The Best Savings Rates This Week 13.1.22 | moneyfacts.co.uk

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Charlotte Johnson

Lead Data Analyst
Published: 13/01/2022

Over the past week we have seen many banks and building societies dramatically increase rates on different terms of their fixed rate offerings, resulting in Atom Bank topping the two-year chart paying 1.60% AER. Along with Atom Bank increasing the rate on their two-year product, they offer an increased rate on their one-year deal, as well as Hodge Bank and Zopa. Paragon Bank have also launched into the two-year fixed market, paying a competitive rate of 1.40% AER.

Below we’ve highlighted the top rates currently available in our comparison charts, but savers should note that these are the best rates available at 2pm on Thursday 13 January 2022 and, although correct at the time of publishing, providers may reduce or withdraw rates at any time. In addition, the rates highlighted are available only to new customers.

The best fixed rate bonds savings rates

Provider Account Notice Rate AER  

QIB (UK)

Raisin UK - 5 Year Fixed Term Deposit

Five years

2.10% (expected profit rate)

Go to provider's site

QIB (UK)


Zenith Bank (UK) Ltd

Raisin UK - 3 Year Fixed Term Deposit

3 Year Fixed Term Deposit

Three years


Three years

1.85% (expected profit rate)

1.85%

Go to provider’s site

 

Go to provider’s site

Bank of London and The Middle East

 

QIB (UK)

 

Atom Bank

 

Gatehouse Bank

Premier Deposit Account (Anticipated Profit Rate)

 

Raisin UK - 2 Year Fixed Term

 

2 Year Fixed Saver

 

2 Year Fixed Term Woodland Saver

Two years



Two years

 

Two years

 

Two years

1.60% (expected profit rate)

 

1.60% (expected profit rate)

 

1.60%

 

1.60% (expected profit rate)

Go to provider's site

 

Go to provider's site

 

Find out more

 

Find out more

Gatehouse Bank 1 Year Fixed Term Woodland Saver One year 1.41% (expected profit rate) Find out more

 

QIB (UK) continues to have the top paying fixed bond rate this week, paying an expected profit rate of 2.10% gross on maturity on its Raisin UK – 5 Year Fixed Term Deposit. This account requires a £1,000 minimum opening deposit and benefits from Raisin UK paying a welcome bonus of £50 when a savings account is opened via its website for the first time (terms and conditions apply). The account must be opened online but can then be managed online, by post and by phone.

Both QIB (UK) and Zenith Bank (UK) Ltd pay the top rate in our three year fixed rate bond chart this week. QIB (UK) pays an expected profit rate of 1.85% gross on maturity on its Raisin UK – 3 Year Fixed Term Deposit. As with the five year version of this account, a £1,000 minimum deposit is needed upon opening and it benefits from Raisin UK’s £50 welcome bonus (terms and conditions apply). The account can only be opened online but can be managed online, by post and by phone. Zenith Bank (UK) Ltd pays 1.85% gross on anniversary on its 3 Year Fixed Term Deposit account, which requires a £1,000 minimum deposit to open. This account must be opened online and can only be managed by post.

The best paying two year fixed bond rates this week come from Bank of London and The Middle East (BLME), QIB (UK), Atom Bank and Gatehouse Bank. BLME pays an expected profit rate of 1.60% gross on anniversary on its Premier Deposit Account. A £1,000 minimum deposit is needed to open this account, along with a BLME transfer account to hold funds pending investment. This account can only be opened online and then managed by post. QIB (UK) pays an expected profit rate of 1.60% gross on maturity on its Raisin UK – 2 Year Fixed Term Deposit. As with the five and three year offerings, a £1,000 minimum deposit is required, and it benefits from Raisin UK’s £50 welcome bonus (terms and conditions apply). The account can only be opened online, but can be managed online, by post and by phone. Atom Bank pays 1.60% gross on anniversary on its 2 Year Fixed Saver. A £50 minimum deposit is needed to open the account. This account must be opened and managed by mobile app. For those looking to supplement their income, there is a version of this account that pays interest monthly at a slightly lower gross rate. Gatehouse Bank pays an expected profit rate of 1.60% gross on anniversary on its 2 Year Fixed Term Woodland Saver. A £1,000 minimum deposit is needed to open this account, and Gatehouse Bank will plant a tree in a UK woodland upon doing so. This account must be opened and managed online.

