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Derin Clark

Derin Clark

Online Reporter
Published: 29/03/2019

With the end of the recent ISA season last week the savings market has remained fairly quiet this week, with no significant changes at the top of the savings charts. Saying this, the charts have remained highly competitive, with attractive rates seen across both the easy access and fixed rate bond charts. This week the best rates are, as expected, in the long-term fixed rate charts with an expected profit rate 2.75% offering the best rate from a provider that is protected by the UK Financial Services Compensation Scheme (FSCS). In the medium-term fixed rate chart, an expected profit rate of 2.55% being offered, while the best rate on offer in the short-term fixed rate chart was an expected profit rate of 2.32%. For savers looking for a more flexible saving option, the top rate in the easy access savings chart this week was 1.50%.

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)

Virgin Money once again dominated the best easy access no bonus savings chart this week, with two of its accounts offering savers a rate of 1.50% AER variable. Double Take E-Saver Issue 10 and Man Utd Double Take E-Saver Issue 5 both offer this rate on a minimum deposit of just £1. The accounts can only be opened and managed online, and they allow unlimited further deposits, although withdrawals are restricted to two per calendar year including closure. The Man Utd Double Take E-Saver has the added incentive of giving savers 10 entries into the United Rewards prize draw for every month the account is open and one extra entry for every £50 held in the account.

This week Kent Reliance was also offering a rate of 1.50% AER variable, but this account needs a significantly higher minimum deposit of £1,000. Online Easy Access – Issue 33 allows unlimited further additions and withdrawals. It can only be opened online but can be managed by phone as well.

The no bonus easy access savings chart remained highly competitive this week, with four more accounts offering rates over 1.40% AER. Yorkshire Building Society was offering 1.46% AER variable on its Online Single Access Saver Issue 17, which requires a minimum opening amount of £100 and can be opened and managed online only. Withdrawals are allowed on one day each year. From a minimum opening deposit of just £1, Sainsbury's Bank was offering a rate of 1.45% AER variable on its Defined Access Saver – Issue 8, which can be opened and managed online and by phone. Shawbrook Bank was offering 1.43% AER variable on its Easy Access – Issue 14, which requires a minimum deposit of £1,000 and must be opened online and then managed by phone. Meanwhile, RCI Bank UK was offering 1.42% AER (variable) on its Freedom Savings Account that must be opened and managed online and needs an opening deposit of £100.

The best easy access savings rates (with bonus)

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

  • 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)

There has been no change at the top of the easy access with bonus chart this week, as Marcus by Goldman Sachs® continued to dominate with its Online Savings Account offering 1.50% AER variable (1.49% gross), which includes a 0.15% bonus for 12 months. This account does not require a minimum deposit to open, but you must have a UK mobile phone number to apply. It can only be opened online but then managed by phone as well. Once opened, it allows further additions and withdrawals.

Tesco Bank remained in second spot this week offering 1.46% AER variable, which includes a 0.91% bonus for 12 months, on its Internet Saver. This account requires a minimum opening deposit of £1 and must be opened online and then can also be managed via its mobile app. It allows unlimited further additions and withdrawals are permitted but are restricted to a maximum withdrawal limit of £10,000 to non-Tesco Bank accounts and £100,000 limit to Tesco Bank accounts. It should be noted that its bonus interest is added at the end of the bonus term and not with annual interest.

Also offering a competitive rate in the easy access with bonus chart was Cynergy Bank with its Online Easy Access Account – Issue 22 offering 1.43% AER variable, including 0.43% bonus for 12 months. A minimum amount of £1 is needed to open this account and it can be only be opened and managed online. Once opened it allows unlimited additions and withdrawals.

Skipton Building Society was the only other provider offering a rate of over 1.40% in the chart this week. Online Bonus Saver Issue 5 is offering 1.42% AER variable, which includes a 0.42% bonus for 16 months. This account requires a minimum opening deposit of £1 and can only be opened and managed online. It also 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 (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)

Topping the one-year fixed rate savings chart this week was Al Rayan Bank offering an expected profit rate of 2.32% AER (2.30% gross) on its Fixed Term Deposit. This 18-month bond requires a minimum opening deposit of £1,000 and once opened no further additions or withdrawals are allowed. It can be opened and managed online, by post, phone, in branch and through its mobile app.

Two further accounts, both from Bank of London and The Middle East (BLME) were offering rates at or above 2.20% this week. Its 18-month bond Premier Deposit Account (Anticipated Profit Rate) is offering an expected profit rate of 2.30% AER, while its one-year bond Premier Deposit Account (Anticipated Profit Rate) is offering an expected profit rate of 2.20% AER. Both accounts require a minimum deposit of £1,000 to open and once opened do not allow further additions or withdrawals. These bonds must be opened online and then managed by post, while a BLME transfer account to hold funds pending investment is needed to open these accounts.

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)

In the three-year fixed rate chart this week, Gatehouse Bank was offering the highest rate among providers protected by the UK FSCS. Its Raisin UK – 3 Year Fixed Term Deposit, a three-year bond, is offering an expected profit rate of 2.55% AER on an opening minimum deposit of £1,000. This account allows further additions for five working days from account opening but withdrawals are not allowed. The account can only be opened online and then managed by post and phone as well. Raisin UK is offering the added bonus of up to £100 when a saving account is opened via their website (terms and conditions apply).

The only other account offering a rate above 2.50% in the three-year chart this week was Al Rayan Bank's Fixed Term Deposit. This 36-month bond is offering an expected profit rate of 2.52% AER (2.50% gross) on a minimum opening deposit of £1,000. The account does not allow further additions or withdrawals and can be opened and managed online, by post, phone, in branch and through its mobile app.

Al Rayan Bank was also highly competitive in the two-year fixed savings chart this week, offering the top rate in the chart. Its Fixed Term Deposit, a 24-month bond, is offering an expected profit rate of 2.42% AER (2.40% gross) from an opening minimum deposit of £1,000. The account can be opened and managed online, by post, phone in branch and through its mobile app. Once opened, it does not allow further additions or withdrawals.

Taking second spot this week was the BLME offering an expected profit rate of 2.35% AER on its Premier Deposit Account (Anticipated Profit Rate). This is a two-year bond that requires a minimum opening deposit of £1,000 and once opened does not allow further additions or withdrawals. The account must be opened online and then managed by post, and to open, a BLME transfer account to hold funds pending investment is needed.

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 (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)

In the long-term fixed savings chart this week, two rates from providers protected by the UK FSCS were offering expected profit rates of 2.75% AER. Gatehouse Bank is offering 2.75% AER on its Raisin UK – 5 Year Fixed Term Deposit, a five-year bond, for a minimum deposit of £1,000. Once opened the account allows further additions for five working days from account opening but not withdrawals. It must be opened online and then managed by post and phone as well. Raisin UK is offering the added bonus of up to £100 when a saving account is opened via their website (terms and conditions apply).

BLME is also offering an expected profit rate of 2.75% AER on its Premier Deposit Account (Anticipated Profit Rate) seven-year bond. It is also has a five-year bond version of the account offering an expected profit rate of 2.70% AER. Both accounts require a minimum opening deposit of £1,000, but do not allow further additions or withdrawals once opened. These accounts must be opened online and then managed by phone. To open, a BLME transfer account to hold funds pending investment is required.

 

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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