The Best Saving Rates This Week 25.09.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 25/09/2020

The short-term fixed rate bond and easy access savings charts have been very volatile this week, with top rates disappearing quickly. Savers looking to get the best rates within these charts are urged to act quickly or they could miss out.

As rates are changing rapidly the below rates were correct at the time of publishing but may no longer be available. As such, savers should check the savings charts regularly to see the best rates currently available.

The best fixed rate bond savings rates

Provider Account Term Rate AER
Bank of London and The Middle East Premier Deposit Account Five years 1.60% (expected profit rate)
Bank of London and The Middle East Premier Deposit Account Three years 1.45% (expected profit rate)
Gatehouse Bank Raisin UK - 2 Year Fixed Term Deposit
Fixed Term Deposit

Two years

Two years

1.36% (expected profit rate)
1.36% (expected profit rate)
Gatehouse Bank Raisin UK – 1 Year Fixed Term Deposit
Fixed Term Deposit

One year

One year

1.26% (expected profit rate)
1.26% (expect profit rate)

 

The best saving rate overall came from Bank of London and The Middle East (BLME) this week, which pays an expected profit rate of 1.60% gross on anniversary on its Premier Deposit Account. This account, which has a five year fixed term, requires a £1,000 minimum deposit to open as well as a BLME transfer account to hold funds pending investment. It must be opened online and then managed by post.

BLME also had the best three year fixed rate this week. BLME pays an expected profit rate of 1.45% gross on anniversary on the three year version of its Premier Deposit Account. To open this account a minimum deposit of £1,000 is needed and must be opened online and then managed by post and a BLME transfer account to hold funds pending investment.

Gatehouse Bank topped the two year fixed rate bond chart this week. Gatehouse Bank pays an expected profit rate of 1.36% gross on maturity on its Raisin UK – 2 Year Fixed Term Deposit and an expected profit rate of 1.36% gross on anniversary on its Fixed Term Deposit. Both accounts require a £1,000 minimum deposit to open. Raisin UK – 2 Year Fixed Term Deposit must be opened online but can then be managed online, by post and by phone, this account also has an incentive of offering a bonus of up to £50 when a first savings account is opened via the Raisin UK website. Fixed Term Deposit must be opened and managed online

Also topping the one year fixed rate bond chart at the end of this week was Gatehouse Bank, which pays an expected profit rate of 1.26% gross on maturity on its Raisin UK – 1 Year Fixed Term Deposit and Fixed Term Deposit. Both accounts require a £1,000 minimum deposit to open. Raisin UK – 1 Year Fixed Term Deposit has the incentive of Raisin UK offering a bonus of up to £50 when a first savings account if opened via its website. This account must be opened online but can then be managed online, by post and by phone. Fixed Term Deposit can only be opened and managed online.

Compare the best fixed rate bonds

All the rates available can be found on our fixed rate bonds chart.

The best easy access savings rates

Provider Account Notice Rate AER
National Savings & Investments Income Bonds None 1.16% - reducing to 0.01% on 24.11.20
Coventry Building Society Double Access Saver (Online) (2) None 1.10%
Principality Building Society Online Limited Access None 1.05%

 

This week National Savings & Investment remained at the top of the easy access savings chart paying 1.15% gross monthly on its Income Bonds, although it revealed that it would be reducing the rate to 0.01% gross on the 24 November 2020. The account requires a £500 minimum deposit to open. Unlimited further additions are allowed and withdrawals can be made at any time via a nominated account, although all transactions must be from a minimum of £500. This account is 100% backed by HM Treasury. It can be opened and managed online, by post and by phone.

The next best rate this week came from Coventry Building Society, which pays 1.10% gross on anniversary on its Double Access Saver (Online) (2). A minimum deposit of £1 is needed to open this account, which allows unlimited further additions. Withdrawals are restricted to two penalty-free withdrawals per annum, further withdrawals are subject to 50 days’ loss of interest. This account can only be opened and managed online. There is also a version of this account that pays interest monthly at a slightly lower gross rate of 1.09%.

Rounding up the top three this week was Principality Building Society, which pays 1.05% gross yearly on its Online Limited Access. This account requires a £1 minimum deposit to open. It allows unlimited further additions. Withdrawals are restricted to three per calendar year including closure. This account must be opened and managed online.

Compare the best easy access accounts

All the rates available can be found on our easy access accounts chart.

The best notice account rates

Provider Account Notice Rate AER
Charter Savings Bank 120 Day Notice - Issue 15
120 Day Notice Postal - Issue 15

120 days

120 days

1.21%

1.21%

UBL UK 35 Day Notice 35 days 1.00%
Chorley Building Society 30 Day Notice Account Issue 2 30 days 0.75%

 

Offering the best rate overall in the notice account chart this week was Charter Savings Bank which pays 1.21% gross on anniversary on both its 120 Day Notice – Issue 15 and 120 Day Notice Postal – Issue 15. Both accounts require a minimum opening deposit of £5,000. They allow unlimited further additions. Withdrawals are permitted subject to 120 days’ notice. 120 Day Notice – Issue 15 can only be opened and managed online, while the postal version can be opened online or by post but must be managed by post. There are versions of both accounts that pay interest monthly at a gross rate of 1.20%.

Topping the up to 60 days chart this week was UBL UK paying 1.00% gross half yearly on its 35 Day Notice account. To open this account a minimum deposit of £1 is needed. It allows unlimited further additions. Withdrawals are permitted subject to 35 days’ notice, if notice is not given earlier access is allowed subject to 35 days’ loss of interest. This account can be opened and managed in branch and by post.

The best rate in the up to 30 days chart that is available to both new and existing customers is from Chorley Building Society, which pays 0.75% gross yearly on its 30 Day Notice Account Issue 2. This account must be opened with new money to the institution and requires a £1 minimum deposit to open. It allows unlimited further additions. Withdrawals can be made subject to 30 days’ notice. The account can be opened online, in branch or by post and then managed in branch and by post.

Compare the best notice accounts

All the rates available can be found on our notice accounts chart.

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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