Derin Clark

Derin Clark

Online Reporter
Published: 14/09/2019

At a time when we are seeing savings rates being cut, especially in the easy access charts, this week Al Rayan Bank surprisingly launched an easy access savings account that offers a rate that is 0.15% above the previous chart-topping rate. Meanwhile, those looking for a fixed rate bond will be pleased to know that none of the top rates have been reduced this week, but the notice account chart has seen a drop in the top rate being offered on a 90-day notice account.

The best fixed rate bonds savings rates

Provider Account Term Rate AER
Gatehouse Bank Fixed Term Deposit Five year bond 2.45% (expected profit rate)
Bank of London and The Middle East Premier Deposit Account Three year bond 2.45% (expected profit rate)
Bank of London and The Middle East Premier Deposit Account Two year bond 2.35% (expected profit rate)
Bank of London and The Middle East Premier Deposit Account One year bond 2.10% (expected profit rate)

Gatehouse Bank once again tops the five year fixed rate bond chart this week, offering an expected profit rate of 2.45% on its Fixed Term Deposit. This account requires a £1,000 minimum deposit and, as is normal with a fixed rate bond, does not allow withdrawals. It can only be opened and managed online.

Bank of London and The Middle East (BLME) again tops the three, two and one year fixed rate charts this week with its Premier Deposit Account. The three year version pays an expected profit rate of 2.45%, the two year version pays an expected profit rate of 2.35% and the one year version pays an expected profit rate of 2.10%. All versions require an opening minimum deposit of £1,000 and do not permit withdrawals to be made during their terms. The accounts must be opened online and then managed by post.

The best easy access savings rates

Provider Account Term Rate AER
Al Rayan Bank Everyday Saver None 1.61% (expected profit rate)
Cynergy Bank Online Easy Access Account – Issue 25 None 1.45% (includes a 0.70% bonus for 12 months)
Marcus by Goldman Sachs® Online Savings Account None 1.45% (includes a 0.10% bonus for 12 months)

Al Rayan Bank launched Everyday Saver this week, which pays a chart-topping expected profit rate of 1.61% AER (1.60% gross). This account requires a £500 deposit to open, after which it allows unlimited further additions and withdrawals. It can be opened and managed online, in branch, by post, by phone and via its mobile app.

Cynergy Bank reduced its rate again this week and now sits in joint-second place, along with Marcus by Goldman Sachs®, with both providers offering a rate of 1.45%. Cynergy Bank offers this rate on its Online Easy Access Account – Issue 25, which includes a 0.70% bonus for 12 months, on a £1 minimum deposit. This online-only account allows further additions, while withdrawals have to be made via a nominated account. Marcus by Goldman Sachs® offers 1.45% on its Online Savings Account, which includes a 0.10% bonus for 12 months. This account allows both further additions and withdrawals and can be opened online and then managed by phone as well.

The best notice account rates

Provider Account Notice Rate AER
PCF Bank 180 Day Notice Deposit Issue 1 180 days 1.85%
Bank of London and The Middle East 90 Day Notice Account (Issue 1) 90 days 1.71% (expected profit rate)
Shawbrook Bank 45 Day Notice Personal Account Issue 2 45 days 1.51%
Aldermore 30 Day Notice Issue 7 30 days 1.30%

PCF Bank once again topped the notice account chart this week offering a rate of 1.85% on its 180 Day Notice Deposit Issue 1. This account requires a £1,000 minimum deposit and allows further additions, while withdrawals are subject to 180 days’ notice. This account can be opened online or by post and then managed by phone as well.

New to the top of the Up To 90 Days chart is BLME, which pays an expected profit rate of 1.71% on its 90 Day Notice Account (Issue 1), but it requires a substantial deposit of £10,000 to open. This online-only account allows further additions and withdrawals are permitted subject to 90 days’ notice.

Topping the Up To 60 Days chart again this week was Shawbrook Bank paying 1.51% on its 45 Day Notice Personal Account Issue 2. This account requires a £1,000 deposit to open and allows unlimited further additions, while withdrawals are subject to 45 days’ notice. This account can be opened online and then managed online and by phone. There is also a version of this account that pays interest monthly at a slightly reduced rate.

The Up To 30 Days chart was once again topped by Aldermore this week paying 1.30% on its 30 Day Notice Issue 7. A deposit of £1,000 is needed to open this account which allows unlimited further additions, while withdrawals are permitted but subject to 30 days’ notice. This account can only be opened and managed online. As well as this, there is a version of the account that pays interest monthly at a slightly lower rate.

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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