The Best Savings Rates This Week 10.07.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 10/07/2020

Savers looking for the flexibility of an easy access saving account will be please to see that the top rates in this chart have remained this week. However, there were some rate reductions at the top of the fixed rate bond charts this week, which has resulted in a number of last week’s top rates no longer being available. Providers still seem to be reluctant to remain at the top of the savings charts for a long period of time and, as such, 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)
Bank of London and The Middle East Premier Deposit Account Two years 1.35% (expected profit rate)
Bath Building Society 12 Month Fixed Rate Loyalty Bond (Issue 1) 12 months 1.10%

 

This week, Bank of London and The Middle East (BLME) dominated the fixed rate bond charts, offering the top rate overall with its seven year bond, as well as the best five, three and two year fixed rate. The seven-year option of BLME’s Premier Deposit Account pays an expected profit rate of 1.70% gross on anniversary. Meanwhile, the five-year version pays an expected profit rate of 1.50% gross on anniversary, the three-year version pays an expected profit rate of 1.40% gross on anniversary, and the two-year option pays an expected profit rate of 1.35% gross on anniversary. All these accounts require a minimum deposit of £1,000 to open. As well as this, a BLME transfer account to hold funds pending investment is needed. These accounts must be opened online and can only be managed by post.

New to the top of the one year fixed rate bond chart this week was Bath Building Society, with its 12 Month Fixed Rate Loyalty Bond (Issue 1) paying 1.10% gross on maturity. Savers need to be aware that this account is only available to existing members who have held a Bath Building Society product for a minimum of five years. This account requires a £500 minimum deposit to open. It can be opened in branch or by post but must be managed online.

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
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%

 

Still offering its highly competitive easy access savings account rate this week was National Savings & Investments (NS&I). Income Bonds pays 1.15% gross monthly and is 100% backed by HM Treasury. To open this account, a £500 minimum deposit is needed. It allows unlimited further additions. Withdrawals are permitted at any time, but all withdrawals must be made via a nominated account. Savers should be aware that there is a minimum transaction amount of £500 on this account. It can be both opened and managed online, by post and by phone.

Both ICICI Bank UK and NS&I continued to offer the second-best easy access savings rate of 1.00% gross. this week. ICICI Bank UK’s SuperSaver Savings Account pays 1.00% gross monthly on an opening minimum deposit of just £1. This account is only available to new and existing HomeVantage Current Account customers. It allows unlimited further additions. Withdrawals are permitted 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 managed online, in branch, by post and via mobile app.

NS&I’s Direct Saver pays 1.00% gross yearly on an opening minimum deposit of only £1. This account is 100% back by HM Treasury. Unlimited further additions can be made. Withdrawals are permitted but must be made via a nominated account. This account can be both opened and managed online and by phone.

Easy access accounts

All the rates available can be found on our easy access 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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