nigel woollsey

Nigel Woollsey

Online Writer
Published: 05/10/2019

As was the case last week, the best overall fixed rate title goes to Al Rayan Bank’s 36-month bond paying 2.42% expected profit. Overall, nothing has changed in the best fixed rate bond savings chart, with all accounts retaining their position with no changes in interest (or expected profit) rate. However, in the easy access charts, there was a new entry: Coventry Building Society’s Triple Access Saver went straight to the top of the easy access chart, offering a rate of 1.46% (including a bonus of 0.31% until 31.03.21). Earlier in the week, Cynergy Bank had gone top with a rate of 1.45% (including a 0.70% bonus for 12 months) after Al Rayan Bank withdrew its previous chart-topping product. The notice account table remains unchanged, with the same products and interest rates as last week.

The best fixed rate bond savings rates

Provider

Account

Term

Rate AER

Shawbrook Bank

7 year Fixed Rate Bond Issue 3

7 year bond

2.40%

Gatehouse Bank

Fixed Term Deposit

5 year bond

2.35% (Expected profit)

Al Rayan Bank

Fixed Term Deposit

36 month bond

2.42% (Expected profit)

Al Rayan Bank

Fixed Term Deposit

24 month bond

2.32% (Expected profit)

Al Rayan Bank

Fixed Term Deposit

18 month bond

2.22% (Expected rate)

The best fixed rate bond charts remain static, with Shawbrook Bank offering the top rate for a long-term bond of 2.40% for its seven-year bond. This account requires at least £1,000 as an initial deposit . As is common with this type of product, withdrawals are not permitted. This account must be opened online but can be managed in addition by phone.

It’s worth noting that all the fixed rate bonds appearing in our chart require a minimum deposit of £1,000 to open and carry the same restrictions stipulating that no early access, withdrawals or further additions are permitted. Gatehouse Bank’s Fixed Term Deposit can only be opened and operated online, while all Al Rayan Bank’s Fixed Term Deposit accounts can be both opened and operated online, in branch, by post, by phone and via its banking app.

Of the five top contenders, four of the accounts on offer for fixed rate bonds are from sharia-compliant banks, operating under Islamic finance principles. As such, these are ideal for Muslim investors, but are not in any way restricted from non-Muslim applicants, meaning that all can enjoy the chart-topping rates that outstrip the traditional high street names.

The best easy access savings rates

Provider

Account

Term

Rate AER

Coventry Building Society

Triple Access Saver

None

1.46% (includes a 0.31% bonus until 31.03.21)

Cynergy Bank

Online Easy Access Account – Issue 25

None

1.45% (includes a 0.70% bonus for 12 months)

Marcus by Goldman Sachs®

Online Savings Account

None

1.45% (includes a 0.10% bonus for 12 months)

Virgin Money

Double Take E-Saver Issue 12

None

1.45%

Virgin Money

Man Utd Double Take E-Saver Issue 7

None

1.45%

The easy access chart is deprived of the 1.61% expected profit rate from Al Rayan Bank, with its top-paying Everyday Saver being withdrawn. However, towards the end of the week, Coventry Building Society launched its Triple Access Saver, a new chart-topping rate of 1.46% (including a 0.31% bonus until 31.03.21). From a minimum investment of £1, interest is paid yearly and unlimited further additions are permitted. Three penalty-free withdrawals per annum are also allowed, while further withdrawals are subject to 50 days’ loss of interest. It can be both opened and managed in branch, by post, by phone and online.

There is also no less than four banks all offering accounts paying 1.45% AER. However, the eagle-eyed will quickly spot that two of these four reach this interest level by way of a 12-month bonus. Of these, Cynergy Bank is offering a fixed 0.70% bonus, while Marcus by Goldman Sachs® boosts its rate with a smaller 0.10% bonus. Savers opting for these two products should be mindful of the fact that while all those accounts shown in our table are based on a variable rate, you may have to ‘opt-in’ again for these fixed rate bonuses once the 12 months have expired.

A further point to note is that while all of these top four deals can be opened with just a £1 deposit and can be applied for and managed online, only Marcus by Goldman Sachs® offer the option to manage by telephone..

The best notice account rates

Provider

Account

Notice

Rate AER

PCF Bank

180 Day Notice Deposit Issue 1

180 days

1.85%

Bank of London and The Middle East

90 Day Notice Account (Issue 1)

90 days

1.71% (Expected profit)

Shawbrook Bank

45 Day Notice Personal Account Issue 2

45 days

1.51%

Aldermore

30 Day Notice Issue 7

30 days

1.30%

Just as last week, PCF Bank retains its crown at the top of the best notice account chart, with its offer of 1.85% AER on its 180-day notice product. This variable rate account requires a minimum deposit of £1,000 with interest being paid on the anniversary of opening. Applications can be made online or by post, with management by the same methods, as well as by phone.

Bank of London and The Middle East’s 90-day notice account offers an online only account, for minimum deposits of £10,000 and interest paid quarterly.

Apart from the Bank of London and The Middle East account the £1,000 minimum deposit level features in all other products in the notice account charts, as does the ability to make further ongoing additions and withdrawals (subject to the appropriate notice period specified for each product. Online opening and management is also common across these accounts, offering savers a quick and easy way to apply and run these products from home and outside of normal banking hours.

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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