The best savings rates this week 03.07.20

Savers will continue to struggle to find competitive rates in the savings charts this week, but at the moment, it is still possible to open an easy access savings account paying over 1.00%. As savings rates continue to fall, savers are urged to act quickly to secure the best rates while they remain available in the charts.

Bank of London and The Middle East (BLME) remained at the top of the fixed rate bond chart this week, with the seven-year version of its Premier Deposit Account paying an expected profit rate of 1.70% gross on anniversary. BLME also continued to top the five year fixed rate bond chart with the five-year version of this account, paying an expected profit rate of 1.60% gross on anniversary. Both versions of this account require a £1,000 minimum deposit to open. Savers should be aware that a BLME transfer account to hold funds pending investment is also needed when opening these accounts. They must be opened online and can only be managed by post.

Al Rayan Bank offered the top rates in the three, two and one year fixed rate bond charts this week. The 36-month version of its Fixed Term Deposit pays an expected profit rate of 1.50% gross, the 24-month option pays an expected profit rate of 1.40% gross and the 12-month version pays an expected profit rate of 1.10% gross. All accounts pay profit quarterly and require a minimum deposit of £1,000 to open. These accounts can be both opened and managed online, in branch, by post, by phone and via mobile app.

National Savings & Investments (NS&I) remained at the top of the easy access savings chart this week, with its Income Bonds paying 1.15% gross monthly. To open this account, which is 100% backed by HM Treasury, a £500 minimum deposit is needed. Unlimited further additions are allowed. Withdrawals are permitted but must be made via a nominated account. This account can be both opened and managed online, by post and by phone. There is a minimum transaction amount of £500.

Both ICIC Bank UK and NS&I had accounts offering the next best easy access savings rate of 1.00% this week. ICICI Bank UK pays 1.00% gross monthly on its SuperSaver Savings Account. This account requires a minimum deposit of just £1 to open and is only available to new and existing HomeVantage Current Account customers. It allows unlimited further additions. Withdrawals are permitted but all withdrawals must be made via a linked ICICI Bank current account. It can be opened online, in branch or by phone and then managed online, in branch, by post and via mobile app.

NS&I pays 1.00% gross yearly on its Direct Saver. To open this account, a minimum deposit of just £1 is needed. This account is 100% backed by HM Treasury. It allows unlimited further additions. Withdrawals can be made at any time, but all withdrawals must be made via a nominated account. This account can be both opened and managed online and by phone.