Derin Clark

Derin Clark

Online Reporter
Published: 11/10/2019

This week saw several changes throughout the savings charts, most notably with Cynergy Bank restricting the opening of its easy access account to existing customers only which resulted in it dropping out our chart. Savers will be pleased to see new entries to the top of the 30 day and 60 day notice charts paying higher rates than last week. Overall, savers will still have to lock their money into a fixed rate savings account in order to get the best savings rates available, however both the easy access and notice charts remain competitive this week, with last week’s top rates still available.

The best fixed rate bond savings rates

Provider Account Term Rate AER
Gatehouse Bank Fixed Term Deposit Five years 2.35% (expected profit rate)
Al Rayan Bank Fixed Term Deposit Three years 2.42% (expected profit rate)
Al Rayan Bank Fixed Term Deposit Two years 2.32% (expected profit rate)
Al Rayan Bank Fixed Term Deposit 18 months 2.22% (expected profit rate)

Al Rayan Bank once again offered the top rate overall in the fixed rate bond chart with the three-year version of its Fixed Term Deposit paying an expected profit rate of 2.42%. The bank also tops the short-term charts with the two-year version of its Fixed Term Deposit paying and expected profit rate of 2.32% and the 18-month version paying an expected profit rate of 2.22%. All these accounts require an opening minimum deposit of £1,000 and savers will not be able to access funds until the account term ends. All these bonds can be both opened and managed online, in branch, by post, by phone and via its mobile app.

Savers able to put their money into a longer-term account could get the best rate from Gatehouse Bank this week, which is paying an expected profit rate of 2.35% on the five-year version of its Fixed Term Deposit. This account also requires a minimum opening deposit of £1,000 and savers cannot access funds until the five-year term has ended. The bond can only be opened and managed online.

The best easy access savings rates

Provider Account Term Rate AER
Coventry Building Society Triple Access Saver Instant 1.46% (includes a 0.31% bonus until 31.03.2021)
Marcus by Goldman Sachs® Online Savings Account None 1.45% (includes a 0.10% bonus for 12 months)
Virgin Money Double Take E-Saver Issue 12 None 1.45%
Virgin Money Man Utd Double Take E-Saver Issue 7 None 1.45%

Cynergy Bank restricted the opening of its account to existing customers only, resulting in it dropping out of the chart, however savers will be pleased to see that the overall top rate remained. Coventry Building Society offers the top rate of 1.46%, including a 0.31% bonus until 31 March 2021, on its Triple Access Saver. This account requires a deposit of just £1 to open and allows unlimited further additions. Withdrawals are restricted to three penalty-free withdrawals per annum, after this, further withdrawals are subject to 50 days’ loss of interest. The account can be opened and managed online, in branch, by post and by phone. There is also a version of this account that pays interest monthly at a slightly lower gross rate.

Both Marcus by Goldman Sachs® and Virgin Money continued to offer the second-best rate in the easy access chart this week, with both providers offering a rate of 1.45%. Marcus by Goldman Sachs® offers this rate on its Online Savings Account, which includes a 0.10% bonus for 12 months. This account does not require a deposit to open, but a UK mobile number is needed. It allows unlimited further additions via a nominated account and withdrawals and can only be opened online but then managed by phone as well.

Virgin Money offers the rate of 1.45% on both its Double Take E-Saver Issue 12 and Man Utd Double Take E-Saver Issue 7. Both these accounts require an opening deposit of just £1 and allow unlimited further additions but restrict withdrawals to two per calendar year including closure. These accounts can only be opened and managed online. Savers can also opt for a version of both accounts that pay interest monthly at a slightly reduced gross rate.

The best notice account rates

Provider Account Notice Rate AER
Gatehouse Bank 120 Day Notice Account 120 days 1.82% (expected profit rate)
Bank of London and The Middle East 90 Day Notice Account (Issue 1) 90 days 1.71% (expected profit rate)
Charter Savings Bank 60 Day Notice – Issue 11 60 days 1.55%
Charter Savings Bank 30 Day Notice – Issue 10 30 days 1.51%

New to the top of the notice account chart this week was Gatehouse Bank with its 120 Day Notice Account paying an expected profit rate of 1.82%. This account requires a minimum deposit of £1,000 to open and allows further additions. This online-only account also allows withdrawals via a nominated account subject to 120 days’ notice.

Bank of London and The Middle East remained at the top of the 90 days chart with its 90 Day Notice Accounts (Issue 1) paying an expected profit rate of 1.71%. This online-only account requires a substantial opening deposit of £10,000. Further additions are allowed, while withdrawals are permitted subject to 90 days’ notice.

New to the top of both 60 days and 30 days chart was Charter Savings Bank. In the 60 day chart it pays 1.55% on its 60 Day Notice – Issue 11 and 60 Day Notice Postal – Issue 11. In the 30 day chart it pays 1.51% on its 30 Day Notice – Issue 10 and 30 Day Notice Postal – Issue 10.  All these accounts require an opening minimum deposit of £5,000 and allow unlimited further additions. Withdrawals are allowed on both the 60-day accounts subject to 60 days’ notice and on the 30-day accounts subject to 30 days’ notice. The 60 Day Notice – Issue 11 and 30 Day Notice – Issue 10 can both only be opened and managed online, while the 60 Day Notice Postal – Issue 11 and 30 Day Notice Postal – Issue 10 can both be opened online or by post before becoming purely postal-operated. There are versions of all the accounts that pay interest monthly at a slightly reduced gross rate.

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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