Derin Clark

Derin Clark

Online Reporter
Published: 01/11/2019

This week saw savers being urged to check their savings accounts to ensure that they do not have money languishing away in long-forgotten accounts. Savers were warned that with a significant number of accounts offering below Bank of England base rate rates, it was important to remain vigilant of their accounts and to move money to more competitive accounts if needed.

The best fixed rate bond savings rates

Provider Account Term Rate AER
UBL UK 5 Year Fixed Term Deposit Five years 2.36%
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 One year 2.07% (expected profit rate)

Savers happy to lock their money into a long-term fixed rate account will be pleased to see that UBL UK’s highly competitive five year fixed bond rate was still available this week. The bank is offering a gross rate of 2.47% paid on maturity on its 5 Year Fixed Term Deposit. This account requires a minimum opening deposit of £2,000 and can be opened and managed in branch and by post. There are also versions of this account that pay interest on anniversary at a lower gross rate of 2.36% and monthly at a gross rate of 2.33%.

Al Rayan Bank continued to dominate the shorter-term fixed rate charts this week, remaining at the top of the three, two and one-year charts. Al Rayan Bank pays an expected profit rate of 2.40% gross on the three-year version of its Fixed Term Deposit, while the two-year version pays an expected profit rate of 2.30% gross and the one-year version pays an expected profit rate of 2.05% gross. All profit is paid quarterly and requires an opening minimum deposit of £1,000. These accounts can be opened and managed online, in branch, by post, by phone and through its mobile app.

The best easy access savings rates

Provider Account Term Rate AER
Coventry Building Society Triple Access Saver Instant 1.46%, including a 0.31% bonus until 31.03.2021
Marcus by Goldman Sachs® Online Savings Account None 1.45%, including 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%

Those looking to be able to access their savings quickly should consider an easy access savings account and, fortunately for savers, there are still some competitive rates available. Coventry Building Society remained at the top of the easy access savings chart this week offering 1.46% gross, which includes a 0.31% bonus until 31.03.2021, on its Triple Access Saver. This account pays interest yearly and requires just a £1 minimum deposit to open. It allows unlimited further additions, but withdrawals are restricted to three penalty-free withdrawals per annum, with further withdrawals subject to 50 days’ loss of interest. This 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 of 1.45%.

Marcus by Goldman Sachs® and Virgin Money both remained in second place in the chart this week paying 1.45% AER. Marcus by Goldman Sachs® Online Savings Account pays 1.44% gross, which includes a 0.10% bonus for 12 months. Interest is paid monthly and the account does not require a deposit to open. Savers should be aware that they will need a UK mobile number to open the account. It allows unlimited further additions and withdrawals, and must be opened online but can then be managed by phone as well.

Virgin Money pays 1.45% gross on its Double Take E-Saver Issue 12 and Man Utd Double Take E-Saver Issue 7. Both accounts pay interest yearly and require a minimum deposit of just £1 to open. They allow unlimited further additions, but withdrawals are restricted to two withdrawals per calendar year including closure. These online-only accounts also have versions that pay interest monthly at a slightly lower gross rate of 1.44%.

The best notice account rates

Provider Account Term 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%

Gatehouse Bank remained at the top of the Notice Chart this week offering an expected profit rate of 1.82% gross on its 120 Day Notice Account, which requires an opening minimum deposit of £1,000. This online-only account pays profit on anniversary and allows unlimited further additions. Withdrawals are permitted but subject to 120 days’ notice. There is also a version of this account that pays profit monthly at a slightly lower gross rate of 1.80%.

Once again, Bank of London and The Middle East (BLME) topped the 90 day chart with its 90 Day Notice Account (Issue 1) paying an expected profit rate of 1.70% gross. This account pays profit quarterly and requires a minimum deposit of £10,000 to open. Further additions are allowed while withdrawals are permitted subject to 90 days’ notice. It can only be opened and managed online.

This week saw Charter Savings Bank top the 60 day and 30 day charts. Its 60 Day Notice – Issue 11 pays 1.55% gross on anniversary, while its 30 Day Notice - Issue 10 pays 1.51% gross on anniversary. Both accounts require a £5,000 minimum deposit to open and allow unlimited further additions. Withdrawals are permitted but subject to 60 days’ notice on the 60-day account and 30 days’ notice on the 30-day account. These accounts can only be opened and managed online. As well as this, there are also versions of these accounts that pay interest monthly at a gross rate of 1.54% on the 60-day option and 1.50% on the 30-day version. 

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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