The Best Savings Rates This Week 05.02.21 | 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.

MONEYFACTS ARCHIVE. This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Derin Clark

Derin Clark

Online Reporter
Published: 05/02/2021

Savers looking to get the best rate will need to look to the fixed rate bond chart, but those considering a long-term fixed rate bond should be aware that even the top rate is below the Bank of England’s target inflation rate of 2.0%. Savers looking to get the best rate possible but still be able to access their funds may want to consider a notice account, which, although rates on these accounts can be reduced at any time, currently offer slightly better rates than the most competitive easy access accounts and allow savers to access funds subject to a pre-determined notice period.

The best fixed rate bond savings rates

Provider Account Term Rate AER
Gatehouse Bank Fixed Term Green Saver Five years 1.50% (expected profit rate)
Al Rayan Bank Fixed Term Deposit 36 months 1.31% (expected profit rate)
Al Rayan Bank Fixed Term Deposit 24 months 1.15% (expected profit rate)
Al Rayan Bank Fixed Term Deposit 12 months 0.85% (expected profit rate)

 

The best fixed bond rate continued to be offered by Gatehouse Bank this week, with its Fixed Term Green Saver paying an expected profit rate of 1.50% gross on anniversary. This account requires a £1,000 minimum deposit to open and comes with the incentive that Gatehouse Bank will plant a tree in a UK woodland when an account is opened and funded. The trees are planted in UK woodland projects certified by the UK Government’s Woodland Carbon Code. It can only be opened and managed online. 

Al Rayan Bank had the best paying three, two, and one year fixed bond rates this week. The 36 month version of its Fixed Term Deposit pays an expected profit rate of 1.30% gross quarterly, the 24 month version pays an expected profit rate of 1.15% gross quarterly, and the 12 month version pays an expected profit rate of 0.85% gross quarterly. All versions of this account require a £5,000 minimum deposit to open. They can be opened and managed online, in branch, by phone and via mobile app.

Compare the best fixed rate bonds

The best easy access savings rates

Provider Account Maximum number of withdrawals allowed Rate AER
ICICI Bank UK SuperSaver Savings Account Unlimited but all withdrawals via linked ICICI Bank current account only 0.60%

Nationwide Building Society

 

 

Union Bank of India (UK) Ltd


Virgin Money

 

 

Yorkshire Building Society

1 Year Triple Access Online Saver 10

 

 

Savings Account

 

Virgin Money Instant Savings

 


Annual Access Account Issue 7

Unlimited but lower rate paid for remainder of term if more than 3 withdrawals per annum.

Unlimited

 

Unlimited but all withdrawals via Virgin Money Current Account or nominated account

1 withdrawal day per anniversary year

0.50%

 

 


0.50%

 

0.50%

 

 

0.50%

Tandem Bank Tandem Account Unlimited 0.49%

 

ICICI Bank UK remained at the top of the easy access savings account chart this week paying 0.60% gross monthly on its SuperSaver Savings Account. This account does not require a minimum deposit to open, but it does require an ICICI Bank Home Vantage Current Account. It allows further additions. Withdrawals are permitted but must be made via a linked ICICI Bank current account. The account can be opened online, in branch or by phone and then managed online, in branch, by post and via mobile app.

Four accounts paid the second best easy access savings rate this week. Nationwide Building Society’s 1 Year Triple Access Online Saver 10 pays 0.50% gross on anniversary. No minimum deposit is needed to open this account. It allows further additions. Withdrawals can be made but a lower rate is paid for the remainder of the term if more than three withdrawals are made per annum. Savers should be aware this account reverts to a Triple Access Online Saver after 12 months. It can be opened and managed online and via mobile app. Union Bank of India (UK) Ltd pays 0.50% gross monthly on its Savings Account. This account does not require a minimum deposit to open and it allows further additions. Unlimited withdrawals can be made. It can be opened and managed in branch and by post. Virgin Money’s Instant Savings pays 0.50% gross quarterly and does not require a minimum deposit to open. A Virgin Money Current Account is needed to open this account. It allows further additions and withdrawals are permitted but must be made via a Virgin Money Current Account or nominated account. The account can be opened online, in branch, or by phone and then managed online, in branch, by phone and via mobile app. Yorkshire Building Society pays 0.50% gross on anniversary on its Annual Access Account Issue 7. It requires a £100 minimum deposit to open and allows further additions. Savers should note that this account needs to be opened and funded with new money to the institution. Withdrawals are restricted to one withdrawal day per anniversary year. After 12 months it reverts to an Easy Saver account. It can be opened in branch or by post and then managed online, in branch and by post.

The third best easy access rate this week came from Tandem Bank, which pays 0.49% gross monthly on deposits from £1 on its Tandem Account. This account does not require a minimum deposit to open and it allows further additions and withdrawals. It must be opened via mobile app but can be managed by phone and via mobile app.

Compare the best easy access savings accounts

The best notice account rates

Provider Account Notice Rate AER
ICICI Bank UK Notice Savings Account 95 days 0.85%
Moneycorp Bank 90 Day Notice Account Issue 1 90 days 0.65%

Moneybox

Shawbrook Bank

95 Day Notice Account

120 Day Notice Personal Account Issue 46

95 days

120 days

0.60%

0.60%

 

ICICI Bank UK topped the notice account chart this week paying 0.85% gross monthly on its Notice Savings Account. It requires a £1 minimum opening deposit, as well as a Home Vantage Current Account. This account allows further additions. Withdrawals can be made subject to 95 days’ notice and all additions and withdrawals must be made via a linked Home Vantage Current Account. It can be opened and managed online, in branch and by phone.

The next best notice account rate came from Moneycorp Bank, which pays 0.65% gross monthly on its 90 Day Notice Account Issue 1. This account requires a £10,000 minimum deposit to open and a Deposit Account with Moneycorp Bank for transactional purposes is needed. It allows further additions while the issue remains open and withdrawals can be made subject to 90 days’ notice. The account must be opened and managed online.

Two accounts without opening restrictions paid the third best notice account rate this week. Moneybox pays 0.60% gross monthly on deposits of £1 on its 95 Day Notice Account. This account allows further additions. Withdrawals can be made subject to 95 days’ notice. It must be opened and managed via mobile app. Shawbrook Bank’s 120 Day Notice Personal Account Issue 46 pays 0.60% gross anniversary or monthly. This account requires a £1,000 minimum deposit to open. It allows further additions and withdrawals are permitted subject to 120 days’ notice. The account must be opened online but can be managed online and by phone.

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.

Cookies

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

I accept. Read our Cookie Policy