The best savings rates this week 03.01.20 | moneyfacts.co.uk
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Derin Clark

Derin Clark

Online Reporter
Published: 03/01/2020

Last year saw savings rates tumble, but savers will be relieved that over the Christmas period the top rates available in the savings charts remained. While there continues to be uncertainty with what will happen to savings rates this year, savers who are worried about missing out on the current top rates should act quickly to secure the most competitive rates available.

The best fixed rate bond savings rates

Provider Account Term Rate AER
UBL UK 5 Year Fixed Term Deposit Five years 2.38%
Bank of London and The Middle East Premier Deposit Account Three years 2.10% (expected profit rate)
Bank of London and The Middle East Premier Deposit Account Two years 1.95% (expected profit rate)
Bank of London and The Middle East Premier Deposit Account One year 1.80% (expected profit rate)

Savers wanting to start the year by opening a fixed rate savings account will be pleased to see that the top rates available at the end of last year are still topping the charts. UBL UK continued to reign supreme in the chart with its 5 Year Fixed Term Deposit paying 2.50% gross on maturity. This account requires a minimum opening deposit of £2,000 and can be both opened and managed in branch and by post.

Bank of London and The Middle East (BLME) continued to top the three, two and one year fixed rate charts with its Premier Deposit Account. The three-year version of this account pays an expected profit rate of 2.10% gross on its anniversary, while the two-year option pays an expected profit rate of 1.95% gross on its anniversary and the one-year version pays an expected profit rate of 1.80% gross on maturity. All these accounts require a minimum opening deposit of £1,000 and can only be opened online and then managed by post. To open these bonds, you must have or open a BLME transfer account to hold funds pending investment.

The best easy access savings rates

Provider Account Notice Rate AER
Shawbrook Bank Easy Access – Issue 17 None 1.41%
Chelsea Building Society 1 Year Limited Access Saver None 1.40%
Gatehouse Bank Easy Access Account None 1.40% (expected profit rate)
Yorkshire Building Society 1 Year Limited Access Saver None 1.40%

Easy access accounts are a great option for those looking to start a savings fund this year. The top rate currently available in the easy access chart is Shawbrook Bank’s Easy Access – Issue 17 paying 1.41% gross on its anniversary. This account requires an opening minimum deposit of £1,000 and allows unlimited further additions. Withdrawals, subject to a minimum amount of £500, can be made at any time via a nominated account. This account must be opened online but can then be managed online and by phone. There is also a version of this account that pays interest monthly at a slightly lower gross rate.

Three providers continued to offer the next best rate of 1.40% gross this week, all of which can only be opened and managed online. Chelsea Building Society pays 1.40% gross on its anniversary on its 1 Year Limited Access Saver. This account requires an opening minimum deposit of £100. It allows unlimited further additions but withdrawals are restricted to one withdrawal day per account year.

Gatehouse Bank pays an expected profit rate of 1.40% gross on its anniversary on its Easy Access Account on an opening minimum deposit of £1,000. This account allows unlimited further additions, while withdrawals are also permitted via a nominated account.

Yorkshire Building Society pays 1.40% gross on its anniversary on its 1 Year Limited Access Saver. A minimum deposit of £100 is required to open this account, which allows unlimited further additions. Withdrawals are restricted to one withdrawal day per account year.

The best notice account rates

Provider Account Notice Rate AER
Investec Bank plc Notice Plus (0% immediate access) 95 days 1.80%
Bank of London and The Middle East 90 Day Notice Account Issue 1 90 days 1.71% (expected profit rate)
Charter Savings Bank 60 Day Notice – Issue 13 60 days 1.50%
Aldermore 30 Day Notice Issue 7 30 days 1.30%

Continuing to offer the top rate in the notice account chart this week was Investec Bank plc, which pays 1.79% gross monthly on its Notice Plus (0% immediate access). It should be noted that this account is only available to existing Investec clients via Investec Online. In addition to this, a minimum deposit of £10,000 is required to open this account. It allows unlimited further additions, while withdrawals are permitted subject to 95 days’ notice. A loyalty rate of 0.05% is added to the account if notice is not placed for 90 days. It can only be opened online, but once opened can then be managed online, by phone and mobile app. There are other versions of this account that have a shorter notice period and that offer a lower rate.

BLME remained at the top of the 90 days chart this week paying an expected profit rate of 1.70% gross quarterly on its 90 Day Notice Account (Issue 1). This account requires an opening minimum deposit of £10,000 and permits further additions. Withdrawals subject to a minimum amount of £1,000 are allowed but are subject to 90 days’ notice. This account can only be opened and managed online.

The top rate in the 60 day chart this week came from Charter Savings Bank which pays 1.50% gross on its anniversary. This account requires a deposit of £5,000 to open and allows further additions. It permits withdrawals subject to 60 days’ notice and can only be opened and managed online.

Topping the 30 day notice chart this week was Aldermore, which pays 1.30% gross on its anniversary on its 30 Day Notice Issue 7. A minimum deposit of £1,000 is required to open this account, which allows further additions. Withdrawals are permitted subject to 30 days’ notice. It can only be opened and managed online.  

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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