The Best Savings Rates This Week 12.3.21 | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 12/03/2021

Over the last year, a higher number of consumers have been able to save more money than they have been able to before, however this has come at a time when average saving rates have fallen to record lows. But while average rates still remain low, above-average rates are available across all the charts, which means that it could be beneficial for savers to switch savings account.

The best fixed rate bond savings rates

Provider Account Term Rate AER
Gatehouse Bank Fixed Term Green Saver Five years 1.40% (expected profit rate)
Gatehouse Bank Fixed Term Green Saver Three years 1.10% (expected profit rate)
QIB (UK) Raisin UK - 2 Year Fixed Term Deposit Two years 0.85% (expected profit rate)

Ahli United Bank (UK) plc
Habib Bank Zurich plc


QIB (UK)

Al Rayan Bank

Raisin UK - 1 Year Fixed Term Deposit
HBZ Sirat eDeposit (Islamic Fixed Term Account)
Raisin UK – 1 Year Fixed Term Deposit
Fixed Term Deposit

One year

12 months


One year

12 months

0.65%

0.65% (expected profit rate)

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

 

The top rate in our fixed rate bond savings chart this week came from Gatehouse Bank, with the five-year version of its Fixed Term Green Saver paying an expected profit rate of 1.40% gross on anniversary. Gatehouse Bank also topped the three year fixed rate bond chart this week with the three-year version of this account paying an expected profit rate of 1.10% gross on anniversary. Both accounts require a £1,000 minimum deposit to open. These accounts have the benefit of Gatehouse Bank planting a tree in a UK woodland project certified by the UK Government’s Woodland Carbon Code when an account is opened and funded. They must be opened and managed online.

The highest two year fixed bond rate in our chart this week came from QIB (UK), which pays an expected profit rate of 0.85% gross on maturity on its Raisin UK – 2 Year Fixed Term Deposit* account. A minimum deposit of £1,000 is needed to open this account. It must be opened online but can then be managed online, by post and by phone.

Four providers had the top-paying one year fixed rate bond this week. Ahli United Bank (UK) plc pays 0.65% gross on maturity on its Raisin UK – 1 Year Fixed Term Deposit*, which requires a £1,000 minimum deposit to open. The account must be opened online but can then be managed online, by post and by phone. Habib Bank Zurich plc pays an expected profit rate of 0.65% gross on maturity on its HBZ Sirat eDeposit (Islamic Fixed Term Account). A £5,000 minimum deposit is needed to open this account, which must be opened online and can then only be managed by post. QIB (UK) also pays an expected profit rate of 0.65% gross on maturity on its Raisin UK – 1 Year Fixed Term Deposit* account, which requires a £1,000 minimum deposit to open. The account must be opened online and can then be managed online, by post and by phone. Al Rayan Bank’s Fixed Term Deposit pays an expected profit rate of 0.65% gross quarterly. A £5,000 minimum deposit is needed to open this account, which can be both opened and managed online, in branch, by phone and via mobile app.

* These accounts have the benefit of Raisin UK offering a bonus or Amazon gift card of up to

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 via linked ICICI Bank current account only 0.50%
Marcus by Goldman Sachs® Online Savings Account Unlimited via nominated account 0.50%
Union Bank of India (UK) Ltd Savings Account Unlimited 0.50%
Virgin Money Virgin Money Instant Savings Unlimited via Virgin Money Current Account or nominated account 0.50%
Yorkshire Building Society Annual Access Account Issue 7 1 withdrawal day per anniversary year 0.50%

 

This week, five providers had the top rate in our easy access savings account chart. ICICI Bank UK pays 0.50% gross monthly on its SuperSaver Savings Account, which does not require a deposit to open. The account is only available to new and existing HomeVantage Current Account customers. This account allows further additions and withdrawals are permitted, but all transactions must be made via a linked ICICI Bank current account. The account can be opened online, in branch, or by phone and then managed online, in branch, by post and via mobile app.

Marcus by Goldman Sachs® pays 0.50% gross monthly on its Online Savings Account. Although no deposit is needed to open this account, a UK mobile phone number is required. It allows further additions and withdrawals can be made, although savers should be aware that transactions must be made via a nominated account. This account must be opened online, but can be managed online and by phone.

Also paying 0.50% gross monthly this week was Union Bank of India (UK) Ltd with its Savings Account. No deposit is needed to open this account and it allows 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, which does not need a deposit to open. To open this account, a Virgin Money Current Account is needed. It allows further additions and withdrawals are permitted but must be made via a Virgin Money Current Account or nominated account. The 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. A £100 minimum opening deposit is needed to open this account, which reverts to an Easy Saver after 12 months. It allows further additions, which must be new money to the institution, but withdrawals are restricted to one withdrawal day per anniversary year. The account 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
Moneycorp Bank 90 Day Notice Account Issue 1 90 days 0.65%
Moneybox 95 Day Notice Account 95 days 0.60%
OakNorth Bank 120 Day Notice Deposit 120 days 0.58%

 

Rate reductions have resulted in Moneycorp Bank topping the notice account chart this week with its 90 Day Notice Account Issue 1 paying 0.65% gross monthly. This account requires a £10,000 minimum deposit to open, as well as a Deposit Account with Moneycorp Bank 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.

The next best notice account rate comes from Moneybox, paying 0.60% gross monthly on its 95 Day Notice Account, which is operated by Investec Bank plc. A £1 minimum deposit is needed to open this account, which allows further additions. Withdrawals can be made subject to 95 days’ notice. It can only be opened and managed via mobile app. Savers should also be aware that Teachers Building Society pays 0.60% gross yearly on its Teacher Home Saver and Union Home Saver, which are only available to teachers and NEU members respectively.

OakNorth Bank’s 120 Bank Notice Deposit had the next best rate of 0.58% gross monthly, which requires a £1 minimum deposit to open. It allows further additions and withdrawals can be made subject to 120 days’ notice. It can be both opened and managed online and via mobile app.

Compare the best notice accounts

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