The best savings rates this week 09.07.21 | moneyfacts.co.uk

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Michelle Monck

Michelle Monck

Consumer Finance Expert
Published: 09/07/2021

Savers have recently seen more positive changes in the market, especially for the best one-year fixed rate bonds. However, this week both fixed rates and easy access rates saw no changes to the top providers and rates offered. Notice accounts have seen more changes with modest increases in the best rates available.

Savers should be aware that the accounts highlighted below are the top-paying savings accounts available to new customers and higher rates may only be available to existing customers. Savers can compare the best savings rates available to existing customers by visiting our savings charts and selecting these accounts in the refine search section.

The best fixed rate bonds savings rates

Provider

Account

Term

Rate AER

 

UBL UK

5 Year Fixed Term Deposit

Five years

1.66%

Find out more

UBL UK

3 Year Fixed Term Deposit

Three years

1.31%

Find out more

Gatehouse Bank

Fixed Term Green Saver

Two years

1.20% (expected profit rate)

Find out more

Gatehouse Bank

Fixed Term Green Saver

One year

1.10% (expected profit rate)

Find out more 

The very best fixed rate bonds didn’t change this week, with the same providers and products all continuing to top the charts. UBL UK continued to offer the best rates for five and three year fixed terms. Savers opening the 5 Year Fixed Term Deposit can earn 1.72% gross if they receive their interest on maturity. Alternatively, this account pays interest on anniversary at 1.66% gross or monthly at 1.65% gross. UBL UK’s 3 Year Fixed Term Deposit pays 1.33% gross if interest is paid on maturity. Interest can also be paid on anniversary at 1.31% gross or monthly at 1.30% gross. Both fixed rate bonds require a £2,000 minimum deposit to open. They can be opened online, in branch, by post or via mobile app and then managed online, in branch, by post, by phone and via mobile app. These bonds also offer savers the option to access their funds before the maturity date (subject to UBL UK’s discretion), something not often seen with fixed rate bonds. Early access will incur a loss of interest penalty of 270 days for the three year bond and 365 days for the five year bond. Gatehouse Bank continued to offer the best rates for two and one year fixed terms. The expected profit rates for its Fixed Term Green Saver are 1.20% gross on anniversary and 1.10% gross on maturity for the two and one year fixed terms, respectively. Both options require a £1,000 minimum deposit to open. These accounts have the incentive of Gatehouse Bank planting a tree in a UK woodland when the account is opened and funded. They must be opened and managed online.

Compare the best fixed rate bonds

The best easy access savings rates

Provider

Account

Maximum number of withdrawals allowed

Rate AER

 

Charter Savings Bank

Easy Access - Issue 21

Easy Access Postal – Issue 21

Unlimited

0.50%

Find out more

ICICI Bank UK

SuperSaver Savings Account

Unlimited but all withdrawals via linked ICICI Bank current account only

0.50%

Find out more

Virgin Money

Club M Saver

Unlimited but all withdrawals via Club M Account or nominated account

0.50%

Find out more

Note: table above excludes accounts paying a bonus and those which apply penalties when exceeding a certain number of withdrawals.

The best easy access savings rates remained the same this week. With seven accounts all paying the top rate of 0.50% we have decided to focus on the simplest easy access accounts this week. These all pay the best rate without offering an introductory bonus and allow savers to make unlimited withdrawals without penalties. Charter Savings Bank is still offering two easy access accounts at 0.50% gross - its Easy Access – Issue 21 and its Easy Access Postal – Issue 21. Interest is paid on anniversary or monthly and both accounts require a £5,000 minimum deposit to open. Savers must use a nominated bank account to add funds to these accounts. Easy Access – Issue 21 must be opened and managed online, whereas the postal version can be opened online or by post but must be managed by post.

The SuperSaver Savings Account from ICICI Bank UK pays 0.50% gross monthly. Savers must have or open an ICICI HomeVantage Current Account to open this account and any money paid in or withdrawn must be done through a linked ICICI current account. No minimum deposit is required to open this account. This savings account can be opened online, in branch or by phone and then managed online, in branch, by post and via mobile app.

Finally, is the Club M Saver from Virgin Money, continuing to pay 0.50% gross quarterly. This account also does not require a deposit to open but it is only available to those with a Virgin Money Club M Account. Savers can add further funds to the account. Withdrawals are permitted but must be made via a Club M Account or a nominated account. It can be opened online or by phone and then managed online, in branch, by phone and via mobile app.

Compare the best easy access savings accounts

The best notice account rates

Provider

Account

Notice

Rate AER

 

Charter Savings Bank

120 Day Notice - Issue 23
 120 Day Notice Postal - Issue 23

120 days
 
 

0.76%
 

Find out more
 
 
 

OakNorth Bank

120 Days Notice Deposit Account

120 days

0.76%

Find out more

Secure Trust Bank

90 Day Notice Account

90 days

0.73%

Find out more

Charter Savings Bank

60 Day Notice – Issue 19

60 Day Notice Postal – Issue 19

60 days

0.60%

Find out more

Secure Trust Bank

30 Day Notice Account

30 days

0.55%

Find out more

Unlike fixed rates and easy access savings accounts there have been several changes to the best notice account rates this week.

Charter Savings Bank offers the highest rate of any notice account at 0.76% gross for its 120 Day Notice – Issue 23 and 120 Day Notice Postal – Issue 23 accounts. Interest can be paid on anniversary or monthly. These accounts require a £5,000 minimum deposit to open. They allow further additions via a nominated account and withdrawals can be made subject to 120 days’ notice. Savers choosing the postal version can open the account online and by post and then manage the account by post only. The other version of this account can be opened and managed online only. OakNorth Bank is also offering a rate of 0.76% gross with its 120 Days Notice Deposit Account. Interest is paid monthly, and the account can be opened and operated online and by mobile app only. The minimum opening deposit is £1 and unlimited further additions can be made. Withdrawals can be made from a minimum of £1,000 subject to 120 days’ notice.

Secure Trust Bank has the best 90-day notice account rate this week, with its 90 Day Notice Account at 0.73% gross. Interest is paid quarterly, and the account can be opened online and managed online and by phone. The minimum opening deposit is £1,000 and additions are permitted from a minimum of £1,000. Savers can only make four withdrawals of interest earned and three capital withdrawals per annum. These withdrawals require 90 days’ notice. The best rate for a 60-day notice account is from Charter Savings Bank, with its 60 Day Notice – Issue 19 and 60 Day Notice Postal – Issue 19 at 0.60% gross. Interest can be paid on anniversary or monthly. Both accounts have a minimum opening deposit of £5,000. Savers choosing the postal version can open the account online and by post and then manage the account by post only. The other version of this account can be opened and managed online only. Savers can add money at any time via a nominated account and can withdraw funds subject to 60 days’ notice.

The best rate for a 30-day notice account is from Secure Trust Bank, its 30 Day Notice Account is offering a rate of 0.55% gross. Interest is paid quarterly, and the account can be opened online and operated online and by phone. The minimum opening deposit is £1,000 and additions are permitted from a minimum of £1,000. Savers can only make four withdrawals of interest earned and three capital withdrawals per annum subject to 30 days’ notice.

Compare the best notice accounts

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. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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