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The best savings rate this week

The best savings rate this week

Category: Savings
Author: Derin Clark
Date: 22/03/2019

The savings charts have remained highly competitive this week, especially in the medium and long-term fixed rate charts where many rates were well above 2%. Of note 2.75% AER was being offering in the long-term fixed rate chart and 2.52% in the three-year fixed rate chart. For savers looking for no restrictions to access their money there were a number of competitive rates on offer this week, with the best rates in the easy access no bonus and easy access with bonus charts both offering 1.50% AER variable.

  • The best long-term fixed bond – 2.75% AER (expected profit rate)
  • The best medium-term fixed bond – 2.52% AER (expected profit rate)
  • The best 18-month fixed bond – 2.32% AER (expected profit rate)
  • The best easy access, no bonus – 1.50% AER variable
  • The best easy access, with bonus – 1.50% AER variable

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)
  • Kent Reliance, Online Easy Access – Issue 33 – 1.50% AER (variable)

Last week's top rate dropped out of this Best Buy chart during the week, meaning that Virgin Money has now taken first and second place with its rate of 1.50% AER variable. Double Take E-Saver Issue 10 and Manu Utd Double Take E-Saver Issue 5 both require a minimum deposit of just £1 to take advantage of this top rate. These accounts can only be opened and managed online and allow unlimited further additions, but withdrawals are restricted to two per calendar year including closure. The Man Utd account has the incentive of giving savers 10 entries into the Manchester United prize draw for every month the account is open and one extra entry for every £50 held in the account.

Kent Reliance has entered the chart this week also offering a rate of 1.50% AER variable. Online Easy Access – Issue 33 requires a minimum investment of £1,000 and allows unlimited further additions and withdrawals. The account can only be opened online and then managed online and by phone.

Five additional easy access no bonus accounts were offering a rate of over 1.40% this week. Yorkshire Building Society was offering a rate of 1.46% AER variable on its Online Single Access Saver Issue 17 that requires a minimum opening amount of £100. Just below this was Sainsbury's Bank offering a rate of 1.45% AER variable on its Defined Access Saver – Issue 8 account that requires a minimum deposit of £1 to open. Shawbrook Bank was offering a rate of 1.43% AER variable on its Easy Access – Issue 14 that requires an opening amount of £1,000. Ford Money and RCI Bank were both offering a rate of 1.42% AER variable this week. Ford Money's Flexible Saver requires a minimum deposit of £1, while to open Freedom Savings Account from RCI Bank savers need an minimum deposit of £100.

The best easy access savings rates (with bonus)

The best three easy access savings (with bonus) rates this week:

  • Marcus by Goldman Sachs®, Online Savings Account – 1.50% AER (variable)
  • Cynergy Bank, Online Easy Access Accounts – Issue 22 – 1.43% AER (variable)
  • Tesco Bank, Internet Saver – 1.42% AER (variable)

There was no change at the top of the easy access savings with bonus Best Buy chart this week with the top three rates continuing to offer rates over 1.40% AER variable. Marcus by Goldman Sachs® remains at the top of the chart this week with its Online Savings Account offering a rate of 1.50% AER (1.49% gross) variable, including a 0.15% bonus for 12 months. There is no minimum amount to open this account, which can only be opened online and then managed online and by phone. It also allows unlimited additions and withdrawals. To open this account a UK mobile phone number is needed.

Once again in second place this week was Cynergy Bank with its Online Easy Access Account – Issue 22 offering a rate of 1.43% AER variable, including a 0.43% bonus for 12 months. A minimum deposit of £1 is needed to open this account, which can only be opened and managed online. It allows unlimited additions and withdrawals. Taking the third spot this week was Tesco Bank offering a rate of 1.42% AER variable, which includes a 0.87% bonus for 12 months, with its Internet Saver. This account can only be opened online and can then be managed by its mobile app as well.

The only other rate in the Best Buy chart over 1.30% was Easy Saver – Issue 8 from the AA. This account was offering a rate of 1.36% AER, including 1.16% bonus for 12 months, for a deposit of £100. The account can be opened and managed online and by phone. It allows unlimited additions and withdrawals.

The best short-term fixed rate savings accounts

The best short-term fixed rates this week:

  • Al Rayan Bank, Fixed Term Deposit – 2.32% AER (expected profit rate)
  • Bank of London and The Middle East, Premier Deposit Account – 2.30% AER (expected profit rate)
  • Bank of London and The Middle East, Premier Deposit Account – 2.20% AER (expected profit rate)

The top three rates in our one-year fixed rates Best Buy charts were all offering rates at or above 2.20% this week. Topping the chart this week was Al Rayan Bank offering an expected profit rate of 2.32% (2.30% gross) on its 18-month Fixed Term Deposit account. This 18-month bond requires a minimum deposit of £1,000 to open and can be opened and managed online, by post, by phone, in branch and via its mobile app. This account does not allow any further additions or withdrawals.