Continuing to pay the top one year fixed bond rate this week is Gatehouse Bank, which pays an expected profit rate of 1.41% gross on maturity on its 1 Year Fixed Term Woodland Saver. As with the two year version of this account, a £1,000 minimum deposit is needed upon opening, and as an incentive Gatehouse Bank will plant a tree in a UK woodland. It can only be opened and managed online.

Compare the best fixed rate bonds

The best easy access savings rates

 

Provider Account Maximum number of withdrawals allowed Rate AER  

Chip

Easy Access powered by Allica Bank

Unlimited

0.70%

Go to provider's site

Shawbrook Bank Easy Access - Issue 28 Unlimited via a nominated account 0.67% Find out more
Paragon Bank Triple Access Account (Issue 5) Three withdrawals per 12 month period  0.65% Go to provider's site

 

Chip continues to pay the top easy access savings account rate this week. Chip’s Easy Access powered by Allica Bank pays 0.70% gross daily. This account, which is provided by Allica Bank, requires a £1 minimum deposit upon opening; and an open banking connection to a current account is needed. Further additions and withdrawals are allowed, and the account must be opened and operated via mobile app. A Chip subscription is fee-free while a ChipX subscription costs £3 every 28 days. Both subscriptions offer unlimited use of Chip’s automatic savings AI, the ability to set up savings goals and the ability to open a General Investment Account. The fee-free option gives savers access to three basic investment funds (with a 0.50% annual platform fee). The ChipX subscription has the additional benefits of being able to open a Stocks and Shares ISA and gives savers access to a wider range of investment funds (with a lower annual platform fee of 0.25%).

Continuing to pay the second-best rate in our easy access savings account chart this week is Shawbrook Bank. It pays 0.67% gross on anniversary or monthly on its Easy Access – Issue 28. This account requires a £1,000 minimum deposit to open. It allows both further additions and withdrawals via a nominated account. It must be opened online but can then be managed online and by phone.

Paragon Bank pays the ongoing third best easy access savings account rate this week, with its Triple Access Account (Issue 5), which pays 0.65% gross on anniversary or monthly. A £1 minimum deposit is needed to open this account. Further additions are allowed via a nominated account, and only three withdrawals are permitted per 12 month period. If more than three withdrawals are made in a 12 month period the rate paid drops to 0.25% gross. It can be opened and managed online only.

Compare the best easy access accounts

The best notice account rates

Provider Account Notice Rate AER  

Shawbrook Bank

 

120 Day Notice Personal Account - Issue 50

120 days

1.08%

Find out more

Secure Trust Bank 60 Day Notice Account 60 days 0.85% Find out more

Secure Trust Bank

30 Day Notice Account

30 days

0.70%

Find out more

 

The top paying notice account rate comes from Shawbrook Bank this week, which pays 1.08% gross on anniversary and offers a slightly reduced rate of 1.07% gross monthly. This account requires a £1,000 minimum deposit to open. Unlimited additions can be made, and withdrawals are permitted with 120 days’ notice. This account must be opened online but can be managed online and by phone.

Savers looking for a notice account with a maximum notice period of 60 days will find that Secure Trust Bank has the best rate. Its 60 Day Notice Account pays 0.85% gross quarterly and needs a £1,000 minimum deposit to open. This account allows further additions. Up to four interest and three capital withdrawals can be made per annum on 60 days’ notice. The account can only be opened online, but it can be managed online and by phone. 

Secure Trust Bank this week offers the top paying rate for a short-length notice period. The 30 Day Notice Account pays 0.70% gross quarterly, and as with the 60 day version, a minimum of £1,000 is required to open this account, which allows further additions and four interest and three capital withdrawals per annum on 30 days’ notice. This account can be opened online and must be managed online and by phone.

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. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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