The best savings rates this week 04.06.21 | moneyfacts.co.uk

Moneyfacts.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfacts.co.uk will always be from news@moneyfacts-news.co.uk. Be Scamsmart.


Published: 04/06/2021

This week has seen some welcome improvement in the savings charts, with signs of competition beginning to return to the market. This is particularly the case in the fixed bond sector, with the launch of the first 1% rate for a one-year term since January, and there have been similar rate rises in the longer-term sectors as well. The variable rate market wasn’t immune to improvements either, but with demand likely to be high for the very best rates available, savers would be wise to act quickly if they want to benefit.

Savers should be aware that the accounts highlighted below are the top-paying accounts available to new customers and higher rates may be available on accounts available to existing customers only. Savers can compare the best savings rates available to existing customers only by visiting our savings charts and selecting these accounts in the refine search section.

 

Provider

Account

Term

Rate AER

 

UBL UK

5 Year Fixed Term Deposit

Five years

1.55%

Find out more

UBL UK

3 Year Fixed Term Deposit

Three years

1.21%

Find out more

Aldermore

2 Year Fixed Rate Account

Two years

1.05%

Go to the provider’s site

Aldermore

1 Year Fixed Rate Account

One year

1.00%

Go to the provider’s site

New to the top of the fixed rate bond chart this week is UBL UK with its 5 Year Fixed Term Deposit paying either 1.55% gross on its anniversary, 1.54% gross on a monthly basis or 1.60% gross on maturity. This account requires a minimum deposit of £2,000 with no further additions allowed, and earlier access may be possible at the bank’s discretion, but this will be subject to 365 days’ loss of interest. It can be opened in branch, by post or via smartphone app, after which it can be managed online and by phone as well.


UBL UK takes pride of place in the three-year sector too, with 3 Year Fixed Term Deposit paying 1.21% gross on its anniversary, 1.20% gross monthly or 1.22% gross on maturity. It again requires a £2,000 minimum deposit with any earlier access subject to a 270-day loss of interest penalty, and the account opening and management options are the same as its five-year counterpart.
Aldermore easily leads the pack in the short-term market, with its 2 Year Fixed Rate Account paying a market-leading 1.05% gross on its anniversary or 1.04% gross monthly from a minimum investment of £1,000. It’s an internet-operated account that permits further additions within 14 days of account opening, after which no access will be possible before the end of the term.
Meanwhile, its 1 Year Fixed Rate Account has caused a stir by offering a rate of 1.00% gross either monthly or on maturity – the first time such a rate has been seen in the one-year sector in almost six months. All other features mirror that of the two-year version.

Compare the best fixed rate bonds

The best easy access savings rates

Provider

Account

Maximum number of withdrawals allowed

Rate AER

 

Atom Bank

Instant Saver

Unlimited

0.50%

Find out more

ICICI Bank UK

SuperSaver Savings Account

Unlimited via linked ICICI Bank Current Account only

0.50%

Find out more

Virgin Money

Club M Saver

Unlimited via Club M Account or nominated account

0.50%

Find out more

Atom Bank, ICICI Bank UK and Virgin Money continue to pay the joint-top rate in the easy access chart on accounts available to new customers. Atom Bank pays 0.50% gross monthly on its Instant Saver, which does not require a minimum deposit to open, though savers will need a UK current account and must be willing to open and manage the account via mobile app. It allows unlimited further additions and withdrawals.


ICICI Bank UK also pays 0.50% gross monthly on its SuperSaver Savings Account, which also has no minimum deposit requirement but a HomeVantage Current Account is needed. It allows further additions and withdrawals, provided all transactions are 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.


Also paying 0.50% gross, this time on a quarterly basis, is Virgin Money’s Club M Saver. Again, no deposit is needed to open this account, although a Virgin Money Club M Account is required. Further additions can be made and withdrawals are permitted, though the latter must be via a Club M Account or nominated account. It can be opened online or by phone and then managed online, in branch, by phone and via mobile app.

Compare the best easy access savings accounts

The best notice account rates

Provider

Account

Notice

Rate AER

 

Shawbrook Bank

120 Day Notice Personal Account Issue 48

120 days

0.72%

Find out more

Paragon Bank

 

 

 

Allica Bank

120 Day Notice Account (Issue 22)

95-Day Notice Personal Savings Account (Issue 1)

120 days

 

 

 

95 days

0.70%

 

 

 

0.70%

Go to the provider’s site

 

 

 

Find out more

Charter Savings Bank

120 Day Notice – Issue 21
 120 Day Notice Postal – Issue 21

120 days
 
 120 days

0.67%
 
 0.67%

Find out more
 
 

The top-paying notice account that is available to new customers this week once again comes from Shawbrook Bank’s 120 Day Notice Personal Account Issue 48, which pays 0.72% gross on its anniversary. This account requires a minimum deposit of £1,000 and permits further additions and withdrawals, the latter always subject to 120 days’ notice. The account must be opened online but can then be managed by phone as well, and there is a version available that pays the same rate of interest on a monthly basis instead.


Two providers offer the next-best notice account rate of 0.70% gross, with Paragon Bank’s 120 Day Notice Account (Issue 22) offering it either on its anniversary or on a monthly basis. This internet-operated account requires a minimum investment of £500 and permits further additions, and although withdrawals are also possible, the full 120-day notice period must always be observed.
Meanwhile, Allica Bank pays 0.70% gross on the anniversary of its 95-Day Notice Personal Savings Account (Issue 1). This account requires a £1,000 minimum deposit and it allows further additions, and withdrawals are also permitted subject to 95 days’ notice. It can only be opened online before becoming purely postal-operated.
Next up is Charter Savings Bank, which pays 0.67% gross on the anniversary of both its 120 Day Notice – Issue 21 and 120 Day Notice Postal – Issue 21 accounts. A minimum deposit of £5,000 is needed to open either of these accounts, which both allow further additions via a nominated account and withdrawals can be made subject to 120 days’ notice. 120 Day Notice – Issue 21 must be opened and managed online, while the postal version can be opened online or by post but then becomes postal-operated. There are also versions of both accounts that pay interest monthly at the same gross rate.

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.

Savings coins in a jar cup plant growing

Cookies

Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy