The best savings rates this week 14.02.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 14/02/2020

This week saw a number of providers reduce or withdraw rates, which has particularly impacted the fixed rate bond charts and many of last week’s top rates are no longer available. Saying this, the fixed rate bond chart still remains the most competitive within the savings market and savers looking for the top rates should look to this chart in the first instance. Alternatively, consumers looking for more flexibility, will be pleased to see that last week’s top rates in the easy access charts are still available.

The best fixed rate bond savings rates

Provider Account Term Rate AER
PCF Bank 7 Year Term Deposit Issue 11 Seven years 2.15%

Gatehouse Bank

Gatehouse Bank

Fixed Term Deposit

Raisin UK – 5 Year Fixed Term Deposit

Five years

Five years

2.10% (expected profit rate)

2.10% (expected profit rate)

FCMB Bank (UK) Raisin UK – 3 Year Fixed Term Deposit Three years 1.90%
Atom Bank
Bank of London and The Middle East
2 Year Fixed Saver
Premier Deposit Account
Two years
Two years
1.80%
1.80% (expected profit rate)
Atom Bank
Bank of London and The Middle East
1 Year Fixed Saver
Premier Deposit Account
One year
One year
1.65%
1.65% (expected profit rate)

UBL UK reduced the rates on its fixed rate bonds this week, which has resulted in many new accounts topping the charts for their terms. Overall, PCF Bank continued to offer the best rate in the chart with its 7 Year Term Deposit Issue 11 paying 2.15% gross on anniversary. This account requires a minimum opening deposit of £1,000 and can be opened online or by post. Once opened, it can be managed online, by post and by phone.

New to the top of the five year chart this week was Gatehouse Bank offering an expected profit rate of 2.10% gross on anniversary on two of its accounts. Fixed Term Deposit pays an expected profit rate of 2.10% on anniversary, while Raisin UK – 5 Year Fixed Term Deposit pays an expected profit rate of 2.10% on maturity. They both require a minimum deposit of £1,000 to open. Fixed Term Deposit can only be opened and managed online, while the Raisin UK – 5 Year Fixed Term Deposit account can be opened online and then managed online, by post and by phone.

FCMB Bank (UK) was new to the top of the three year fixed chart this week with its Raisin UK – 3 Year Fixed Term Deposit paying 1.90% gross on maturity. This account requires a minimum deposit of £1,000 to open and can only be opened online, but can then be managed online, by post and by phone.

Both Atom Bank and Bank of London and The Middle East (BLME) topped both the two and one year fixed rate charts this week. Both providers topped the two year fixed chart offering 1.80% gross. Atom Bank pays this rate on the account’s anniversary on its 2 Year Fixed Saver, which requires an opening minimum deposit of £50. This account can only be opened via its mobile app and there is a version that pays interest monthly at a slightly lower gross rate. BLME's Premier Deposit Account pays an expected profit rate of 1.80% gross on anniversary on an opening minimum deposit of £1,000. To open this account, a BLME transfer account to hold funds pending investment is required. It can be opened online and then managed by post.

In the one year fixed rate chart, Atom Bank pays the top rate of 1.65% gross on anniversary on its 1 Year Fixed Saver. This account requires an opening minimum deposit of £50 and can only be opened and managed via its mobile app. There is also a version of this account that pays interest monthly at a slightly lower gross rate. BLME also topped the one year chart this week paying an expected profit rate of 1.65% gross on maturity on its Premier Deposit Account. To open this account a £1,000 minimum deposit is required, along with a BLME transfer account to hold funds pending investment. This account can only be opened online and then managed by post.

Fixed rate bonds

All the rates available can be found on our fixed rate bonds chart.

The best easy access savings rates

Provider Account Notice Rate AER
Ford Money Flexible Saver None 1.35%
Marcus by Goldman Sachs® Online Savings Account None 1.35%
SAGA Saga Easy Access Savings Account None 1.35%, includes a 0.20% bonus for 12 months

There was no change at the top of the easy access chart this week with Ford Money offering the top rate of 1.35% gross on its Flexible Saver. This account pays interest on anniversary and is only available to existing customers only. It requires an opening minimum deposit of just £1 and allows unlimited further additions and withdrawals. The account can be opened online or by phone and then managed online. There is a version of this account that pays interest monthly but at a slightly lower gross rate.

For those looking for an account without any opening restrictions, both Marcus by Goldman Sachs® and SAGA pay the top rate of 1.34% gross monthly. Marcus by Goldman Sachs® pays this rate on its Online Savings Account which, although no deposit is needed to open the account, it does require a UK mobile number. SAGA pays 1.34% gross monthly, which includes a 0.20% bonus for 12 months, on its Saga Easy Access Savings Account. This account requires a minimum deposit of £1 to open. Both accounts allow unlimited further additions and withdrawals. They can be opened online and then managed online and by phone. This account is operated by Goldman Sachs International Bank.

Easy access accounts

All the rates available can be found on our easy access accounts chart.

The best notice account rates

Provider Account Notice Rate AER
Investec Bank plc Notice Plus (0% immediate access) 95 days 1.80%
Investec Bank plc Notice Plus (10% immediate access) 95 days 1.75%
Bank of London and The Middle East 90 Day Notice Account (Issue 1) 90 days 1.71% (expected profit rate)
Investec Bank plc Notice Plus (20% immediate access) 95 days 1.70%

Investec Bank plc dominated the notice chart this week with its highly restrictive notice accounts. Its Notice Plus (0% immediate access) pays 1.79% gross, its Notice Plus (10% immediate access) pays 1.74% gross and its Notice Plus (20% immediate access) pays 1.70% gross. All these accounts pay interest monthly and are only available to existing Investec clients via Investec Online. They require a substantial opening minimum deposit of £10,000 and allow unlimited further additions. Withdrawals are permitted on these accounts subject to 95 days’ notice. A loyalty rate of 0.05% is added to the account if notice is not placed for 90 days. There are versions of this account that have a shorter notice period, which pay lower gross rates.

BLME also offered a competitive rate on its 90 Day Notice Account (Issue 1) this week. This account pays an expected profit rate of 1.70% gross quarterly on an opening minimum deposit of £10,000. It allows unlimited further additions and withdrawals, subject to a minimum of £1,000, are permitted subject to 90 days’ notice. This account can only be opened and managed online.

Notice accounts

All the rates available can be found on our notice accounts chart.

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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