Derin Clark

Derin Clark

Online Reporter
Published: 07/02/2020

Savers will be disappointed to see a number of last week’s top rates in the short-term fixed and short-term notice account charts are no longer available this week. As savings rates continue to disappoint, savers with variable rate accounts who find themselves on low rates should consider switching to an account that offers a higher rate to help boost their savings.

The best fixed rate bond savings rates

Provider Account Term Rate AER
PCF Bank 7 Year Term Deposit Issue 11 Seven years 2.15%
UBL UK 5 Year Fixed Term Deposit Five years 2.10%
UBL UK 3 Year Fixed Term Deposit Three years 2.00%
UBL UK 2 Year Fixed Term Deposit Two years 1.80%

Atom Bank

Bank of London and The Middle East

Gatehouse Bank

1 Year Fixed Saver

Premier Deposit Account

Fixed Term Deposit

Raisin UK – 1 Year Fixed Term Deposit

One year

One year


One year

One year

1.65%

1.65% (expected profit rate)

1.65% (expected profit rate)

1.65% (expected profit rate)

This week, PCF Bank continued to offer the top rate overall in the fixed rate bonds chart. PCF Bank offers 2.15% gross on anniversary on its 7 Year Term Deposit Issue 11. The account requires savers to lock their money away for a seven-year period and a minimum deposit of £1,000 is needed to open the account. It can be opened online or by post and then managed online, by post and by phone.

UBL UK offered the best gross rate in the five, three and two year fixed rate chart this week. Its 5 Year Fixed Term Deposit pays 2.19% gross, 3 Year Fixed Term Deposit pays 2.05% gross and 2 Year Fixed Term Deposit pays 1.82% gross. All these gross rates are available only on the accounts that pay interest on maturity. They all require a minimum opening deposit of £2,000 and can be both opened and managed in branch and by post. There are versions of all these accounts that pay interest on anniversary and monthly at a slightly lower gross rate.

Bank of London and The Middle East (BLME) reduced the rate on its Premier Deposit Account during the week, which has resulted in it now joining three other accounts to offer the top rate in the one year chart. BLME’s Premier Deposit Account now offers an expected profit rate of 1.65% gross on maturity on an opening minimum deposit of £1,000. A BLME transfer account to hold funds pending investment is required for this account, which can only be opened online and then managed by post.

Atom Bank also pays 1.65% gross on anniversary on its 1 Year Fixed Saver. This account requires a minimum opening deposit of £50 and can only be opened and managed via mobile app. There is also a version of this account that pays interest monthly at a slightly lower gross rate.

Gatehouse Bank pays an expected profit rate of 1.65% gross on maturity on both its Fixed Term Deposit and its Raisin UK – 1 Year Fixed Term Deposit. Both these accounts require an opening minimum deposit of £1,000. Fixed Term Deposit can only be opened and managed online, while Raisin UK – 1 Year Fixed Term Deposit can only be opened online but can then be managed online, by post and by phone.

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
Ford Money Flexible Saver None 1.35%
Marcus by Goldman Sachs® Online Savings Account None 1.35%
SAGA Saga Easy Access Savings Account None 1.35%, includes a 0.20% bonus for 12 months

Ford Money continued to offer the top rate of 1.35% gross on anniversary on its Flexible Saver this week. This account is only available to existing customers. It requires a minimum deposit of just £1 to open and allows unlimited further additions and withdrawals. It can be opened online or by phone but can only be managed online. There is also a version of this account that pays interest monthly at a slightly lower gross rate.

Both Marcus by Goldman Sachs® and SAGA offered a rate of 1.34% gross monthly this week. Marcus by Goldman Sachs® pays this rate on its Online Savings Account, which does not require a deposit to open. However, savers do need to have a UK mobile number to open this account. Unlimited further additions and withdrawals are allowed. SAGA pays 1.34% gross monthly, which includes a 0.20% bonus for 12 months, on its Saga Easy Access Savings Account. This account requires an opening deposit of just £1 and allows unlimited further additions and withdrawals. This account is operated by Goldman Sachs International Bank. Both these accounts can only be opened online, but can be managed online and by phone.

Easy access accounts

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

The best notice account rates

Provider Account Notice Rate AER
Investec Bank plc Notice Plus (0% immediate access) 95 days 1.80%
Bank of London and The Middle East 90 Day Notice Account (Issue 1) 90 days 1.71% (expected profit rate)
Charter Savings Bank 60 Day Notice – Issue 14 60 days 1.40%
Secure Trust Bank 14 Day Notice Account 14 days 1.35%

Investec Bank plc’s highly restricted Notice Plus (0% immediate access) continued to top the notice chart overall this week paying 1.79% gross monthly. This account is only available to existing Investec clients via Investec Online. It requires a £10,000 minimum deposit to open and allows unlimited further additions. Withdrawals are permitted subject to 95 days’ notice. A loyalty rate of 0.05% is added to the account if notice is not placed for 90 days. This account can be opened online and then managed by phone and via its mobile app. There are versions of this account that have a shorter notice period that offer a lower gross rate.

BLME continued to offer the top rate in the 90 day notice chart this week, with its 90 Day Notice Account (Issue 1) paying an expected profit rate of 1.70% gross quarterly. A substantial minimum deposit of £10,000 is required to open this account. It allows unlimited further additions, while withdrawals are permitted subject to 90 days’ notice. It can only be opened and managed online.

The rate topping the 60 day notice chart was no longer available this week, resulting in Charter Savings Bank offering the best rate of 1.40% gross on anniversary on its 60 Day Notice – Issue 14. This account requires a minimum opening deposit of £5,000 and allows unlimited further additions. Withdrawals are permitted subject to 60 days’ notice. This account can only be opened and managed online.

Savers looking for a short-term notice account will be disappointed to see that last week’s top rate in the 30 day chart is no longer available. Instead, Secure Trust Bank tops this chart with its 14 Day Notice Account paying 1.34% gross quarterly. This account requires a minimum opening deposit of £1,000 and permits unlimited further additions. Withdrawals are restricted to four interest withdrawals per annum and three capital withdrawals per annum on 14 days’ notice.

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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