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The best savings rates this week

The best savings rates this week

Category: Savings
Author: Derin Clark
Date: 08/03/2019

There was not much movement at the top of the savings Best Buy chart this week as savers looking to get the highest rates would once again need to lock their money into a long-term fixed savings account, with the best return being 2.75% AER on a five-year fixed-rate bond. Those happy to lock their money away, but for a shorter period of time, would get the highest rate of 2.52% AER on a 36-month fixed rate, while the best short-term fixed rate on offer was 2.32%. For savers wanting complete access to their money, the best rate on offer this week was 1.51% variable without a bonus, while the best easy access account including a bonus paid 1.50% AER.

The best easy access savings rate (no bonus)

The best three no bonus easy access savings rates this week:

  • Family Building Society, Premium Saver (3) – 1.51% variable AER
  • Virgin Money, Double Take E-Saver Issue 10 – 1.50% variable AER
  • Virgin Money, Double Take Man Utd Double Take E-Saver Issue 5 – 1.50% variable AER

This week the top of the easy access accounts – no bonus charts remained static, with the best rate once again coming from Family Building Society with its Premium Saver (3) account at 1.51% AER variable. This account allowed savers complete access to their money, with unlimited withdrawals and deposits allowed. A minimum deposit of £15,000 is needed to open the account, which paid interest yearly and can be opened online, by post and in branch and managed by all these channels as well as by phone. If your savings pot is smaller, then Virgin Money's Double Take E-Saver Issue 10 and Man Utd Double Take E-Saver Issue 5 accounts were both offering a competitive variable rate of 1.50% AER for an opening deposit of just £1. These accounts took second and third place in our Best Buy chart this week. The online-only accounts allowed unlimited further additions, but only two withdrawals per calendar year (including closure) were permitted.

Five more no bonus easy access accounts were offering a variable rate of above 1.40% this week. Sainsbury's Bank was offering 1.45% AER on its Defined Access Saver – Issue 8 account, which could be opened with a deposit of £1 and could be opened and managed online and by phone. Shawbrook Bank's Easy Access – Issue 14 was offering savers 1.43% AER on a minimum deposit of £1,000. This account had to be opened online but could then be managed online and by phone. Flexible Saver by Ford Money was offering 1.42% AER on a minimum deposit of £1, this account could be opened online and by phone before becoming online-operated. RCI Bank UK was offering 1.42% AER on its Freedom Savings Account, which required a minimum opening amount of £100 and must be both opened and managed online, while Yorkshire Building Society had a rate of 1.41% AER on offer to those with a minimum deposit of £100 on its Online Single Access Saver Issue 16. This account, which was also an online-only, allowed one withdrawal per account year.

The best easy access savings rate (with bonus)

The best three easy access savings with bonus rates this week:

  • Marcus by Goldman Sachs, Online Savings Account – 1.50% variable AER
  • Cynergy Bank, Online Easy Access Account – Issue 22 – 1.43% variable AER
  • Tesco Bank, Internet Saver – 1.42% variable AER

Marcus by Goldman Sachs continued to dominate the easy access savings with bonus accounts Best Buy chart this week. This Online Savings Account offered a variable rate of 1.50% AER (1.49% gross) with no minimum deposit required to open the account. It paid interest monthly and offered a bonus of 0.15% for 12 months. The account, which must be opened online but could then also be managed by phone, permitted unlimited additions and withdrawals. Savers must also be aware that the account required a UK phone number to apply.

By the end of the week Cynergy Bank's Online Easy Access Account – Issue 22 took second place offering a variable rate of 1.43%. This account required a minimum deposit of £1, included a bonus of 0.43% for 12 months and it paid interest yearly. The online-only account allowed further additions and withdrawals via a nominated account.

Taking third place on the Best Buy chart this week was Tesco Bank with its Internet Saver account offering a variable rate of 1.42% AER for a minimum deposit of £1. It paid a bonus of 0.87% for 12 months and interest was paid yearly. This account allowed unlimited additions but has a maximum withdrawal limit of £10,000 to non-Tesco Bank account holders and £100,000 to Tesco Bank account holders. It must be opened online but could then also be managed and via its mobile app.

Two further accounts in our Best Buy easy access savings with bonus chart were offering a rate above 1.00% this week. Post Office Money® was offering a variable rate of 1.38% with a bonus of 1.13% for 12 months on its Online Saver Issue 35 account, which must be opened and managed online only, while AA was offering a rate of 1.36% with its Easy Saver – Issue 8 account, which included a bonus of 1.16% for 12 months. This account must be opened online but could then be managed by phone as well.

