The Best Savings Rates This Week 06.11.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 06/11/2020

Easy access rates have fallen this week, so that the best paying account is now offering just 0.75%. While this will be a disappointment for savers looking for the flexibility of an easy access account, those prepared to lock their money into a fixed rate bond will be pleased to see that the top rates have remained available in the fixed rate bond chart this week.

The best fixed rate bond savings rates

Provider Account Term Rate AER
Bank of London and The Middle East Premier Deposit Account Five years 1.55% (expected profit rate)
Al Rayan Bank Fixed Term Deposit 36 months 1.42% (expected profit rate)
Al Rayan Bank Fixed Term Deposit 24 months 1.26% (expected profit rate)
Al Rayan Bank Fixed Term Deposit 12 months 1.08% (expected profit rate)

 

Continuing to offer the best rate in the fixed rate bond chart this week was Bank of London and The Middle East (BLME) which pays an expected profit rate of 1.55% gross on anniversary on its Premier Deposit Account. This five-year term account requires a £1,000 minimum deposit to open. It must be opened online and then must be managed by post. Prospective savers must also open or have a BLME transfer account to hold funds pending investment.

Topping the three, two, and one year fixed rate bond charts this week was Al Rayan Bank. The 36 month version of its Fixed Term Deposit pays an expected profit rate of 1.41% gross, the 24 month version pays an expected profit rate of 1.25% gross and the 12 month version pays an expected profit rate of 1.08% gross. On all options expected profit is paid quarterly. A minimum deposit of £5,000 is needed to open these accounts. They can be opened and managed online, in branch, by phone and via mobile app.

Compare the best fixed rate bonds

All the rates available can be found on our fixed rate bonds chart.

The best easy access savings rates

Provider Account Notice Rate AER

Atom Bank
Gatehouse Bank

ICICI Bank UK

Instant Saver
Easy Access Account

SuperSaver Savings Account

None
None

None

0.75%
0.75% (expected profit rate)
0.75%

SAGA

Al Rayan Bank

Saga Easy Access Savings Account
Everyday Saver (Issue 2)

None

Instant

0.70% (includes 0.15% bonus for 12 months)
0.70% (expected profit rate)
Family Building Society Market Tracker Saver (1) Instant 0.67%

 

Three providers offered the top easy access savings rate this week. Atom Bank pays 0.75% gross monthly on its Instant Saver, which requires a £1 minimum deposit to open. This account allows unlimited further additions and withdrawals. It can only be opened and managed via mobile app. Gatehouse Bank pays an expected profit rate of 0.75% gross on anniversary. A £1,000 minimum deposit is needed to open this account. It allows unlimited further additions. Withdrawals can be made at any time but must be via a nominated account. This account can only be opened and managed online. ICICI Bank UK pays 0.75% gross monthly on its SuperSaver Savings Account, which requires a £1 minimum deposit to open. Unlimited further additions are permitted. Withdrawals can be made at any time but must be made via a linked ICICI Bank current account. It can be opened online, in branch or by phone and then online, in branch, by post and via mobile app.

Two providers pay the second best easy access rate this week. SAGA pays 0.70% gross monthly, which includes a 0.15% bonus for 12 months, on its Saga Easy Access Savings Account. This account requires a £1 minimum deposit to open. Further additions and withdrawals can be made at any time. It must be opened online but can then be managed online and by phone. Al Rayan Bank pays an expected profit rate of 0.70% gross monthly on its Everyday Saver (Issue 2). This account requires a £500 minimum deposit to open. It allows unlimited further additions and withdrawals. The account can be opened and managed online, in branch, by post, by phone and via mobile app.

The third best rate this week came from Family Building Society, which pays 0.67% gross yearly on its Market Tracker Saver (1). This account requires a £500 minimum deposit to open. Further additions can be made at any time. Withdrawals are restricted to 20 per calendar year via a nominated account. It can opened online, in branch or by post and then managed online, in branch, by post and by phone.

Compare the best easy access accounts

All the rates available can be found on our easy access accounts chart.

The best notice account rates

Provide Account Notice Rate AER

UBL UK
UBL UK

UBL UK

35 Day Notice
90 Day Ameen Islamic Notice
90 Day Notice

35 days
90 days

90 days

1.00%
1.00%

1.00%

Bank of London and The Middle East
Al Rayan Bank
90 Day Notice Account (Issue 4)
60 Day Notice Account

90 days

60 days

0.90% (expected profit rate)
0.90% (expected profit rate)
Gatehouse Bank 120 Day Notice Account 120 days 0.85% (expected profit rate)

 

UBL UK topped the notice chart this week paying 1.00% gross on its 35 Day Notice and 90 Day Notice accounts, as well as an expected profit rate of 1.00% gross on its 90 Day Ameen Islamic Notice account. Interest and expected profit on these accounts is paid half yearly. They all require a £1 minimum deposit to open and further additions are allowed. 35 Day Notice permits withdrawals subject to 35 days’ notice, or if notice is not given, earlier access is allowed subject to 35 days’ loss of interest. 90 Day Ameen Islamic Notice allows withdrawals subject to 90 days’ notice, if notice is not given, earlier access is permitted subject to 50% reduction in total profit calculated. 90 Day Notice allows withdrawals subject to 90 days’ notice, alternatively, earlier access is permitted subject to 90 days’ loss of interest. All accounts can be opened and managed in branch and by post.

Both BLME and Al Rayan Bank paid the second best notice rate this week. BLME pays an expected profit rate of 0.90% gross quarterly on its 90 Day Notice Account (Issue 4). This account requires a £10,000 minimum deposit to open. It allows further additions and withdrawals can be made subject to 90 days’ notice. It must be opened and managed online. Al Rayan Bank pays an expected profit rate of 0.90% gross monthly on its 60 Day Notice Account. This account requires a £250 minimum deposit to open. Further additions are allowed. Withdrawals can be made subject to 60 days’ notice. It can be opened and managed online, in branch, by post, by phone and via mobile app.

Gatehouse Bank had the third best notice account rate this week with its 120 Day Notice Account paying an expected profit rate of 0.85% gross on anniversary or monthly. To open this account a £1,000 minimum deposit is needed. It allows unlimited further additions. Withdrawals can be made via a nominated account subject to 120 days’ notice. It can be opened and managed online.

Compare the best notice accounts

All the rates available can be found on our notice accounts chart.

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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