The best savings rates this week 12.03.20

Wednesday’s announcement from the Bank of England that base rate was being cut from 0.75% to 0.25% will come as a disappointment to savers, especially as the savings rates looked like they were starting to stabilise. While this base rate cut will likely lead to savings rates falling, many rates available last week are still available in the charts at the moment.

This week, PCF Bank continued to offer the best rate overall in the fixed rate bond chart with its 7 Year Term Deposit Issue 11 paying 2.15% gross on anniversary. This account requires a £1,000 minimum deposit to open. It can be opened online or by post and then managed online, by post and by phone.

Gatehouse Bank was the only provider to top the five year fixed rate chart this week. Both its Fixed Term Deposit and Raisin UK – 5 Year Fixed Term Deposit accounts pay an expected profit rate of 2.00% gross and require a £1,000 minimum deposit to open. Fixed Term Deposit pays expected profit on anniversary and this account must be opened and managed online. Raisin UK – 5 Year Fixed Term Deposit pays expected profit on maturity and it must be opened online but can then be managed online, by post and by phone.

New to the top of the three, two and one year fixed rate bond charts this week is My Community Bank. Its 36 Month Fixed Term Savings Account pays 1.90% gross, 24 Month Fixed Term Savings Account pays 1.80% gross and its 12 Month Fixed Term Savings Account pays 1.60% gross. Accounts are available to everyone who satisfies Community Bank’s Common Bond requirements, which cover membership of a wide range of occupations and organisations. All accounts pay interest on maturity and require an opening minimum deposit of £1,000. These accounts can all be opened online or by post and then managed online, by post and by phone.

Remaining at the top of the easy access chart this week is Ford Money, with its Flexible Saver paying 1.35% gross on anniversary. This account is available to existing customers only. It requires a minimum deposit of just £1 to open. This account allows unlimited further additions and withdrawals. It can be opened online or by phone and then can only be managed online. There is also a version of this account that pays interest monthly at a slightly lower gross rate.
Both Cynergy Bank and Virgin Money offer the second-best easy access rate this week.

Cynergy Bank pays 1.31% gross on anniversary, which includes a 0.56% bonus for 12 months. This account requires a minimum deposit of £1 to open and allows unlimited further additions. Withdrawals at any time are permitted with this account. It must be opened and managed online. Virgin Money pays 1.31% gross yearly on its Double Take E-Saver Issue 14. To open this account, a minimum deposit of £1 is needed and it allows unlimited further additions. Withdrawals are restricted to two per calendar year including closure. This account can only be opened and managed online. It also offers a version that pays interest monthly at a slightly lower gross rate.

This week, both Marcus by Goldman Sachs® and SAGA had accounts paying the third-best easy access rate. Online Savings Account by Marcus by Goldman Sachs® pays 1.29% gross monthly. This account does not require an opening deposit, but a UK mobile number is needed. It allows unlimited further additions and withdrawals. It must be opened online but can then be managed online and by phone. SAGA pays 1.29% gross monthly, which includes a 0.20% bonus for 12 months, on its Saga Easy Access Savings Account. This account requires a £1 opening deposit and allows unlimited further additions and withdrawals. It can only be opened online and then managed online and by phone.

ICICI Bank topped the notice chart overall with the 95-day version of its HiSAVE Notice Savings Account paying 1.59% gross monthly. As well as this, the 45-day version of this account topped the up to 60 days’ chart this week, paying 1.39% gross monthly. Both these accounts require a minimum opening deposit of £1 and allow unlimited further additions. Withdrawals are permitted but subject to 95 days’ notice on the 95-day option and 45 days’ notice on the 45-day option. Withdrawals on both versions must be made via a linked ICICI Bank current account. They can both be opened and managed online, in branch and by phone.

Aldermore topped the up to 30 days chart this week paying 1.30% gross on anniversary on its 30 Day Notice Issue 7. This account requires an opening minimum deposit of £1,000. It allows unlimited further additions and withdrawals are permitted subject to 30 days’ notice. It must be opened and managed online. There is a version of this account that pays interest monthly at a slightly lower gross rate.