nigel woollsey

Nigel Woollsey

Online Writer
Published: 12/07/2019

As is often the case, savers looking for the best savings rates this week should look to the fixed rate bonds chart, with the best rates in all terms offering above inflation rates. This week, Bank of London and the Middle East (BLME) opted to increase the expected profit rate on its Premier Deposit Account across most terms, seeing it top the charts as a result. Those looking for more flexibility with their savings and who require immediate access to their funds will be pleased to know that the easy access savings chart remained highly competitive this week with three providers offering the top rate. While in the notice account chart, both the top 60 day and 30-day products seen rate improvements of 0.05% since last week.  

The best fixed rate bonds savings rates

Provider

Account

Term

Rate AER

Bank of London and The Middle East

Premier Deposit Account

Seven years

2.80% expected profit rate

Bank of London and The Middle East

Premier Deposit Account

Five years

2.75% expected profit rate

Bank of London and The Middle East

Premier Deposit Account

Three years

2.55% expected profit rate

Bank of London and The Middle East

Premier Deposit Account

Two years

2.35% expected profit rate

Bank of London and The Middle East

Premier Deposit Account

18 months

2.25% expected profit rate

 

The top rates in the savings charts this week are once again in the long-term fixed rate bond charts, with BLME offering both the best seven-year and five-year bonds with expected profit rates of 2.85% and 2.80% AER respectively. Both versions of its Premier Deposit Account require a £1,000 minimum deposit and do not allow further additions or withdrawals once open. The bonds must be opened online and then managed by post. As well as this, a BLME transfer account is required to open this account to hold funds pending investment. Gatehouse Bank sits in second spot, offering an expected profit rate of 2.75% AER on its Fixed Term Deposit, a five-year bond that requires a £1,000 minimum deposit. Once opened, this online-only bond does not allow further additions or withdrawals.

Meanwhile, BLME’s rate rises this week mean it also now tops the three-year fixed bond market. Offering an expected profit rate of 2.60% from a minimum deposit of £1,000, Premier Deposit Account does not permit further additions or withdrawals once opened and, as with the longer-term versions above, it must be opened online before becoming purely postal-operated. A BLME transfer account is required to open this account to hold funds pending investment. As a result of BLME’s increase, the three-year version of Gatehouse Bank’s Fixed Term Deposit again slips to second place offering an expected profit rate of 2.55% on a £1,000 deposit. As with its five-year equivalent, no further additions or withdrawals are allowed with this online-only bond.

Both the two-year and one-year fixed rate bonds charts were also topped by BLME this week, which offers an expected profit rate of 2.45% AER on the two-year version of its Premier Deposit Account and 2.35% AER on the 18-month version. Both bonds require an opening deposit of £1,000 and do not allow further additions or withdrawals once open. The accounts must be opened online and managed by post and a BLME transfer account is required to open this account to hold funds pending investment. These bonds overtook the previous top-spot occupier AI Rayan Bank, which offers 2.42% AER on the 24-month version of its Fixed Term Deposit and 2.32% AER on the 18-month version. Both these bonds pay profits quarterly and require an opening deposit of £1,000. They do not allow further additions or withdrawals and can be both opened and managed online, in branch, by post, by phone and via its mobile app.

The best easy access savings rates

Provider

Account

Term

Rate AER

Cynergy Bank

Online Easy Access Account – Issue 24

None

1.50%, includes 0.75% bonus for 12 months

Marcus by Goldman Sachs®

Online Savings Account

None

1.50% includes 0.15% bonus for 12 months

Virgin Money

Double Take E-Saver Issue 10

None

1.50%

Virgin Money

Man Utd Double Take E-Saver Issue 5

None

1.50%

Shawbrook Bank

Easy Access – Issue 15

None

1.48%

Savers looking for a flexible saving option will be pleased to know that the easy access savings chart remained highly competitive this week, with three providers continuing to offer the top rate of 1.50% AER. Cynergy Bank offers this rate, including a 0.75% bonus for 12 months, on its Online Easy Access Account – Issue 24 that requires a £1 opening deposit. This online-only account allows unlimited further additions and withdrawals.

Also offering the top rate of 1.50% AER is Marcus by Goldman Sachs® on its Online Savings Account, which includes a 0.15% bonus for 12 months. This account does not require an opening deposit, but a UK mobile number is required to open the account, which can only be opened online and then managed by phone as well. Both further additions and withdrawals at any time are allowed.

Virgin Money has two accounts paying 1.50% AER – Double Take E-Saver Issue 10 and Man Utd Double Take E-Saver Issue 5. Both these accounts require just £1 to open and can only be opened and managed online. They allow unlimited further additions, but withdrawals are restricted to two per calendar year, which includes closure. The Man Utd Double Take E-Saver Issue 5 also has the added incentive of 10 entries into a prize draw for every month the account is open and one extra entry for every £50 held in the account, with the ability to win matchday tickets, signed shirts and hospitality tickets.

Another account that remained competitive in the easy access savings chart this week was the Easy Access Saver – Issue 15 from Shawbrook Bank, which offers a rate of 1.48% AER. This account requires an opening deposit of £1,000 and allows unlimited further additions and withdrawals (from a minimum of £500). It must be opened online but afterwards can then be managed by phone too. 

The best notice account rates

Provider

Account

Notice

Rate AER

Gatehouse Bank

120 Day Notice Account

120 days

1.87% expected profit rate

OakNorth

90 Day Notice Deposit

90 days

1.77%

Secure Trust Bank

60 Day Notice Account

60 days

1.75%

Secure Trust Bank

30 Day Notice Account

30 days

1.55%

 

The top rate available in the notice account chart this week is an expected profit rate of 1.87% AER from Gatehouse Bank on its 120 Day Notice Account. This online-only account requires a £1,000 deposit and allows unlimited further additions. Withdrawals are permitted via a nominated account subject to 120 days’ notice.

Oak North tops of the 90 days’ notice chart this week offering 1.77% on its 90 Day Notice Deposit account, which requires just a £1 deposit to open. This account allows further additions and withdrawals are permitted subject to 90 days’ notice. This account can only be opened and managed online.

Secure Trust Bank continued to offer the best rates in both the 60 days’ and 30 days’ notice charts. In fact, it increased rates further this week, with 60 Day Notice Account now paying a rate of 1.75%, while its 30Day Notice Account now pays 1.55%, both on a £1,000 deposit. Both accounts pay interest quarterly and allow further additions. The 60-day version allows four withdrawals of the interest per annum without penalty and three withdrawals of deposited funds per annum subject to 60 days’ notice. The 30-day version has the same restrictions but the withdrawals of funds per annum are subject to 30 days’ notice. The accounts can only be opened online then managed by phone as well. 

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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