The best savings rates this week 11.09.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 11/09/2020

There was good news for savers this week, as we reported that rates have increased slightly this month, which could be the sign of the start of a slow savings recovery. Currently, the top rate in the fixed rate bond chart remains at 1.50%, and National Savings & Investments (NS&I) continues to offer the top-paying easy access account. Meanwhile, savers looking to get competitive rates but without locking into a fixed rate bond should consider a notice account, as the top rate currently stands at 1.10%.

The best fixed rate bonds saving rates

Provider Account Term Rate AER
Bank of London and The Middle East Premier Deposit Account Seven years 1.50% (expected profit rate)
UBL UK 5 Year Fixed Term Deposit Five years 1.50%
My Community Bank 36 Month Fixed Term Savings Account 36 months 1.45%
My Community Bank 24 Month Fixed Term Savings Account 24 months 1.35%
My Community Bank 12 Month Fixed Term Savings Account 12 months 1.30%

 

Topping the fixed rate bond chart this week was Bank of London and The Middle East (BLME), which pays an expected profit rate of 1.50% gross on anniversary on its Premier Deposit Account. This account requires a £1,000 minimum deposit to open and a BLME transfer account is needed to hold funds pending investment. It must be opened online and can only be managed by post.

UBL UK topped the five year fixed rate bond chart this week with its 5 Year Fixed Term Deposit, which pays 1.55% gross on maturity. There are also versions of this account that pay 1.50% gross on anniversary and 1.49% gross monthly. All versions of this account require a £2,000 minimum deposit to open. They can be both opened and managed in branch and by post.

An increase in rates by My Community Bank resulted in it topping the three, two and one year fixed rate bond charts this week. My Community Bank pays 1.45% gross on maturity on its 36 Month Fixed Term Savings Account, 1.35% gross on maturity on its 24 Month Fixed Term Savings Account, and 1.30% gross on maturity on its 12 Month Fixed Term Savings Account. All these accounts are opened and operated via My Community Finance and are only available to existing members of My Community Bank Credit Union. They all require a £1,000 minimum deposit to open. They must be opened online, but can then be managed online, by post and by phone.

Fixed rate bonds

All the rates available can be found on our fixed rate bonds chart.

The best easy access saving rates

Provider Account Notice Rate AER
National Savings & Investments Income Bonds None 1.16%
National Savings & Investments Direct Saver None 1.00%
Principality Building Society Online Limited Access None 0.90%

 

The top easy access savings rates continued to be offered by NS&I this week. Its Income Bonds pays 1.15% gross monthly and requires a £500 minimum deposit to open. Unlimited further additions are allowed, and withdrawals can be made at any time but must be made via a nominated account. Savers should be aware that all transactions must be for a minimum of £500. This account is 100% backed by HM Treasury. It can be both opened and managed online, by post, and by phone.

NS&I also continued to offer the second-best easy access account rate this week with its Direct Saver paying 1.00% gross yearly. This account can be opened from a minimum deposit of just £1. It allows unlimited further additions. Withdrawals can be made at any time but must be made via a nominated account. This account, which is 100% backed by HM Treasury, can be both opened and managed online and by phone.

The third-best easy access account rate came from Principality Building Society, which pays 0.90% gross yearly on its Online Limited Access. To open this account, a £1 minimum deposit is needed. It allows unlimited further additions. Withdrawals are restricted to three per calendar year including closure. It must be opened and managed online.

Easy access accounts

All the rates available can be found on our easy access accounts chart.

The best notice account rates

Provider Account Notice Rate AER
Aldermore 120 Day Notice Account 120 days 1.10%
Secure Trust Bank 90 Day Notice Account 90 days 1.18% 
Chorley Building Society 30 Day Notice Account Issue 2 30 days 0.75%

 

Topping the notice account chart this week was Aldermore, with its 120 Day Notice Account paying 1.10% gross on anniversary. This account requires a £1,000 minimum deposit to open and allows unlimited further additions. Withdrawals are permitted subject to 120 days’ notice. This account can only be opened and managed online. There is also a version of this account that pays interest monthly at a rate of 1.09% gross.

The best rate in the up to 90 days’ notice chart this week came from Secure Trust Bank, which pays 1.17% gross quarterly on its 90 Day Notice Account. A £1,000 minimum deposit is needed to open this account. It allows unlimited further additions which must be for a minimum of £1,000. Withdrawals are restricted to four interest withdrawals per annum and three capital withdrawals per annum subject to 90 days’ notice. This account must be opened online but can then be managed online and by phone.

In the up to 30 days’ notice chart, Chorley Building Society had the top rate of 0.75% gross yearly on its 30 Day Notice Account Issue 2. To open this account, a £1 minimum deposit is needed and it must be new money to the institution. Further additions are allowed while the issue remains open. Withdrawals are permitted subject to 30 days’ notice. This account can be opened online, in branch or by post and then managed in branch and by post.

Notice accounts

All the rates available can be found on our notice 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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