The best savings rates this week 06.03.20

Savers will be pleased to see that overall the savings charts remain competitive this week, with just one notable rate reduction. It is also good to see that the savings charts seemed to have stabilised recently, however savers should be aware that the Bank of England is due to make another base rate decision this month, which, depending on the decision made, could have a significant impact on savings rates.

PCF Bank continued to offer the best rate overall in the fixed rate bonds chart this week with its 7 Year Term Deposit Issue 11 paying 2.15% gross on anniversary. It requires a £1,000 minimum deposit to open and can be opened online or by post. Once opened it can be managed online, by post and by phone.

Despite Gatehouse Bank reducing the rates on both its Fixed Term Deposit and Raisin UK – 5 Year Fixed Term Deposit accounts this week, they both remained at the top of the five year fixed chart. Both these accounts pay an expected profit rate of 2.00% gross and require a minimum opening deposit of £1,000. Fixed Term Deposit pays expected profit on anniversary and can only be opened and managed online. Raisin UK – 5 Year Fixed Term Deposit pays expected profit on maturity and while it must be opened online, it can then be managed online, by post and by phone. Bank of London and The Middle East (BLME) also offered the top rate in the five year fixed chart this week with its Premier Deposit Account paying an expected profit rate of 2.00% gross on anniversary. This account also requires a minimum deposit of £1,000 to open. It must be opened online and then managed by post. To open this account, a BLME transfer account is required to hold funds pending investment.

BLME also offered the top rate in the three, two and one year fixed charts this week. The three-year version of its Premier Deposit Account pays an expected profit rate of 1.85% gross on anniversary, the two-year option pays an expected profit rate of 1.80% gross on anniversary and the one-year version pays an expected profit rate of 1.65% gross on maturity. All accounts require an opening minimum deposit of £1,000 and can only be opened online and then managed by post. In addition to this, to open these accounts, a BLME transfer account is required to hold funds pending investment.

Ford Money’s Flexible Saver once again offered the best rate overall in the easy access savings chart this week. This account pays 1.35% gross on anniversary and is only available to existing Ford Money customers. It requires an opening minimum deposit of £1. Unlimited further additions and withdrawals are allowed. This account can be opened online or by phone and then managed online. There is a version of this account that pays interest monthly at a slightly lower gross rate.

Yorkshire Building Society launched its 1 Year Limited Access Saver Issue 4 this week, which pays the highest easy access rate without any opening restrictions. This account pays 1.32% gross on anniversary and requires an opening minimum deposit of £100. It allows unlimited further additions. Withdrawals are restricted to one withdrawal day per account year. This account reverts to the latest issue of the Limited Access Saver account after 12 months. It must be opened and managed online.

Two accounts pay the third-best rate in the easy access chart this week. Cynergy Bank has removed the opening restrictions on its Online Easy Access Account – Issue 27, which pays 1.31%, including a bonus of 0.56% for 12 months, gross on anniversary. This account requires a minimum opening deposit of just £1 and allows unlimited further additions and withdrawals. It can only be opened and managed online. Virgin Money also pays 1.31% gross yearly on its Double Take E-Saver Issue 14. It requires a minimum deposit of just £1 to open and allows unlimited further additions. Withdrawals are restricted to two per calendar year including closure. This account can only be opened and managed online. It also offers a version that pays interest monthly at a slightly lower gross rate.

ICICI Bank UK dominated the notice account charts this week, offering the best rate in the chart overall as well as the top rate in the 60 day notice chart. ICICI Bank UK’s HiSAVE Notice Savings Account pays 1.59% gross monthly. The 95-day version of the HiSAVE Notice Savings Account is only available to those who hold a new or existing Home Vantage Current Account. It requires a minimum opening deposit of just £1 and allows unlimited further additions. It permits withdrawals subject to 95 days’ notice and, as well as this, all withdrawals must be made via a linked ICICI Bank current account. It can be both opened and managed online, in branch and by phone. The 45-day version of HISAVE Notice Savings Account pays 1.39% gross monthly and has the same terms and conditions as the 95-day version, except withdrawals are subject to 45 days’ notice.

Aldermore continued to offer the best rate in the 30 day notice chart this week, with its 30 Day Notice Issue 7 paying 1.30% gross on anniversary. It requires a minimum opening deposit of £1,000 and allows unlimited further additions. Withdrawals are permitted subject to 30 days’ notice. This account must be opened and managed online. There is a version of this account that pays interest monthly at a slightly lower gross rate.