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The best savings rate this week

The best savings rate this week

Category: Savings
Author: Derin Clark
Date: 03/04/2019

Sharia'a compliant banks continue to dominate the fixed rate bond savings charts this week, with the top three positions in all these charts. The best saving rate that offers UK Financial Services Compensation Scheme (FSCS) protection this week was in the long-term fixed bond chart, offering an expected profit rate of 2.75% AER. The medium-term fixed bond chart was also competitive this week with the best expected profit rate being offered at 2.52% AER, while the best expect profit rate in the 18-month fixed bond chart was 2.32% AER. For savers wanting to have access to their money, the best rates in both the easy access, no bonus and easy access, with bonus charts was 1.50% AER (variable).

  • The best long-term fixed bond – 2.75% (expected profit rate)
  • The best medium-term fixed bond – 2.52% (expected profit rate)
  • The best 18-month fixed bond – 2.32% (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 rate (no bonus)

The best easy access savings (no bonus) 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 continued to take first and second spots in the easy access, no bonus Best Buy chart offering a rate of 1.50% AER variable on both accounts. Double Take E-Saver Issue 10 topped the chart and Man Utd Double Take E-Saver Issue 5 was in second place. These accounts require a minimum deposit of £1 and can only be opened and managed online. They 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.

Remaining in third place this week was Kent Reliance offering a rate of 1.50% AER variable on its Online Easy Access – Issue 33 account. This account requires a minimum opening deposit of £1,000, after which unlimited further additions and withdrawals are permitted. It can be opened online and then also managed by phone.

The easy access no bonus chart was once again highly competitive this week with a further five accounts offering rates over 1.40% AER. Yorkshire Building Society offered a rate of 1.46% AER variable on its Online Single Access Saver Issue 17, which requires a minimum opening investment of £100 and can only be opened and managed online. Sainsbury's Bank was offering savers a rate of 1.45% AER variable on its Defined Access Saver – Issue 8, which requires a minimum deposit of £1,000 and can be opened and managed online and by phone. For a minimum deposit of £1,000, Shawbrook Bank offered a rate of 1.43% AER variable on its Easy Access – Issue 14. This account can be opened online and then also managed by phone. There is also a 0.75% AER available on this account for deposits between £1 and £999. Both Ford Money and RCI Bank UK were offering a rate of 1.42% AER variable. Ford Money was offering this rate on its Flexible Saver, which requires an opening deposit of £1 and can be opened online and by phone and then managed online; while RCI Bank UK was offering this on its Freedom Savings Account, which requires an opening deposit of £100 and must be open and managed online.

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)

In the easy access savings with bonus chart this week Marcus by Goldman Sachs® once again remained in top position offering a rate of 1.50% AER (1.49% gross) variable, including a 0.15% bonus for 12 months, on its Online Savings Account. There is no minimum opening amount on this account, and it can be opened online and then managed by phone, too. It also allows unlimited additions and withdrawals. To open this account, a UK mobile phone number is required.

Tesco Bank was new in second place by the end of this week with its Internet Saver offering a rate of 1.46% AER (variable), which includes a 0.91% bonus for 12 months. This account can be opened with a deposit of just £1. It must be opened online but can then also be managed online and by mobile app. Once opened, this account allows unlimited further additions and unlimited withdrawals, although there is a maximum withdrawal limit of £10,000 to non-Tesco Bank accounts and £100,000 limit to Tesco Bank accounts. It should also be noted that bonus interest is added at the end of the bonus term and not with annual interest.

Dropping into third position by the end of the week was Cynergy Bank offering a rate of 1.43% AER (variable), including 0.43% bonus for 12 months, on its Online Easy Access Account – Issue 22. A minimum opening amount of £1 is needed to open this account, which must be opened and managed online. Once opened, this account permits unlimited further additions and withdrawals. The only other account in the easy savings with bonus chart with a rate above 1.30% this week was Easy Saver – Issue 8 from AA offering a rate of 1.36% AER (variable), including 1.16% bonus for 12 months. This account requires a minimum opening amount of £100 and 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 short-term fixed rate savings chart remained competitive this week, with the top three rates all offering 2.20% or above. Topping the chart 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 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.

The Bank of London and The Middle East (BLME) took second and third position this week. Its Premier Deposit Account offers 2.30% AER on an 18-month bond, while its one-year bond version of the same account offers a rate of 2.20% AER. Both these accounts require a minimum opening deposit of £1,000 and they must be opened online and then managed by post. Further additions or withdrawals are not allowed with these accounts and a BLME transfer account to hold funds pending investment is required.

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, Fixed Term Deposit – 2.50% AER (expected profit rate)
  • Gatehouse Bank, Fixed Term Deposit – 2.45% AER (expected profit rate)
  • Al Rayan Bank, Fixed Term Deposit – 2.42% AER (expected profit rate)

The best rate in the three-year fixed rate Best Buy chart that is protected by the UK FSCS this week was Al Rayan Bank offering an expected profit rate of 2.52% AER (2.50% gross) on its Fixed Term Deposit. To open this 36-month bond, a minimum deposit of £1,000 is needed. 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. Gatehouse Bank remained competitive this week offering an expected profit rate of 2.50% AER on its Fixed Term Deposit. This three-year bond requires an opening minimum amount of £1,000 and it does not allow further additions or withdrawals. It can only be opened and managed online.

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 Fixed Term Deposit. This two-year bond requires a minimum opening amount of £1,000 and once opened does not allow any further additions or withdrawals. It must be opened and managed online. Another highly competitive rate in the two-year fixed 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 24-month bond requires an opening deposit of £1,000 and can be opened and managed online, by post, phone, in branch and via its mobile app.

The best long-term fixed saving accounts

The best long-term fixed rates this week:

  • Gatehouse Bank –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 top rate in the long-term fixed rate savings chart this is protected by the UK FSCS this week was Gatehouse Bank offering an expected profit rate of 2.75% AER on its Fixed Term Deposit. This five-year bond requires a £1,000 opening deposit and can only be opened and managed online. Once opened it does not allow further additions or withdrawals. BLME continued to offer highly competitive rates on the long-term fixed rate chart this week, offering an expected profit rate of 2.75% on its seven-year bond Premier Deposit Account and 2.70% on the five-year version. Both these accounts require a minimum opening deposit of £1,000 and must be opened online and then managed by post. They do not allow further additions or withdrawals once opened and a BLME transfer account is needed to hold funds pending investment before opening either of these accounts.

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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