While there has not been much movement at the top of the saving charts this week, several rates further down the chart have been reduced. Tesco Bank, Post Office Money® and RCI Bank UK are just some of the providers that have reduced rates this week, and this activity could be the start of reduced competition within the savings market. As such, savers could be better off looking at switching their savings account now to take advantage of the current competitive rates available, rather than waiting until after the summer holidays.
|Bank of London and The Middle East||Premier Deposit Account||Seven-year bond||2.80%|
|Bank of London and The Middle East||Premier Deposit Account||Five-year bond||2.75%|
|Bank of London and The Middle East||Premier Deposit Account||Three-year bond||2.55%|
|Bank of London and The Middle East||Premier Deposit Account||Two-year bond||2.35%|
|Bank of London and The Middle East||Premier Deposit Account||One-year bond||2.10%|
The fixed rate bond charts continued to be dominated by Bank of London and The Middle East (BLME), which offers the top rate for each term within this chart. The best fixed term rate being offered overall is an expected profit rate of 2.80% on the seven-year version of BLME’s Premier Deposit Account. Those looking for a shorter fixed term period can get an expected profit rate of 2.75% on the five-year version of this account. BLME also offered the top rate for shorter-term fixed rate accounts, with the three-year version of this account offering 2.55%, the two-year version offering 2.35% and the one-year version offering 2.10%. All versions of this account require a minimum opening deposit of £1,000 and, once opened, do not allow further additions or withdrawals. To open a BLME account, a BLME transfer account to hold funds pending investment is needed. These accounts must be opened online and then managed by post.
|Cynergy Bank||Online East Access Account – Issue 24||None||1.50% (including 0.75% bonus for 12 months)|
|Marcus by Goldman Sachs®||Online Savings Account||None||1.50% (including 0.15% bonus for 12 months)|
|Virgin Money||Double Take E-Saver Issue 10||None||1.50%|
|Virgin Money||Man Utd Double Take E-Saver Issue 5||None||1.50%|
|Shawbrook Bank||Easy Access – Issue 15||None||1.48%|
Three banks continued to offer the top rate in the easy access savings chart, all paying 1.50% on a deposit of £1. Cynergy Bank offers this rate, which currently includes a 0.75% bonus for 12 months on its Online Easy Access Account – Issue 24. This account allows unlimited further additions and withdrawals although withdrawals must be made via a nominated account and can only be opened and managed online. Marcus by Goldman Sachs® offers 1.50%, including a 0.15% bonus for 12 months, on its Online Savings Account. This account can be opened without a deposit, but a UK mobile number is required to open the account. It also allows unlimited further additions via a nominated account and withdrawals. This account can online be opened online and then managed by phone as well.
Both Double Take E-Saver Issue 10 and Man Utd Double Take E-Saver Issue 5 from Virgin Money also offered the top rate of 1.50%. While these accounts allow unlimited further additions, withdrawals are restricted to two withdrawals per calendar year including closure. Both accounts can only be opened and managed online.
Shawbrook Bank also offers a highly competitive rate of 1.48% on its Easy Access – Issue 15, but savers will need a considerably higher deposit of £1,000 to open this account. Once opened, it allows unlimited further additions and withdrawals, although withdrawals must be made via a nominated account. This account can only be opened online but then managed by phone as well.
|Gatehouse Bank||120 Day Notice Account||120 days||1.87%|
|OakNorth||90 Day Notice Deposit||90 days||1.77%|
|Secure Trust Bank||45 Day Notice Account||45 days||1.65%|
|Secure Trust Bank||30 Day Notice Account||30 days||1.55%|
Gatehouse Bank once again offered the top rate of 1.87% in the notice account chart this week. This is an expected profit rate that is available on its 120 Day Notice Account, which requires an opening deposit of £1,000. Savers can make unlimited further additions and withdrawals are permitted via a nominated account and subject to 120 days’ notice. The account can only be opened and managed online.
OakNorth topped the 90-day notice chart this week with its 90 Day Notice Deposit offering 1.77% on an opening deposit of £1. This account allows unlimited further additions and withdrawals are allowed subject to 90 days’ notice. Again, the account can only be opened and managed online.
Secure Trust Bank offered the best rate for both the up to 60-day Notice and the up to 30-day notice charts. Its 45 Day Notice Account topped the up to 60-day chart offering 1.65%, while 30 Day Notice Account topped the 30-day chart offering a rate of 1.55%. Both accounts require a £1,000 minimum deposit and allow savers to make unlimited further additions. 45 Day Notice Account permits four interest withdrawals per year without penalty, while three capital withdrawals are allowed per year on 45 days’ notice. 30 Day Notice Account also allows four interest withdrawals per year without penalty, while three capital withdrawals are allowed per year on 30 days’ notice.
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.