The Best Savings Rates This Week 12.06.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 12/06/2020

Savers looking to get the best-paying account in the fixed rate bond chart this week would need to move away from familiar high street banks and instead consider an account being offered by a Sharia’a-compliant bank. Savers willing to do this can get a top rate of 1.70% AER on a long-term bond, or 1.21% AER by fixing into a one-year account.

Rates in the easy access charts have continued to fall this week, so savers wanting the flexibility of being able to easily access their money should act quickly to secure the top rates available, as they could be reduced or withdrawn at any time.

The best fixed rate bonds savings rates

Provider Account Term Rate AER
Bank of London and The Middle East Premier Deposit Account Seven years 1.70% (expected profit rate)
Bank of London and The Middle East Premier Deposit Account Five years 1.60% (expected profit rate)
Al Rayan Bank Fixed Term Deposit 36 months 1.51% (expected profit rate)
Al Rayan Bank Fixed Term Deposit 24 months 1.41% (expected profit rate)
Al Rayan Bank Fixed Term Deposit 12 months 1.21% (expected profit rate)

Despite reducing the rate on the seven-year version of its Premier Deposit Account today, Bank of London and The Middle East (BLME) still offered the best-paying fixed rate bond this week with this account. It now pays an expected profit rate of 1.70% gross on anniversary on the seven year bond, which requires a £1,000 minimum deposit to open. It must be opened online and then managed by post.

BLME also continued to offer the best-paying five year fixed rate bond this week, with the five-year version of its Premier Deposit Account paying an expected profit rate of 1.60% gross. Profit is paid on anniversary and a £1,000 minimum deposit is needed to open this account. Again, it must be opened online and then managed by post.

Al Rayan Bank offered the top rate in the three, two and one year fixed rate bond charts this week. The 36-month version of its Fixed Term Deposit pays an expected profit rate of 1.50% gross, the 24-month option pays an expected profit rate of 1.40% gross and the 12-month version pays an expected profit rate of 1.20% gross. All accounts pay profit quarterly. They all require a minimum deposit of £1,000 to open. All the accounts can be both opened and managed online, in branch, by post, by phone and via mobile app.

Fixed rate bonds

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

The best easy access savings rates

Provider Account Notice Rate AER
National Savings & Investments Income Bonds None 1.16%
Family Building Society Market Tracker Saver (1) Instant 1.13%
Family Building Society Online Saver (2) None 1.06%

The best easy access savings rate this week was being offered by National Savings & Investments (NS&I), which pays 1.15% gross monthly on its Income Bonds. To open this account, a £500 minimum deposit is needed. It allows unlimited further additions. Withdrawals can be made at any time via a nominated account. This account is 100% back by HM Treasury. It can be both opened and managed online, by post and by phone and there is a minimum transaction amount of £500.

Family Building Society had the second and third-best easy access savings rates this week. Its Market Tracker Saver (1) pays 1.13% gross yearly and requires a minimum deposit of £500 to open. This account allows unlimited further additions, but withdrawals are subject to a minimum amount of £100 and are restricted to up to 20 per calendar year via a nominated account. It can be opened online, in branch or by post and then managed online, in branch, by post and by phone. Family Building Society pays 1.06% gross yearly on its Online Saver (2). To open this account, a minimum deposit of £100 is needed. It allows unlimited further additions and withdrawals (which must be for a minimum amount of £100). This account can only be opened and managed online. Savers should be aware that the rate on Market Tracker Saver (1) is due to be reduced to 0.81% gross on 1 July and the rate on the Online Saver (2) is due to be reduced to 0.61% gross on the 25 June.

Easy access accounts

All the rates available can be found on our easy access 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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