The best savings rates this week 13.11.20 | moneyfacts.co.uk

Michelle Monck

Michelle Monck

Consumer Finance Expert
Published: 13/11/2020

This week, easy access rates have remained stable, while Al Rayan Bank continues to offer the best rates for one, two and three year fixed rate bonds. Bank of London and The Middle East (BLME) lead the longer-term tables, offering an expected profit rate of 1.50% on both five and seven-year terms.


New bank JN Bank increased its rates on its range of fixed rate bonds and DF Capital launched two new competitive fixed rate bonds at 15 and 18-month terms.

Here is our round-up of the best savings rates available this week.

The best fixed rate bond savings rates

Provider

Account

Term

Rate AER

Bank of London and The Middle East

Fixed Rate Deposit

Five years

1.50%

Al Rayan Bank

Fixed Term Deposit

36 months

1.42% (expected profit rate)

Al Rayan Bank

Fixed Term Deposit

24 months

1.26% (expected profit rate)

Al Rayan Bank

Fixed Term Deposit

12 months

1.08% (expected profit rate)

Note: this chart only shows those banks that have protection under the UK Financial Services Compensation Scheme (FSCS).


Remaining at the top of the fixed rate bond chart this week was BLME, which pays an expected profit rate of 1.50% gross on anniversary on its Premier Deposit Account. To open this account, a £1,000 minimum deposit is needed. It must be opened online but can then be managed by post. A BLME transfer account is needed to hold funds pending investment.


Al Rayan Bank continues to dominate the shorter-term market with its three-year fixed rate bond at 1.42% expected profit rate. It also tops the charts for one and two year fixed rate bonds as well, paying 1.08% and 1.26% expected profit rates respectively. All options pay interest quarterly and have a minimum deposit of £5,000. These accounts can be both opened and managed online, branch, by phone or mobile app.

Those happy to fix a rate for slightly longer could also consider Al Rayan’s 18-month Fixed Term Deposit account at an expected profit rate of 1.10%. It has the same conditions as its other fixed term accounts. In addition, this week also saw the launch of a 15-month and 18-month fixed rate bond from new bank DF Capital, both offering a rate of 1.10% gross with interest paid on maturity. These can only be opened and operated online and require a minimum £1,000 deposit.
During the week, new bank JN Bank also increased the rates on its five-year Fixed Term Savings Account to 1.30% gross. This account can only be opened and operated online and requires a minimum deposit of £1,000. Interest is paid on anniversary of the account.

Compare the best fixed rate bonds

The best easy access savings rates

Provider

Account

Notice

Rate AER

Gatehouse Bank

Easy Access Account

None

0.75% expected profit rate

ICICI Bank UK

SuperSaver Savings Account

None

0.75%

SAGA

SAGA Easy Access Savings Account

None

0.70%

Al Rayan Bank

Everyday Saver (Issue 2)

None

0.70% expected profit rate

Paragon Bank

Triple Access Account (Issue 2)

None

0.65%

Note: Chart shows best easy access accounts that include the option to be opened online and not via Apps.


This week, Gatehouse Bank and ICICI Bank UK both have the highest easy access rate of 0.75% gross (expected profit rate for Gatehouse Bank). The account from Gatehouse Bank can only be opened and operated online and interest is paid on anniversary. The minimum deposit is £1,000 and there are no restrictions on withdrawals. The account from ICICI Bank has no minimum balance requirement and can be opened online, in branch or by phone, and then can also be operated by the same methods plus savers can use its mobile App. Interest is paid monthly and savers also need to open an ICICI Bank current account as this is used for any withdrawals from the account. There are no withdrawal restrictions.
The next best rate in the easy chart this week is again from SAGA and Al Rayan Bank. The Saga Easy Access Account has a rate of 0.70% gross monthly, which includes a 0.15% bonus for 12 months. The minimum deposit is £1 and there are no withdrawal restrictions. The account can only be opened online but can then be managed online and by phone. Al Rayan Bank pays an expected profit rate of 0.70% gross monthly on its Everyday Saver (Issue 2). This account has a £500 minimum deposit to open and it has no withdrawal restrictions. The account can be both opened and managed online, in branch, by post, by phone and via mobile app.
The third-best rate this week is from Paragon Bank with its new Triple Access Account (Issue 2). This account has a rate of 0.65% gross and interest can be paid on anniversary of account opening or monthly. The minimum deposit is £1. This account will allow three withdrawals in a 12-month period and still pay the interest rate of 0.65% gross. If more withdrawals are made in the same period, then the interest rate is reduced to 0.25%. The account can only be opened and operated online.

Compare the best easy access savings accounts

The best notice account rates

Provider

Account

Notice

Rate AER

Chorley Building Society

30 Day Notice Account Issue 2

30 days

0.75%

Al Rayan Bank

60 Day Notice Account

60 days

0.90% (expected profit rate)

UBL UK

90 Day Notice

90 days

1.00%*

Gatehouse Bank

120 Day Notice Account

120 days

0.85% (expected profit rate)

*UBL UK also offers a 90 Day Ameen Islamic Notice at 1.00% expected profit rate.

The best rate for a 30-day notice account this week is from Chorley Building Society at 0.75% gross. Interest is paid yearly and the account may be opened online, in branch or by post. It can then be operated in branch and by post. The minimum deposit to £1. Savers cannot transfer money into this account from an existing Chorley Building Society account.


Savers happy to extend the number of days’ notice required for withdrawals to 35 days could get a higher rate of 1.00% gross (expected profit rate) from UBL UK on its 35 Day Notice account. It requires a minimum balance of £1 and interest is paid half-yearly. If savers need to access their money more quickly than the 35-day notice period, this is possible but with a 35-day loss of interest penalty.


The best 60-day notice account this week is from Al Rayan Bank at 0.90% expected profit rate paid monthly. This account may be both opened and operated online, in branch, by post, by phone and mobile App. It has a minimum balance of £250.


UBL UK offers the best rate with 90 days’ notice required with its 90 Day Notice Account paying 1.00% gross. Interest is paid half-yearly and the account has a minimum deposit of £1. The account may be opened and operated in branch and by post. Savers that require earlier access will incur a 90-day interest penalty.


Gatehouse Bank has the best rate for a 120 Day Notice Account, paying an expected profit rate of 0.85% gross on anniversary or monthly. To open this account, a £1,000 minimum deposit is needed. It allows unlimited further additions. Withdrawals can be made via a nominated account subject to 120 days’ notice. It can be opened and managed online.

Compare the best notice accounts

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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