Last updated: 21 March 2024 at 13:30
Oxbury Bank launches multiple market-leading savings accounts.
While the top of the easy access savings charts saw little change this week, the leading fixed rate bonds saw a fair amount of activity as providers adjusted their rates and ranges of products.
Most notably, Oxbury Bank launched a range of fixed bonds and notice accounts that feature at the top of our charts. Because of these new accounts, the leading rates on two- and three-year bonds have edged up compared to last week. However, the leading one-year bond saw a slight drop after SmartSave cut its previously market-leading rate.
Whatever your circumstances or savings goals, we provide more detail on the best easy access, fixed and notice savings rates currently available. These products can be accessed by new customers with deposits up to £10,000. Keep in mind higher rates may be available to existing customers, or those with a larger initial deposit.
For a complete overview of the savings market as a whole, visit our regularly updated charts.
Account: Loyalty Saver
Notice: None
Rate: 5.20% AER
Account: Online Easy Access Account (Issue 69)
Notice: None
Rate: 5.10% AER (includes a bonus)
Account: Easy Access - Issue 49
Notice: None
Rate: 5.08% AER
Except for Secure Trust Bank withdrawing its account, the top of our easy access savings chart remains the same this week, with Ulster Bank’s Loyalty Saver paying the highest rate of 5.20% AER. This rate is available on balances of at least £5,000; a lower rate of 2.25% AER applies for balances below this figure. To open this account, savers need to be a new or existing Ulster Bank current account customer. You can open this account online, by phone or by mobile app, and you then have the extra option of managing it in branch if you prefer.
Cynergy Bank’s Online Easy Access Account (Issue 69) pays the next highest rate of 5.10% AER, which includes a 12-month 1.10% bonus. You can open this online-only account with a minimum deposit of just £1, but you need to have a Cynergy Bank Authenticator App or Digipass to access your account.
Paying a slightly lower rate of 5.08% AER is the Easy Access - Issue 49 from Charter Savings Bank. This is another online-only account, but you need a higher deposit of £5,000 to open it. You can choose to have interest paid on anniversary or monthly.
Account: 1 Year Fixed Rate Bond
Term: One year bond
Rate: 5.26% AER
Account: Personal 1 Year Bond Account - Issue 34
Term: One year bond
Rate: 5.26% AER
Account: Personal 2 Year Bond Account - Issue 23
Term: Two year bond
Rate: 5.11% AER
Account: Personal 3 Year Bond Account - Issue 10
Term: Three year bond
Rate: 4.66% AER
Account: 5 Year Fixed Rate Bond
Term: Five year bond
Rate: 4.55% AER
Account: 5 Year Fixed Rate Bond
Term: Five year bond
Rate: 4.55% AER (expected profit rate)
This week saw some change in the leading one-year savings rates, with the previous market-leader SmartSave cutting the rate on its 1 Year Fixed Rate Saver. After Close Brothers Savings increased its rate and Oxbury Bank launched a new account, these providers now offer the highest rate on one-year bonds at 5.26% AER.
The 1 Year Fixed Rate Bond from Close Brothers pays interest yearly and requires a hefty £10,000 minimum deposit. You can open and manage the account online and, if you prefer, you can also manage it by post or by phone. While you can continue to save into the account for 10 days after opening, earlier access to your money isn’t allowed.
Meanwhile, as well as topping the one-year savings chart, Oxbury Bank also pays the market-leading rate on two- and three-year bonds at 5.11% AER and 4.66% AER respectively. All these accounts require a minimum deposit of £1,000 and allow you to add to your savings for 14 days after opening. But you need to think carefully about how much you deposit as Oxbury Bank doesn’t allow earlier access to your money. These accounts are available to open and manage online, and you can also manage them via mobile app once open.
Paying the joint-highest rate on five-year bonds at 4.55% AER are Close Brothers Savings and Al Rayan Bank. The 5 Year Fixed Rate Bond from Close Brothers Savings is available to open online with a minimum deposit of £10,000. You can manage the account online, by phone or by post, with the option to add to your savings for 10 days after opening the account. However, because earlier access isn’t permitted, you need to think carefully about the amount of money you’re comfortable locking away.
After increasing its rate this week, the Raisin UK - 5 Year Fixed Term Deposit from Al Rayan Bank also pays an expected profit rate of 4.55% AER. This Shari’ah-compliant account is available to open and manage online and by mobile app. It requires a minimum deposit of £5,000, but it’s worth noting that you can’t add to your savings once the account is open and earlier access isn’t allowed.
Account: FirstSave 30 Day Notice Account (Feb24)
Notice: 30 days
Rate: 4.85% AER
Account: 45 Day Notice Personal Account Issue 14
Notice: 45 days
Rate: 5.16% AER
Account: Personal 90 Day Notice Account (Issue 11)
Notice: 90 days
Rate: 5.32% AER
FirstSave keeps its place at the top of the 30-day notice charts as its FirstSave 30 Day Notice Account (Feb24) pays the leading rate of 4.85% AER. Interest is paid on anniversary or monthly. You can open the account online with a minimum deposit of £100, and you have the option of managing the account online, by phone or by post once open. There are no restrictions on adding to your savings and, if you don’t want to wait 30 days before accessing your money, it’s possible to get your money sooner, subject to a 30-day loss of interest.
For a savings account with a longer notice period, Shawbrook Bank’s 45 Day Notice Personal Account Issue 14 pays a higher rate of 5.16% AER. You can open this account online with a deposit of at least £1,000, and you can choose whether interest is paid on anniversary or monthly. While you can continue to save into the account without restrictions, Shawbrook Bank doesn’t allow earlier access which means you would need to wait 45 days before you receive any money you withdraw. As well as the option of managing your account online, you can also manage it by phone if you prefer.
Oxbury Bank launched yet another market-leading product this week as its Personal 90 Day Notice Account (Issue 11) tops our 90-day notice chart. Paying a rate of 5.32% AER, you can open this account online with a deposit of at least £1,000. You can then manage your account online or by mobile app. Oxbury Bank allows you to add to your account without restriction, but you need to wait the full 90 days to access your money as earlier access isn’t allowed. Interest on this account is paid monthly.
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. Moneyfactscompare.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.