The Best Savings Rates This Week 12.02.21 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 12/02/2021

Marcus by Goldman Sachs® made headlines this week with the relaunch of its easy access savings account, which now sits joint-second place within this chart. Although the relaunch of this account will be welcome news to savers, overall, saving rates remain low and savers looking to get the best rates should act quickly to avoid being disappointed.

The best fixed rate bond savings rates

Provider Account Term Rate AER
Gatehouse Bank Fixed Term Green Saver Five years 1.50% (expected profit rate)
Gatehouse Bank Fixed Term Green Saver Three years 1.25% (expected profit rate)
Gatehouse Bank Fixed Term Green Saver Two years 1.10% (expected profit rate)

Habib Bank Zurich plc

 

QIB (UK)

Al Rayan Bank

Union Bank of India (UK) Ltd
Union Bank of India (UK) Ltd

HBZ Sirat eDeposit (Islamic Fixed Term Account)

Raisin UK - 1 Year Fixed Term Deposit
Fixed Term Deposit

Fixed Rate Deposit

Union Premier Bond

12-months

 

One year

One year

One year

One year

0.65% (expected profit rate)


0.65% (expected profit rate)
0.65% (expected profit rate)
0.65%

0.65%

 

The top fixed rate bond saving rate this week came from Gatehouse Bank, which pays an expected profit rate of 1.50% gross on anniversary on its Fixed Term Green Saver. Gatehouse Bank also had the top three and two year fixed bond rates this week with the three-year version of its Fixed Term Green Saver paying an expected profit rate of 1.25% gross on anniversary and the two-year option paying an expected profit rate of 1.10% gross on anniversary. All these accounts require a £1,000 minimum deposit to open. The accounts must be opened and managed online. They have the incentive of Gatehouse Bank planting a tree in a UK woodland when an account is opened and funded. The trees are planted in UK woodland projects certified by the UK Government’s Woodland Carbon Code.

Four accounts had the best one year fixed bond rate this week. Habib Bank Zurich plc pays an expected profit rate of 0.65% gross on maturity on its HBZ Sirat eDeposit (Islamic Fixed Term Account). This account requires a £5,000 minimum deposit to open. It must be opened online and can then only be managed by post. QIB (UK) pays an expected profit rate of 0.65% gross on maturity on its Raisin UK – 1 Year Fixed Term Deposit which requires a £1,000 minimum deposit to open. This account must be opened online but can be then managed online, by post and by phone. It also comes with the incentive of Raisin UK offering a bonus or Amazon Gift Card of up to £15 that can be claimed when a first savings account is opened via its website (terms and conditions apply). Al Rayan Bank pays an expected profit rate of 0.65% gross quarterly on its Fixed Term Deposit account. A £5,000 minimum deposit is needed to open this account. It can be both opened and managed online, in branch, by phone and via mobile app. Union Bank of India (UK) Ltd pays 0.65% gross on maturity on both its Fixed Rate Deposit and Union Premier Bond accounts. Fixed Rate Deposit requires a £1,000 minimum deposit to open and can be both opened and managed in branch and by post. Union Premier Bond requires £5,000 to open and can only be opened and managed online.

Compare the best fixed rate bonds

The best easy access savings rates

Provider Account Maximum number of withdrawals allowed Rate AER
ICICI Bank UK SuperSaver Savings Account Unlimited but all withdrawals via linked ICICI Bank current account only 0.60%

Marcus by Goldman Sachs®
Nationwide Building Society


Union Bank of India (UK) Ltd
Virgin Money

 


Yorkshire Building Society

Online Savings Account
1 Year Triple Access Online Saver 10


Savings Account

Virgin Money Instant Savings

 

Annual Access Account Issue 7

Unlimited.

Lower rate paid for remainder of term if more than 3 withdrawals pa.
Unlimited.

Unlimited but all withdrawals via Virgin Money Current Account or nominated account.
1 withdrawal day per anniversary year

0.50%

0.50%

 

0.50%

0.50%

 


0.50%

 

The top rate in the easy access savings chart continued to be offered by ICICI Bank UK this week. It pays 0.60% gross monthly on its SuperSaver Savings Account and requires no minimum deposit to open. To open this account, a HomeVantage Current Account is needed. It allows further additions and withdrawals but all transactions must be made via a linked ICICI Bank current account. It can be opened online, in branch or by phone and then managed online, in branch, by post and via mobile app.

Five accounts in our easy access savings chart had the second-best rate this week. Marcus by Goldman Sachs® pays 0.50% gross monthly on its Online Savings Account. No minimum deposit is required to open this account, but a UK mobile phone number is needed. It allows further additions and withdrawals, however all transactions must be made via a nominated account. The account must be opened online but can then be managed online and by phone. Nationwide Building Society’s 1 Year Triple Access Online Saver 10 pays 0.50% gross on anniversary and requires no minimum deposit to open. This account reverts to a Triple Access Online Saver after 12 months. It allows further additions. Withdrawals can be made but a lower rate of 0.01% is paid for the remainder of the term if more than three withdrawals are made per annum. It can be both opened and managed online and via mobile app. Union Bank of India (UK) Ltd pays 0.50% gross monthly on its Savings Account. This account requires no minimum deposit to open. It permits further additions and withdrawals. It can be both opened and managed in branch and by post. Virgin Money pays 0.50% gross quarterly on its Virgin Money Instant Savings. There is no minimum deposit needed to open this account, which is only available to new and existing Virgin Money Current Account customers. It permits unlimited further additions. Withdrawals are allowed but must be made via a Virgin Money Current Account or a nominated account. This account can be opened online, in branch, or by phone and then managed online, in branch, by phone and via mobile app. Yorkshire Building Society’s Annual Access Account Issue 7 pays 0.50% gross on anniversary. To open this account, a £100 minimum deposit is needed. The account allows further additions, but all deposits must be new money to the institution. It reverts to an Easy Saver after 12 months. Withdrawals are restricted to one withdrawal day per anniversary year. It can be opened in branch or by post and then managed online, in branch and by post.

Compare the best easy access savings accounts

The best notice account rates

Provider Account Notice Rate AER
ICICI Bank UK Notice Savings Account 95 days 0.85%
Moneycorp Bank 90 Day Notice Account Issue 1 90 days 0.65%
Moneybox 95 Day Notice Account 95 days 0.60%

 

The top notice account rate this week came from ICICI Bank UK, which pays 0.85% gross monthly on its Notice Savings Account, although savers should be aware that this rate is due to be reduced to 0.55% on the 15 March 2021. This account requires a £1 minimum deposit to open, as well as a HomeVantage Current Account. Further additions are allowed. Withdrawals are permitted subject to 95 days’ notice and all transactions must be made via a linked HomeVantage Current Account. This account can be both opened and managed online, in branch and by phone.

The next-best notice account rate came from Moneycorp Bank this week, which pays 0.65% gross monthly on its 90 Day Notice Account Issue 1. A £10,000 minimum deposit is needed to open this account, along with a Moneycorp Bank Deposit Account for transactional purposes. It allows further additions while the issue remains open and withdrawals can be made subject to 90 days’ notice. The account must be opened and managed online.

Moneybox had the third-best notice account rate on an account without opening restrictions. Its 95 Day Notice Account pays 0.60% gross monthly on minimum opening deposits of £1. Further additions are allowed and withdrawals are permitted subject to 95 days’ notice. This account can only be opened and managed via mobile app.

Compare the best notice accounts

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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