The best short-term fixed saving rate

The best short-term fixed rates this week:

  • Al Rayan Bank, Fixed Term Deposit – 2.32% AER (expected profit rate)
  • Bank of London and The Middle East, Premier Deposit Account – 2.30% AER (expected profit rate)
  • Bank of London and The Middle East, Premier Deposit Account – 2.20% AER (expected profit rate)

Four short-term fixed rate accounts offered a rate above 2.10% AER this week. Al Rayan Bank was offering the best short-term fixed rate with an expected profit rate of 2.32% (2.30% gross) on its Fixed Term Deposit account, which required a minimum deposit of £1,000 and paid interest quarterly. This 18-month bond, which did not allow further additions or withdrawals, could be opened and managed online, by post, by phone, in branch or through its mobile app.

Bank of London and The Middle East (BLME) was offering the next two best short-term fixed rates this week, with its Premier Deposit Account offering an expected profit of 2.30% AER on an 18-month bond while the one-year version offered an expected profit of 2.20% AER. Both accounts required a minimum deposit of £1,000 and must be opened online and then managed by post. The 18-month bond paid profit yearly, while the one-year bond Premier Deposit Account paid profit on maturity. To these accounts, a BLME transfer account was needed to hold funds pending investment.

Outside the top three accounts this week, but still offering a rate above 2.10%, was Al Rayan Bank's Fixed Term Deposit, which was offering an expected profit rate of 2.17% AER (2.15% gross). This 12-month bond needed £1,000 deposit to open and could be opened and managed online, by post, by phone, in branch and via its mobile app.

The best medium-term fixed savings account

The best medium-term fixed rates this week:

  • Al Rayan Bank, Fixed Term Deposit (three-years) – 2.52% AER
  • Gatehouse Bank, Raisin UK – 3 Year Fixed Deposit – 2.50% AER
  • Gatehouse Bank, 2 Year Fixed Term Deposit – 2.45% AER
  • Al Rayan Bank, Fixed Term Deposit (two-years) – 2.42% AER

Within the three-year fixed rate Best Buy chart, two accounts were offering a rate at or above 2.50%. Al Rayan Bank was offering an expected profit rate of 2.52% AER (2.50% gross) on its Fixed Term Deposit account that required a minimum deposit of £1,000. This 36-month bond paid profit quarterly and could be opened and managed online, by post, by phone, in branch and through its mobile app. It did not allow further additions or withdrawals. Gatehouse Bank was offering the next best rate of 2.50% AER expected profit rate with its Raisin UK – 3 Year Fixed Term Deposit account. This three-year bond must be opened online but could then be managed online, by post and by phone too, and required a minimum deposit of £1,000. It paid profit yearly and while further additions were allowed for five working days from account opening, withdrawals were not permitted.

Gatehouse Bank was offering the best two-year fixed rate of 2.45% AER expected profit rate on its Raisin UK – 2 Year Fixed Term Deposit from a minimum investment of £1,000. This two-year bond paid profit yearly and must be opened online but could then also be managed by post and phone. It allowed further additions for five working days after opening but not withdrawals or early access. A further incentive for savers was that Raisin UK offers a bonus of up to £100 when you open a savings account via their website (terms and conditions apply). The only other two-year fixed account that offered a rate above 2.40% this week was from Al Rayan Bank, which offered an expected profit rate of 2.42% AER (2.40% gross) on its Fixed Term Deposit account. This 24-month bond required a minimum investment of £1,000 and could be opened and managed online, by post, by phone, in branch and through its mobile app. It did not allow further additions and withdrawals.

The best long-term fixed savings accounts

The best long-term fixed rates this week:

  • Gatehouse Bank, Raisin UK 5 Year Fixed Term Deposit – 2.75% AER
  • Bank of London and The Middle East, Premier Deposit Account – 2.75% AER
  • Bank of London and The Middle East, Premier Deposit Account – 2.70% AER

Gatehouse Bank was offering a highly competitive long-term fixed rate this week with its Raisin UK - 5 Year Fixed Term Deposit account returning an expected profit rate of 2.75% AER. This five-year bond required a minimum investment of £1,000 and had to be opened online but could then be managed by post and by phone too. It paid profit yearly and allowed further additions for five working days from account opening but did not permit withdrawals or early access. BLME was also offering an expected profit rate of 2.75% on its Premier Deposit Account – a seven-year bond that required a minimum deposit of £1,000 to open. It paid profit yearly and did not allow further additions or withdrawals. The account must be opened online before becoming postal-operated. Savers must note that a BLME transfer account was required to hold funds pending investment.

The only other account in our long-term fixed rate Best Buy chart this week with a rate of 2.70% or above was the five-year version of BLME's Premier Deposit Account, which offered an expected profit rate of 2.70%. An initial deposit of £1,000 was needed and profit was paid yearly. All other details mirrored that of its seven-year counterpart.

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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