In both second and third place this week was Bank of London and The Middle East (BLME). Premier Deposit Account (Anticipated Profit Rate) offers an expected profit rate of 2.30% AER on its 18-month bond, while the 1 year version offers an expected profit rate of 2.20% AER. Both accounts require a minimum deposit of £1,000 and must be opened online and then managed by post. The accounts don't permit further additions or withdrawals, and require a BLME transfer account to hold funds pending investment.

Outside the top three but still offering a competitive rate was Al Rayan Bank Fixed Term Deposit offering an expected profit rate of 2.17% AER (2.15% gross). The 12-month bond requires a minimum opening balance of £1,000 and does not allow any further additions or withdrawals. It can be opened and managed online, by post, by phone, in branch and through its mobile app.

The best two and three-year fixed rate savings accounts

The best medium-term fixed rates this week:

  • Al Rayan Bank, Fixed Term Deposit – 2.52% AER (expected profit rate)
  • Gatehouse Bank, Raisin UK – 3 Year Fixed Term Deposit (expected profit rate)
  • Gatehouse Bank, Raisin UK – 2 Year Fixed Term Deposit – 2.45% AER (expected profit rate)
  • Al Rayan Bank, Fixed Term Deposit – 2.42% AER (expected profit rate)

Offering the best rate at the top of the three-year fixed rate Best Buy chart that is protected by the UK Financial Services Compensation Scheme was Al Rayan Bank offering an expected profit rate of 2.52% AER on its Fixed Term Deposit. To open this 36-month bond an opening deposit of £1,000 is required. It can be opened and managed online, by post, by phone, in branch and through its mobile app. Withdrawals and further additions are not allowed. Taking second place was Gatehouse Bank offering an expected profit rate of 2.50% AER on its Raisin UK – 3 Year Fixed Term Deposit. This three-year bond requires an opening minimum amount of £1,000 and it allows further additions for five working days after opening but not withdrawals. It can only be opened online, but then managed online, by post and by phone. As an added incentive Raisin UK offers savers a bonus of up to £100 depending on the amount invested.

Topping the two-year fixed rate Best Buy chart this week was Gatehouse Bank offering an expected profit rate of 2.45% AER on its Raisin UK – 2 Year Fixed Term Deposit. This two-year bond requires a minimum deposit of £1,000 and accepts further additions but not withdrawals. It can be opened online and then managed online, by post and by phone. The only other rate above 2.40% AER in the two-year Best Buy chart this week was from Al Rayan Bank offering an expected profit rate of 2.42% AER (2.40% gross) on its Fixed Term Deposit. This is a 24-month bond that requires a minimum deposit of £1,000 and it does not accept further additions or withdrawals once opened. It can be opened online, by post, by phone, in branch and through its mobile app.

The best long-term fixed saving 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 – 2.75% AER (expected profit rate)
  • Bank of London and The Middle East – Premier Deposit Account – 2.70% (expected profit rate)

The best rate in long-term fixed rate saving chart that is protected by the UK Financial Services Compensation Scheme was this week was Gatehouse Bank offering a rate of 2.75% AER on its Raisin UK – 5 Year Fixed Term Deposit account. Savers will need a minimum deposit of £1,000 to open this five-year bond, which can only be opened online and then managed online, by post and by phone. It allows further additions for five working days after opening but not withdrawals. As an added incentive Raisin UK offers savers a bonus of up to £100 depending on the amount invested.

The Bank of London and The Middle (BLME) took third place on the long-term saving chart this week offering an expected profit rate of 2.75% AER on its Premier Deposit Account, a seven-year bond, while it also took fourth place with an expected profit rate of 2.70% AER on its five-year bond version. Both these accounts require a minimum opening deposit of £1,000 and do not allow further additions or withdrawals once opened. They can only be opened online and then managed by post. To open a BLME account a BLME transfer account is needed to hold funds pending investment.

The only other rate in the long-term saving chart this week offering a rate over 2.60% was from United Trust Bank offering a rate of 2.70% AER on its UTB 5 Year Bond account. This five-year bond requires a minimum deposit of £5,000 and can only be opened online and then managed by post and in branch. It does not allow further additions or withdrawals.

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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