Derin Clark

Derin Clark

Online Reporter
Published: 05/07/2019

Savers looking for the best savings rates this week should look to the fixed rate bonds chart, with the best rates in all terms offering above-inflation rates. Those looking for more flexibility with their savings and who require immediate access to their funds will be pleased to know that the easy access savings chart remained highly competitive this week, with three providers offering the top rate. While in the notice account chart, last week’s top rate has fallen out of the chart. The top rate on offer is now lower than what was available last week, although the rates on offer in the notice account chart remain attractive.

The best fixed rate bonds savings rates

Provider Account Term Rate AER
Bank of London and The Middle East Premier Deposit Account Seven years 2.75% expected profit rate
Gatehouse Bank Fixed Term Deposit Five years 2.75% expected profit rate
Gatehouse Bank Fixed Term Deposit Three years 2.55% expected profit rate
Al Rayan Bank Fixed Term Deposit 24-months 2.42% expected profit rate
Al Rayan Bank Fixed Term Deposit 18-month 2.32% expected profit rate

The top rates in the savings charts this week are once again in the long-term fixed rate bond charts, with both the best seven-year and five-year bonds offering the same expected profit rate of 2.75% AER. Bank of London and The Middle East (BLME) offers this rate on its Premier Deposit Account, a seven-year bond, that requires a £1,000 minimum deposit. This account does not allow further additions or withdrawals and must be opened online and then managed by post. As well as this, a BLME transfer account is required to open this account to hold funds pending investment.

Gatehouse Bank also offers an expected profit rate of 2.75% AER on its Fixed Term Deposit, a five-year bond that tops this chart. This bond requires a £1,000 minimum deposit and does not allow further additions or withdrawals. It can only be opened and managed online. In addition to offering the best rate in the five-year fixed rate bond chart, Gatehouse Bank also continues to top the three-year fixed rate bond chart with the three-year version of this account, which pays an expected profit rate of 2.55% on a £1,000 deposit.

Both the two-year and one-year fixed rate bonds charts were topped by Al Rayan Bank this week, which offers 2.42% AER on the 24-month version of its Fixed Term Deposit and 2.32% AER on the 18-month version. Both these bonds pay profits quarterly and require an opening deposit of £1,000. They do not allow further additions or withdrawals and can be both opened and managed online, in branch, by post, by phone and via its mobile app.

The best easy access savings rates

Provider Account Term Rate AER
Cynergy Bank Online Easy Access Account – Issue 23 None 1.50%, includes 0.50% bonus for 12 months
Marcus by Goldman Sachs® Online Savings Account None 1.50% includes 0.15% bonus for 12 months
Virgin Money Double Take E-Saver Issue 10 None 1.50%
Virgin Money Man Utd Double Take E-Saver Issue 5 None 1.50%
AA Easy Saver – Issue 10 None 1.47%, includes 1.27% bonus for 12 months

Savers looking for a flexible saving option will be pleased to know that the easy access savings chart remained highly competitive this week, with three providers continuing to offer the top rate of 1.50% AER. Cynergy Bank offers this rate, including a 0.50% bonus for 12 months, on its Online Easy Access Account – Issue 23 that requires a £1 opening deposit. This online-only account allows unlimited further additions and withdrawals.

Also offering the top rate of 1.50% AER is Marcus by Goldman Sachs® on its Online Savings Account, which includes a 0.15% bonus for 12 months. This account does not require an opening deposit, but a UK mobile number is needed to open the account, which must be opened online and but can then be managed by phone as well. Both further additions and withdrawals at any time are allowed.

Virgin Money has two accounts paying 1.50% AER – Double Take E-Saver Issue 10 and Man Utd Double Take E-Saver Issue 5. Both of these online-only accounts require just £1 to open. They allow unlimited further additions, but withdrawals are restricted to two per calendar year, which includes closure. The Man Utd Double Take E-Saver Issue 5 also has the added incentive of 10 entries into a prize draw for every month the account is open and one extra entry for every £50 held in the account, with the ability to win matchday tickets, signed shirts and hospitality tickets.

Another account that remained competitive in the easy access savings chart this week was Easy Saver – Issue 10 from AA which offers 1.47% AER, including a 1.27% bonus for 12 months. This account requires an opening deposit of £100 and allows unlimited further additions and withdrawals, although withdrawals must be made via a nominated account. It can be both opened and managed online and by phone.

The best notice account rates

Provider Account Notice Rate AER
Gatehouse Bank 120 Day Notice Account 120 days 1.87% expected profit rate
OakNorth 90 Day Notice Deposit 90 days 1.77%
Secure Trust Bank 60 Day Notice Account 60 days 1.70%
Secure Trust Bank 30 Day Notice Account 30 days 1.50%

Last week’s top rate of 1.92% AER has dropped out of the chart, so the best rate available in the notice account chart this week is an expected profit rate of 1.87% AER from Gatehouse Bank on its 120 Day Notice Account. This online-only account requires a £1,000 deposit and allows unlimited further additions. Withdrawals are permitted via a nominated account subject to 120 days’ notice.

New to the top of the 90 days’ notice chart this week is OakNorth offering 1.77% on its 90 Day Notice Deposit account, which requires just a £1 deposit to open. This account allows further additions and withdrawals are permitted subject to 90 days’ notice. This account can only be opened and managed online.

Secure Trust Bank continued to offer the best rates in both the 60 days’ and 30 days’ notice charts. Its 60 Day Notice Account pays 1.70%, while 30 Day Notice Account pays 1.50%, both on a £1,000 deposit. Both accounts pay interest quarterly and allow further additions. The 60-day version allows four withdrawals of the interest per annum without penalty and three withdrawals of deposited funds per annum subject to 60 days’ notice. The 30-day version has the same restrictions but the withdrawals are subject to 30 days’ notice. The accounts must be opened online but can then be managed by phone as well. 

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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