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MONEYFACTS ARCHIVE. This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Michelle Monck

Michelle Monck

Consumer Finance Expert
Published: 11/12/2020

The week savers will see that many of the best fixed rates have reduced again. Savers need to also keep an eye on future reductions in easy access rates with ICICI Bank UK publicising planned reductions in January. See more in our full round up of savings accounts below.

Savers should also check if they hold any savings or funds with banks that hold their banking licences outside in the UK. After the 31 December 2020 passporting arrangements for EU banks to operate in the UK will cease but your funds will still be protected by the overseas scheme if the bank hasn’t become authorised in the UK.

The best fixed rate bond savings rates





Rate AER

Shawbrook Bank

5 Year Fixed Rate Bond Issue 33

Five years


Bank of London and The Middle East (BLME)

Premier Deposit Account

Three years


Vernon Building Society

Fixed Rate Bond until 31st January 2023




Habib Bank Zurich plc

HBZ Sirat eDeposit (Islamic Fixed Term Account)

12 months

0.85% (expected profit rate)

Note: accounts not covered by the Financial Services Compensations Scheme have not been included.

The best fixed rate bonds for all but one-year terms have changed this week. The best five-year fixed rate bond is now from Shawbrook Bank with its 5 Year Fixed Rate Bond Issue 33. The account pays 1.25% gross with interest paid on the anniversary of the account opening and 1.24% gross with monthly interest. The minimum deposit to open this account is £1,000 and it can only be opened online and managed online and by phone. 
There are multiple savings providers offering the best rate for a three-year fixed rate bond this week. BLME has been consistently in the best buy tables during the whole of 2020 and this week its Premier Deposit Account offers an expected profit rate of 1.00% gross. The minimum deposit is £1,000 and interest is paid on anniversary. The account may be opened online and operated by post. The other providers offering the same rate include:
  • Zenith Bank (UK) Ltd – Raisin UK 3 Year Fixed Term Deposit
  • Arbuthnot Direct – 3 Year Fixed Term Deposit Issue 4
  • Close Brothers Savings – Fixed Rate Bond
  • Ford Money – Fixed Saver 3 Year
  • UBL UK – 3 Year Fixed Term Deposit (note the option for interest paid on maturity has a gross rate of 1.01%)
  • Vernon Building Society – Fixed rate Bond until 31st January 2023
Vernon Building Society offers the best two-year fixed rate bond this week. Its Fixed Rate Bond until 31st January 2023 account has a rate of 1.00% gross and interest is paid yearly. The minimum deposit is £10,000 and it can only be opened in branch and by post. It can be operated in branch only. Account opening restricted to those living in England and Wales. Those savers wanting to open a two-year fixed rate bond online will find the best rate from Zenith Bank (UK) Ltd and its Raisin UK – 2 Year Fixed Term Deposit. It has a rate of 0.93% gross and pays interest on the maturity of the account. It can be operated online, by post and by phone. The minimum deposit is £1,000. Raisin UK is offering a bonus or Amazon Gift Card of up to £50 that can be claimed when you open your first savings account via their website. Terms and conditions apply.
This week Habib Bank Zurich plc is consistent with the most competitive rate for a one-year fixed rate bond. Its 12-month HBZ  Sirat eDeposit (Islamic Fixed Term Account)  has an expected profit rate of 0.85% gross on maturity and there is a minimum balance of £5,000 to open the account. It must be opened online but can then be managed by post. 
Fixed rate bonds may not allow access to your money until the fixed period ends. Savers should check if early withdrawal or closure applies with their bank or building society.


Compare the best fixed rate bonds

Check your savings account is protected after the UK leaves the EU

Savers need to be aware that after the 31 December 2020 any funds held with AgriBank will not be protected under either the UK’s Financial Services Compensation Scheme (FSCS) but by the Maltese deposit protection scheme.

Ikano Bank is a Swedish Bank and offers a competitive five-year fixed rate bond at 1.26% gross. Ikano Bank is in the process of getting a UK banking licence. If this remains unconfirmed on 1 January 2021 then savers funds will be protected by the Swedish deposit protection scheme.

Read more in our guide to depositor protection schemes.

The best easy access savings rates



Maximum number of withdrawals allowed

Rate AER


SuperSaver Savings Account




Double Access Account Issue 1

Reduced rate paid if more than two withdrawals made



Online Easy Access

One free withdrawal per month, additional withdrawals are charged at £1 each


Investec Bank plc

Online Flexi Saver



Note: accounts with eligibility exclusions have not been included.
*Note rate reducing to 0.60% AER on January 11 2021.

This week ICICI Bank continues to offer the best return on an easy access account at 0.75% gross, however savers should be aware that this rate is reducing on 11 January 2021 to 0.60% gross. Its SuperSaver Savings Account can be opened with £1 online, in branch or by phone. Those opening this account online will need to open an ICICI Bank HomeVantage Current Account first, they can then use their online login to start their savings application. Once open the account can be managed online, in branch by post and via mobile app. All withdrawals from this account must be made into an ICICI Bank HomeVantage Current Account. Interest is paid monthly.

Aldermore and UBL UK have the next best easy access rate. The Double Access Account Issue 1 from Aldermore has a rate of 0.60% gross and interest can be paid either on anniversary of the account opening or monthly. The account can only be opened and managed online, and the minimum deposit is £1,000. The Online Easy Access account from UBL UK has a rate of 0.60% gross and can be opened with £500 in branch or by post. It can then only be managed online. Interest is paid yearly.

Investec Bank plc has a rate of 0.55% gross on its Online Flexi Saver. The account can be opened and operated online with a minimum deposit of £5,000. Interest is paid monthly. 

Compare the best easy access savings accounts

The best notice account rates




Rate AER


90 Day Ameen Islamic Notice
 90 Day Notice

90 days

 90 days

1.00% (expected profit rate)


35 Day Notice

35 days


There is no change in the best rates available for a notice account this week. UBL UK continues to offer three of the best notice rates; the 90 Day Ameen Islamic Notice (expected profit rate), the 90 Day Notice and 35 Day Notice all at 1.00% gross with interest paid half-yearly. These accounts can be opened with a £1 deposit in branch or by post. They can then be operated in the same way. Savers that require earlier access will incur a 35-day or 90-day interest penalty depending on the account opened.
All the above UBL UK accounts are being reduced to 0.75% on 25.1.21.

Compare the best notice accounts


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. 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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