The Best Savings Rates This Week 07.08.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 07/08/2020

The savings charts have remained fairly stable this week and savers looking for a fixed rate bond will be pleased to see that all of last week’s top rates have remained available in the charts. As well as this, the highly competitive easy access account from National Savings & Investments remains available in this week’s chart. While the savings charts seem to have become more stable over the last few weeks, the economic climate still remains uncertain and savers should act quickly if they want to secure the best rates.

The best fixed rate bonds savings rates

Provider Account Term Rate AER
Bank of London and The Middle East Premier Deposit Account Seven years 1.70% (expected profit rate)
Bank of London and The Middle East Premier Deposit Account Five years 1.50% (expected profit rate)
Bank of London and The Middle East Premier Deposit Account Three years 1.40% (expected profit rate)
QIB (UK) Raisin UK - 2 Year Fixed Term Deposit Two years 1.40% (expected profit rate)
QIB (UK) Raisin UK - 1 Year Fixed Term Deposit One year 1.20% (expected profit rate)

 

This week, Bank of London and The Middle East (BLME) continued to offer the best-paying fixed rate bond account with the seven-year version of its Premier Deposit Account paying an expected profit rate of 1.70% gross on anniversary. As well as this, BLME topped the five and three year charts this week, with the five-year option of its Premier Deposit Account paying an expected profit rate of 1.50% gross on anniversary and the three-year option paying an expected profit rate of 1.40% gross on anniversary. All these accounts require a £1,000 minimum deposit to open, along with a BLME transfer account to hold funds pending investment. These accounts must be opened online and then managed by post.

The top rate in the two and one year fixed rate bond charts both came from QIB (UK) this week. Its Raisin UK – 2 Year Fixed Term Deposit pays an expected profit rate of 1.40% gross on maturity and its Raisin UK – 1 Year Fixed Term Deposit pays an expected profit rate of 1.20% gross on maturity. Both accounts require a £1,000 minimum deposit to open. They 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 Term Rate AER
National Savings & Investments Income Bonds None 1.16%
ICICI Bank UK SuperSaver Savings Account None 1.00%
National Savings & Investments Direct Saver None 1.00%

 

National Savings & Investments continued to offer the top rate in the easy access savings chart this week with its Income Bonds paying 1.15% gross monthly. This account requires a £500 minimum deposit to open. It allows unlimited further additions and withdrawals, although all transactions must be from a minimum of £500. This account has the benefit of being 100% backed by HM Treasury. It can be opened and managed online, by post and by phone.

Both ICICI Bank UK and National Savings & Investments continued to have the second best easy access rate this week. ICICI Bank UK pays 1.00% gross monthly on its SuperSaver Savings Account which requires a £1 minimum deposit to open. This account is only available to new and existing Home Vantage Current Account customers. It allows unlimited further additions. Withdrawals can be made at any time but must be made via a linked ICICI Bank current account. The account can be opened online, in branch or by phone and then managed online, in branch, by post and via mobile app.

National Savings & Investments pays 1.00% gross yearly on its Direct Saver. To open this account a minimum opening deposit of £1 is needed. It is 100% backed by HM Treasury. This account allows unlimited further additions. Withdrawals can be made at any time but must be made via a nominated account. This account can be opened and managed online and by phone.

Easy access accounts

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

The best notice accounts

Provider Account Notice Rate AER
ICICI Bank UK Notice Savings Account 95 days 1.40%
Bank of London and The Middle East 90 Day Notice Account (Issue 3) 90 days 1.10% (expected profit rate)

 

Overall the top notice account rate came from ICICI Bank UK which pays 1.39% gross monthly on its Notice Savings Account. This account requires a £1 minimum deposit to open and is only available to new and existing Home Vantage Current Account customers. It allows unlimited further additions. Withdrawals are permitted via a linked Home Vantage Current Account and subject to 95 days’ notice. This account can be opened and managed online, in branch and by phone. Rate reduces to 1.09% gross from 1.9.20.

Bank of London and The Middle East (BLME) had the top rate in the up to 90 days notice chart. Its 90 Day Notice Account (Issue 3) pays an expected profit rate of 1.10% gross quarterly. This account requires a £10,000 minimum opening deposit. It allows unlimited further additions. Withdrawals are permitted subject to 90 days’ notice. This account can only be opened and managed online.

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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