and The Middle East (BLME), which paid an expected profit rate of 2.10% gross on its Premier Deposit Account. BLME also had the best two and one year fixed bond rates this year, as it offered expected profit rates of 1.95% and 1.80% gross respectively on the two and one-year versions of its Premier Deposit Accounts. All these accounts from BLME were available in the charts during the first few weeks of January.

The best fixed rate bonds available today

BLME has the best-paying five year fixed rate bonds available in the chart today. BLME pays an expected profit rate of 1.60% gross on its Premier Deposit Account. The best three year fixed rate bond is currently being offered from Al Rayan Bank, which pays an expected profit rate of 1.50% gross on its Fixed Term Deposit. In the two year fixed rate bond chart, the top rate being offered today is from Al Rayan Bank, which pays an expected profit rate of 1.40% gross on the two year version of its Fixed Term Deposit. BLME has the best one year fixed rate bond today with the one year version of its Premier Deposit Account paying an expected profit rate of 1.25% gross.

The best easy access account available in 2020 so far

Again, the best easy access account rate was available in the chart at the start of January. Shawbrook Bank offered the best rate of 1.41%, which was only available in the first week of this year. Shawbrook Bank paid this rate on its Easy Access – Issue 17.

The best easy access account available today

The best easy access account rate currently available in the chart comes from Cynergy Bank, which pays 1.25% gross including a bonus of 0.60% for 12 months on its Online Easy Access Account – Issue 29. However, savers should be aware that this account is only available to existing customers and the rate will be reducing to 1.05% on 10 June 2020. The best rate on an easy access account without opening restrictions comes from National Savings & Investments, which pays 1.15% gross on its Income Bonds.

The best notice account available in 2020 so far

The best notice account rate was available for the first eight weeks of this year. It came from Investec Bank plc, which paid 1.80% gross on its Notice Plus (0% immediate access). This account had a 95-day notice period.

The best notice account available today

Today, the best notice account rate comes from ICICI Bank UK, which pays 1.59% gross on its HiSAVE Notice Savings Account. However, savers should note that in keeping with the downward trend in rates, the rate on this account will reduce to 1.39% gross on 15 June 2020 and again to 1.09% gross on 1 September 2020.


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