Derin Clark

Derin Clark

Online Reporter
Published: 08/05/2019
Those savers who have not already taken advantage of the deals from this year's ISA season may well have missed the boat. As highlighted in our news story from 24th April 2019 several of the most attractive ISA deals have now been cut – many since the 6th April and the start of the new tax year.
Moneyfacts analysis has made it clear that several providers have made cuts or withdrawn deals entirely – a sure sign that the lucrative ISA season is well and truly over for another year.
The top rates being offered in terms of fixed rate ISAs are now 2.30%, 2.20% and 2.15% respectively – with a mixture of four-year and five-year bonds. Savers looking to deposit their cash for a shorter period can choose from one-year and 18-month bonds offering 1.71%, 1.67% and 1.62% at the top of the charts.

The best easy access savings rates (no bonus)

The best bonus-free easy access savings rates this week:
• Virgin Money, Double Take E-Saver Issue 10 – 1.50% AER (variable)
• Virgin Money, Man Utd Double Take E-Saver Issue 5 – 1.50% AER (variable)
• Shawbrook Bank, Easy Access – Issue 14 – 1.43% AER (variable)
Virgin Money continued to dominate the charts with it's top two products both offering an interest rate of 1.50% and with a very accessible opening deposit amount of just £1.00. The Double Take E-Saver Issue 10 was in first place, while its Man Utd Double Take E-Saver Issue 5 took second place. Both accounts can only be opened and managed online. Unlimited further additions are allowed but withdrawals are restricted to two withdrawals per calendar year including closure. The Man Utd Double Take E-Saver has the added incentive of giving savers 10 entries into the prize draw for every month the account is open and one extra entry for every £50 held in the account.
Shawbrook bank took third place with their Easy Access - Issue 14. This requires a minimum opening deposit of £1,000 and, although it must be opened online, it can then be managed by phone as well. Unlimited further additions and withdrawals are also allowed.
Finally, RCI Bank UK was offering a rate of 1.42% AER on its Freedom Savings Account. To open this account a minimum opening deposit of £100 is required and it allows unlimited further additions and withdrawals. The account must be both opened and managed online.


The best easy access savings rates (with bonus)

• Marcus by Goldman Sachs®, Online Savings Account – 1.50% AER (variable)
• Tesco Bank, Internet Saver – 1.46% AER (variable)
• Cynergy Bank, Online Easy Access Account – Issue 22 – 1.43% AER (variable)
At the top of the easy access with bonus savings chart this week was Marcus by Goldman Sachs® offering a rate of 1.50% (variable) AER, including a 0.15% bonus for 12 months. There is no minimum opening deposit for this account, and it allows unlimited further additions and withdrawals. It can only be opened online but then managed by phone as well.
Tesco Bank was in second place with its Internet Saver offering a rate of 1.46% (variable) AER, which includes 0.91% bonus for 12 months, from an opening deposit of £1. However the rate drops to 0.55% (variable) AER from £1,000,001. This account allows unlimited further additions but withdrawals are restricted to £10,000 to non-Tesco Bank accounts and £100,000 to Tesco Bank accounts. The account must be opened online but can then also be managed via its mobile app.
Cynergy Bank took third place this week with its Online Easy Access Account – Issue 22 offering 1.43% (variable) AER, including 0.43% bonus for 12 months. This online-only account requires a minimum opening deposit of £1 and allows unlimited further additions and withdrawals.

The best short-term fixed rate savings accounts

• Al Rayan Bank, Fixed Term Deposit – 2.32% AER (expected profit rate)
• Bank of London and The Middle East, Premier Deposit Account (Anticipated Profit Rate) – 2.30% AER (expected profit rate)
• Bank of London and The Middle East, Premier Deposit Account (Anticipated Profit Rate) – 2.20% AER (expected profit rate)
This week Al Rayan Bank topped the one-year fixed rate chart offering an expected profit rate of 2.32% AER (2.30% gross) on its Fixed Term Deposit account. This 18-month bond requires a minimum opening deposit of £1,000 and can be opened and managed online, by post, phone, in branch and via its mobile app.
Bank of London and The Middle East (BLME) took second and third place this week with its Premier Deposit Account (Anticipated Profit Rate) accounts. The 18-month version offers an expected profit rate of 2.30% AER, while the one-year fixed rate version offers 2.20% AER. Both versions require an opening minimum deposit of £1,000 and can only be opened online and then managed by post. To open a BLME account, a BLME transfer account to hold funds pending investment is needed. As is common with all fixed term savings accounts, none of these accounts allow further deposits or withdrawals once opened.


The best two and three-year fixed rate savings accounts

The best medium-term fixed rates this week:
• Gatehouse Bank, Raisin UK – 3 Year Fixed Term Deposit – 2.55% AER (expected profit rate)
• Al Rayan Bank, Fixed Term Deposit – 2.52% AER (expected profit rate)
• Al Rayan Bank, Fixed Term Deposit – 2.42% AER (expected profit rate)
• Bank of London and The Middle East, Premier Deposit Account (Anticipated Profit Rate) – 2.35% AER (expected profit rate)
Topping the three-year fixed chart this week was Gatehouse Bank offering an expected profit rate of 2.55% AER on its Raisin UK – 3 Year Fixed Term Deposit. This three-year bond requires an opening minimum deposit of £1,000 and can be opened online and then managed by post and phone as well. Further additions are allowed for five working days from account opening, but it does not permit withdrawals. Taking second place in the three-year chart was Al Rayan Bank offering an expected profit rate of 2.52% AER for an opening minimum deposit of £1,000 on its Fixed Term Deposit account. This 36-month bond does not allow further additions or withdrawals and can be opened and managed online, by post, phone, in branch and via its mobile app.
Al Rayan Bank topped the two-year fixed rate savings chart this week offering an expected profit rate of 2.42% AER on its Fixed Term Deposit account. This 24-month bond requires an opening minimum deposit of £1,000 and can be opened and managed online, by post, phone, in branch and through its mobile app. It does not permit further additions or withdrawals. In second place in the two-year fixed rate chart this week was BLME offering an expected profit rate of 2.35% AER for an opening deposit of £1,000 on its Premier Deposit Account (Anticipated Profit Rate) account. This account does not allow further additions or withdrawals and it can only be opened online and then managed by post.

The best long-term fixed savings accounts

The best long-term fixed rates this week:
• Gatehouse Bank, Raisin UK – 5 Year Fixed Term Deposit – 2.75% AER (expected profit rate)
• Bank of London and The Middle East, Premier Deposit Account (Anticipated Profit Rate) – 2.75% AER (expected profit rate)
• Bank of London and The Middle East, Premier Deposit Account (Anticipated Profit Rate) – 2.70% AER (expected profit rate)
Gatehouse Bank had the best long-term fixed rate this week with its Raisin UK – 5 Year Fixed Term Deposit account offering an expected profit rate of 2.75% AER from an opening deposit of £1,000. This account allows further additions for five working days from account opening, but does not allow withdrawals. It can only be opened online but can then managed by post and phone as well.
BLME took second and third place this week with its Premier Deposit Account (Anticipated Profit Rate) accounts. Its seven-year version was offering an expected profit rate of 2.75% AER, while its five-year version was offering 2.70% AER. Both accounts do not allow further additions or withdrawals and can only be opened online and then managed by post. To open a BLME account, a BLME transfer account to hold funds pending investment is needed.
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.

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