Derin Clark

Derin Clark

Online Reporter
Published: 06/09/2019

After a quiet summer, there has been a lot of movement in the savings chart this week, but unfortunately for savers, the majority of the changes have been rate cuts and product withdrawals. The biggest change happened in the easy access account chart, which saw two market-leading providers drop their rates, while in the fixed rate chart, Bank of London and The Middle East (BLME) made further cuts to several accounts. As well as this, after launching a range of fixed accounts last Friday, Charter Savings Bank has already withdrawn a number of these new deals. For savers, this could indicate that time is running out to take advantage of the competitive rates that had been available over the summer.

The best fixed rate bonds savings rates

Provider

Account

Term

Rate AER

Gatehouse Bank

Fixed Term Deposit

5 year bond

2.45% (expected profit rate)

Bank of London and The Middle East

Premier Deposit Account

3 year bond

2.45% (expected profit rate)

Bank of London and The Middle East

Premier Deposit Account

2 year bond

2.35% (expected profit rate)

Bank of London and The Middle East

Premier Deposit Account

1 year bond

2.10% (expected profit rate)

BLME reduced a number of its fixed rate accounts again this week, which has seen both its five-year and seven-year accounts see rates drop. As well as this, PCF Bank, which topped the fixed rate chart overall last week, withdrew its chart-topping 7 Year Term Deposit Issue 10, along with its five year fixed rate account, on Tuesday. This has resulted in Gatehouse Bank offering the highest five year fixed rate bond this week, paying an expected profit rate of 2.45% on its Fixed Term Deposit. This account requires a minimum opening deposit of £1,000 and, once opened, doesn’t permit further additions or withdrawals. It can only be opened and managed online.

BLME continued to offer the best rate for a number of terms with versions of its Premier Deposit Account. The three-year version, paying an expected profit rate of 2.45%, topped the three-year chart this week, while the two-year version and one-year version both topped their charts, paying an expected profit rate of 2.35% and 2.10% respectively. All versions of this account require an opening minimum deposit of £1,000 and don’t permit further additions or withdrawals. They can only be opened online and then only managed by post. To open the accounts, savers need to open a BLME transfer account to hold funds pending investment.

The best easy access savings rates

Provider

Account

Term

Rate AER

Cynergy Bank

Online Easy Access Account – Issue 24

None

1.50% (including a 0.75% bonus)

Shawbrook Bank

Easy Access – Issue 15

None

1.48%

Marcus by Goldman Sachs®

Online Savings Account

None

1.45% (including a 0.10% bonus)

Recently, Marcus by Goldman Sachs® and, last Friday, Virgin Money, reduced rates on their chart-topping accounts. Cynergy Bank is now the only provider that offers the top rate of 1.50%, including a 0.75% bonus for 12 months, on its Online Easy Access Account Issue 24, however this account is only available to existing customers. It is an online-only account that requires an opening deposit of just £1. It allows unlimited further additions and withdrawals are made via a nominated account.

Second in the chart this week was Shawbrook Bank with its Easy Access – Issue 15 paying 1.48%. This account requires a substantial minimum deposit of £1,000 to open and, once opened, allows unlimited further additions and withdrawals can be made via a nominated account. It must be opened online but can then be managed by phone as well. There is also a version of this account that pays interest monthly at a slightly reduced rate of 1.47%.

Although Marcus by Goldman Sachs® reduced the rate on its Online Savings Account, it still sits high in the chart this week, taking third spot. The account now pays 1.45%, including a 0.10% bonus for 12 months, and allows unlimited further additions via a nominated account and withdrawals. It can only be opened online but can then be managed by phone as well.

The best notice account rates

Provider

Account

Notice

Rate AER

PCF Bank

180 Day Notice Deposit Issue 1

180 days

1.85%

OakNorth

90 Day Notice Deposit

90 days

1.77%

Shawbrook Bank

45 Day Notice Personal Account Issue 2

45 days

1.51%

Aldermore

30 Day Notice Issue 7

30 days

1.30%

The biggest change in the notice account chart this week came from Secure Trust Bank, which reduced the rate on its 14 Day Notice Account, resulting in it no longer topping the up to 30 days chart. PCF Bank still tops the chart overall with its 180 Day Notice Deposit Issue 1 paying 1.85% on a £1,000 deposit. This account allows unlimited further additions, as well as permitting withdrawals subject to 180 days’ notice. It can be opened online or by post and then managed both these ways and by phone.

OakNorth remained at the top of the up to 90-day chart this week with its 90 Day Notice Deposit paying 1.77%. This online-only account requires an opening deposit of just £1 and then allows further additions, as well as withdrawals subject to 90 days’ notice.

Another non-mover this week was Shawbrook Bank, which remained at the top of the up to 60 days chart with its 45 Day Notice Personal Account Issue 2 paying 1.51%. This account can be opened with a minimum deposit of £1,000 and, once opened, allows further additions and withdrawals subject to 45 days’ notice. It can only be opened online but can then be managed by phone as well.

With Secure Trust Bank’s rate reduction, Aldermore topped the up to 30-day chart by the end of the week with its 30 Day Notice Issue 7. This online-only account pays 1.30% on a £1,000 deposit and, once opened, allows further additions, as well as withdrawals subject to 30 days’ notice.

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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