The best savings rate this week - Savings - News | moneyfacts.co.uk

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

The best savings rate this week

The best savings rate this week

Category: Savings
Author: Derin Clark
Date: 05/04/2019

It was revealed this week that consumers are looking to increase the amount they save, however despite this, the majority of the rates at the top of the savings Best Buy charts have remained the same. As is normal with saving accounts, the best rates could be found in our long-term savings chart, with the best rate being offered this week at an expected profit rate of 2.75% AER. Savers happy to lock their money away, but for a shorter period, could get an expected profit rate of 2.55% AER on a three-year bond this week, while the best rate available in our one-year fixed rate chart is being offered at an expected profit rate of 2.32% AER.

While the top rates in the easy access savings no bonus chart remained the same this week, Ford Money, which had been offering a highly competitive rate of 1.42% AER on its Flexible Saver in recent weeks removed its product. Commenting on this removal, Suzanne Lewsley, chief deposits officer at Ford Money, said: "As of Wednesday 3 April 2019, Ford Money has withdrawn its Flexible Saver product from sale until further notice. We have taken this action as part of our established practice of reviewing our deposit-taking needs at any given point and assessing current market conditions to ensure we're offering the best rates possible. Our current focus is on delivering a successful ISA season and we will review our product proposition again following its conclusion."

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)

The top three rates in the easy access saving no bonus chart were all offering rates of 1.50% AER. The account topping this chart was Virgin Money's Double Take E-Saver Issue 10, as well as the provider also sitting in second place with its Man Utd Double Take E-Saver Issue 5. Both accounts offer 1.50% AER variable on a minimum deposit of £1. They must be opened and managed online and, once open, allow unlimited further additions but 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.

Once again Kent Reliance was in third place with its Online Easy Access – Issue 33 offering 1.50% AER variable. This account requires a significantly higher opening deposit than the Virgin Money accounts of £1,000, but once opened it allows unlimited further additions and withdrawals. This account must be opened online but can then be managed by phone too.

There were a further four accounts in this chart offering rates over 1.40% AER this week. Yorkshire Building Society was offering 1.46% AER variable on its Online Single Access Saver Issue 17 that requires a minimum opening deposit of £100 and can be opened and managed online. Sainsbury's Bank continued to offer 1.45% AER variable on its Defined Access Saver – Issue 8 this week. This rate is earned providing no more than 3 withdrawals are made per annum and at least £1,000 is held in the account. To open this account, a minimum deposit of £1 is required and it can be opened and managed online and by phone. Shawbrook Bank was offering 1.43% AER variable for a minimum deposit of £1,000 on its Easy Access – Issue 14, which can be opened online then managed online and by phone. Meanwhile, RCI Bank UK was offering 1.42% AER variable on its Freedom Savings Account that requires an opening deposit of £100 and can be opened and managed online only.

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)

Four accounts in the easy access savings with bonus best buy chart were offering rates above 1.40% AER this week. Marcus by Goldman Sachs® continued to offer the best rate in this chart with its Online Savings Account offering 1.50% AER (1.49% gross) variable, which includes a 0.15% bonus for 12 months. There is no minimum amount to open this account and it allows unlimited additions and withdrawals. It can be opened online and managed online and by phone, but savers need to have a UK mobile phone number to open this account.

Second in the easy access savings rate with bonus chart this week was Tesco Bank offering 1.46% AER variable, which includes 0.91% bonus for 12 months, on its Internet Saver. A minimum opening deposit of £1 is needed to open this account and once opened it permits unlimited further additions and withdrawals, but there is a maximum withdrawal limit of £10,000 to non-Tesco Bank accounts and £100,000 limit to Tesco Bank accounts. Savers should note that the bonus interest on this account is added at the end of the bonus term and not with annual interest.

Cynergy Bank took third position this week with its Online Easy Access Account – Issue 22 offering 1.43% AER variable, which includes a 0.43% bonus for 12 months, for a £1 opening deposit. This account can only be opened and managed online and it permits unlimited further additions and withdrawals. The only other account in this chart offering a rate above 1.40% AER was from Skipton Building Society offering 1.42% AER variable, which includes a 0.42% bonus for 16 months, on its Online Bonus Saver Issue 5. A minimum deposit of £1 is needed to open this account and it can only be opened and managed online. This account allows unlimited further 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)

The top three rates in the one-year fixed rate savings chart were all offering expected profits rates at 2.20% AER or above. Al Rayan Bank topped the chart this week with its Fixed Term Deposit account offering an expected profit rate of 2.32% AER (2.30% gross). 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. It does not allow further additions or withdrawals.

Bank of London and The Middle East (BLME) was in both second and third position this week offering expected profit rates of 2.30% AER and 2.20% AER on its Premier Deposit Account (Anticipated Profit Rate) accounts. The 2.30% expected profit rate is available on its 18-month bond, while the 2.20% expected profit rate is available on its one-year bond. Both versions require a minimum opening deposit of £1,000 and once open they don't permit further additions or withdrawals. The accounts can only be opened online and managed by post and a BLME transfer account to hold funds pending investments 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)

The best three-year fixed rate that is protected by the UK Financial Services Compensation Scheme (FSCS) this week came from Gatehouse Bank offering an expected profit rate of 2.55% AER on its Raisin UK – 3 Year Fixed Term Deposit. A minimum amount of £1,000 is needed to open this three-year bond and it must be opened online but can then also be managed by post and phone as well. Further additions are allowed for five working days from account opening and withdrawals are not permitted. Al Rayan Bank was also offering a competitive rate this week with an expected profit rate of 2.25% AER on its Fixed Term Deposit. This 36-month bond requires a minimum deposit of £1,000 and can be opened and managed online, by post, phone, in branch and via its mobile app. Further additions and withdrawals are not permitted.

The top rate in the two-year fixed rate chart this week came from Al Rayan Bank offering an expected profit rate of 2.42% AER on its Fixed Term Deposit. This 24-month bond requires a minimum deposit of £1,000 to open and can be opened and managed online, by post, phone, in branch and via its mobile app. Further additions and withdrawals are not allowed. Second in the chart this week was BLME offering an expected profit rate of 2.35% AER on its Premier Deposit Account
(Anticipated Profit Rate), a two-year bond that requires a minimum deposit of £1,000 to open. This account can be opened online only and managed by post only. It does not permit further additions or withdrawals and a BLME transfer account to hold funds pending investments is needed to open this account.

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)

The provider with the top rate in the long-term fixed rate savings chart that is protected by the UK FSCS was Gatehouse Bank offering an expected profit rate of 2.75% AER on its Raisin UK – 5 Year Fixed Term Deposit. This five-year bond requires a minimum opening deposit of £1,000 and can only be opened online but then managed online, by post and phone. Once opened, the account allows further additions for five working days but withdrawals are not permitted. BLME was also offering highly competitive long-term fixed rates this week with its Premier Deposit Account (Anticipated Profit Rate) accounts. It is offering an expected profit rate of 2.75% AER on its seven-year bond and 2.70% AER on its five-year bond. These bonds require a minimum opening deposit of £1,000 and they can only be opened online and then managed by post. Once opened, further additions or withdrawals are not allowed. To open a BLME account, a BLME transfer account to hold funds pending investments 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.

Close