Derin Clark

Derin Clark

Online Reporter
Published: 14/06/2019

A deposit of £1,000 was needed by savers to get the best rates in both the fixed rate bond and notice account charts this week, with the top rates in these charts being offered at 2.76% fixed and 1.92% variable respectively. Savers with a lower deposit could still get a competitive rate within these charts however those with a deposit of less than £500 would find more choice in the easy access saving chart where the top rate on offer was 1.50% variable for a £1 deposit.

Fixed rate bonds savings rates

  • Secure Trust Bank, 7 Year Fixed Rate Bond – 2.76% AER at £1,000
  • Bank of London and The Middle East, Premier Deposit Account – 2.75% expected profit rate at £1,000
  • Masthaven Bank, 5 Year Fixed Term Bond – 2.49% AER at £500

The fixed rate savings chart is dominated by accounts that require a minimum deposit of £1,000, as such savers with a deposit lower than this have to look further down the chart to find the best savings rates. New to the top of the chart this week was Secure Trust Bank with its 7 Year Fixed Rate Bond that offers 2.76% AER for a minimum deposit of £1,000. This seven-year bond allows further additions for 30 days from account opening, but withdrawals are not permitted. It can be opened online and then managed by phone as well. There is also a version of this account that pays interest monthly at a slightly reduced rate of 2.73%.

Bank of London and The Middle East dropped down to second place this week with its Premier Deposit Account offering an expected profit rate of 2.75% on a £1,000 minimum deposit. This seven-year bond does not allow further additions or withdrawals and can only be opened online and then only managed by post. To open this account a BLME transfer account is required to hold funds pending investment.

The top fixed rate for savers with a minimum deposit of less than £1,000 came from Masthaven Bank this week with its 5 Year Fixed Term Bond offering 2.49% AER on a £500 minimum deposit. This five-year bond allows further additions for 7 days from account opening via a nominated account, but withdrawals are not permitted. It can only be opened and managed online.

Easy access savings rates

  • Cynergy Bank, Online Easy Access Account – Issue 23 – 1.50% AER variable from £1
  • Marcus by Goldman Sachs®, Online Savings Account – 1.50% AER variable from £1
  • Virgin Money, Double Take E-Saver Issue 10 – 1.50% AER variable from £1

Beehive Money, which had only been at the top of the easy access saving chart for less than two weeks, withdrew its top rate Beehive Online Saver earlier this week, meaning that three accounts topped the chart this week all offering a rate of 1.50%. Cynergy Bank was offering this rate on its Online Easy Access Account – Issue 23. This account offers 1.50% AER, including a 0.50% bonus for 12 months, on an opening minimum deposit of £1. Interest is paid on anniversary. The account allows further additions and withdrawals. It can only be opened and managed online.

Also at the top of the chart this week was Marcus by Goldman Sachs® with its Online Savings Account offering 1.50% AER, including a 0.15% bonus for 12 months, on a £1 minimum deposit. Interest is paid monthly. This account allows further additions and withdrawals. It can only be opened online but then managed by phone as well.

The third account to top the chart this week was Virgin Money with its Double Take E-Saver Issue 10, which offers 1.50% AER on a £1 minimum deposit. Further additions are allowed with this account, but withdrawals are restricted to two withdrawals per calendar year including closure. It can only be opened and managed online. This account has two interest options. One pays interest monthly and the other yearly. In addition to this, Virgin Money also offers a version of this account – Man Utd Double Take E-Saver Issue 5 which includes the incentive of 10 entries into the prize draw for every month the account is open and one extra entry for every £50 held in  the account, entries put the account holder’s name in to win matchday tickets, signed shirts and hospitality tickets.

Notice accounts

  • Secure Trust Bank, 90 Day Notice Account – 1.92% AER variable at £1,000
  • Hampshire Trust Bank, 120 Day Notice (Issue 3) – 1.90% AER variable at £1,000
  • Gatehouse Bank, 120 Day Notice Account – 1.87% expected profit rate at £1,000

To get the best rates in the notice account chart this week savers need a minimum opening deposit of £1,000. Secure Trust Bank topped the chart with its 90 Day Notice Account offering 1.92% AER variable. This account allows further additions and withdrawals, 4 interest withdrawals are allowed penalty free and 3 capital withdrawals are permitted subject to 90 days’ notice. It can only be opened online and then managed by phone. Interest is paid quarterly.

Hampshire Trust Bank was in second place this week with its 120 Day Notice (Issue 3) account offering 1.90% AER variable. The account allows further additions, while withdrawals are permitted subject to 120 days’ notice. The account can be opened online and by post, it can then be managed both these ways and by phone. Interest is paid on anniversary.

In third place this week was Gatehouse Bank offering an expected profit rate of 1.87% on its 120 Day Notice Account. This account also allows further additions, while withdrawals are subject to 120 days’ notice. It can only be opened and managed online. Expected profit is paid on anniversary.

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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