The best savings rates this week 01.10.21 | moneyfacts.co.uk

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Michelle Monck

Michelle Monck

Consumer Finance Expert
Published: 01/10/2021

This week the fixed rate bond market has remained steady with no changes in the best rates available. Easy access accounts now have more banks offering top rates following the rate increase made by Marcus by Goldman Sachs® and Saga earlier in the week.

Savers should be aware that the accounts highlighted below are the top-paying accounts available to new customers and higher rates may be available to existing customers only. Savers can compare the best savings rates available to existing customers by visiting our savings charts and selecting these accounts in the refine search section.
Information about accounts and rates are correct at 1pm on Friday 1 October 2021 but can change at any time.

The best fixed rate bonds savings rates

Provider Account Term Rate AER  
Recognise Bank 5 Year Fixed Rate Account Five years 2.00% Find out more
Al Rayan Bank Fixed Term Deposit 36 months 1.81% (expected profit rate) Find out more
Al Rayan Bank Fixed term Deposit 24 months 1.76% (expected profit rate) Find out more
Gatehouse bank 1 Year Fixed Term Green Saver 1 year 1.51% (expected profit rate) Find out more

There were no changes to the best rates for fixed rate bonds this week with the same banks and accounts retaining the top spots.The best five-year fixed rate bond continued to be offered by Recognise Bank and its 5 Year Fixed Rate Account. This account pays 2.00% gross on anniversary and requires a £1,000 minimum deposit to open. Savers can only open and manage this account online. There is also a version of this account that pays interest monthly at a slightly lower gross rate of 1.98%.


Al Rayan Bank retains the best rates for a three and two-year fixed rate bond this week. The 36 month version of its Fixed Term Deposit pays an expected profit rate of 1.81% gross quarterly, while the 24 month version pays an expected profit rate of 1.76% gross quarterly. These accounts have a £5,000 minimum deposit to open and can be opened and managed online, in branch, by phone and via mobile app.


The best one-year fixed rate bond this week is again from Gatehouse Bank. Its 1 Year Fixed Term Green Saver pays an expected profit rate of 1.51% gross on maturity. A £1,000 minimum deposit is needed to open this account, which comes with a green incentive that sees a tree planted in a UK woodland for every account opened or renewed. The account can only be opened and managed online.

Compare the best fixed rate bonds

The best easy access savings rates

Provider Account Maximum number of withdrawals allowed Rate AER  
Family Building Society Premium Saver (4) Unlimited 0.65% Go to provider's site
Marcus by Goldman Sachs® Online Savings Account Unlimited 0.60% including a 0.10% bonus for 12 months Go to provider's site
Saga Saga Easy Access Savings Account Unlimited 0.60% including a 0.10% bonus for 12 months Go to provider's site
Charter Savings Bank Easy Access - Issue 23 Unlimited 0.60% Find out more
Charter Savings Bank Easy Access Postal - Issue 23 Unlimited 0.60% Find out more
Cynergy Bank Online Easy Access Account (Issue 41) Unlimited 0.60% including a 0.30% bonus for 12 months Find out more

With more easy access savings accounts now offering top rates, we’ve focussed this week on those that have no withdrawal restrictions. This means there is one account that continues to offer the very best rate of all easy access accounts and five accounts with the same second-best rate.
The top rate is from Family Building paying 0.65% gross yearly on its Premium Saver (4) which requires a £10,000 minimum deposit to open. This account allows further additions until 5th 5 November 2021.. It must be opened online but can then be managed online, in branch, by post and by phone.
This week Marcus by Goldman Sachs® and SAGA Saga both increased rates to join Charter Savings Bank and Cynergy offering the next best rate. The Online Savings Account from Marcus by Goldman Sachs® has a rate of 0.60% gross monthly which includes a 0.10% bonus for 12 months. There is no minimum deposit needed to open this account, which can be done online or via mobile app. The account can then be managed online, by phone or via mobile app. Savers could also choose the Saga Easy Access Savings Account from SAGA offering the same terms as Marcus by Goldman Sachs®, with the exception that it can only be opened online, and managed online and by phone. However, these two share the Marcus by Goldman Sachs® banking licence and this means savers’ money is only protected by the Financial Services Compensation Scheme (FSCS) up to a total of £85,000 per depositor across the two institutions, not £85,000 each.
Next up is Charter Savings Bank with its Easy Access – Issue 23. This has a rate of 0.60% gross paid on anniversary or monthly. The account can only be opened and managed online, and the minimum deposit is £5,000. Those wanting the option to open and manage their savings account by post can choose Charter Savings Bank’s Easy Access Postal – Issue 23, which can be opened both online and by post, and managed by post.
The last bank offering a rate of 0.60% gross on anniversary is Cynergy Bank with its Online Easy Access (Issue 41). This rate includes a bonus of 0.30% for 12 months. This account can be opened online with a £1 minimum deposit and managed online too.

Compare the best easy access accounts

The best notice account rates

Provider Account Notice Rate AER  
Recognise Bank 95 Day Notice Account - Issue 1 95 days 1.10% Find out more
Secure trust Bank 90 Day Notice Account 90 days 1.07% Find out more
OakNorth Bank 120 Days Notice Deposit Account 120 days 1.06% Find out more
Oxbury Bank Personal 120 Day Notice Account - Issue 1 120 days 1.06% Find out more

Recognise Bank offers the best rate for a notice savings account this week with its 95 Day Notice Account – Issue 1. It has a rate of 1.10% gross on anniversary and can be opened online with a £1,000 minimum opening deposit. It can then be managed online as well. Savers must give 95 days’ notice to make a withdrawal. There is also a version of this account that pays interest monthly at a slightly lower gross rate of 1.09%.
Next is Secure Trust bank with it 90 Day Notice Account paying 1.07% gross quarterly. It can be opened online with a minimum deposit of £1,000 and then managed online and by phone. Each year savers can make four withdrawals from interest earned and three withdrawals from the capital, and all must serve the 90 days’ notice period.
Finally there is OakNorth Bank and Oxbury Bank, with their 120 days notice accounts both paying a rate of 1.06% gross monthly. The 120 Days Notice Deposit Account from OakNorth Bank can be opened online or via mobile app with a £1 deposit. It is then managed in the same ways. The Personal 120 Day Notice Account – Issue 1 from Oxbury Bank, an agriculturally focussed bank, can be opened with £1,000 online and then managed online or via mobile app. Both accounts require 120 days’ notice for withdrawals.

Compare the best notice 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. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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