The Best Savings Rates This Week 14.08.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 14/08/2020

Although the savings market remains challenging and highly competitive rates remain elusive, there is some hope for savers, as some providers have started to increase rates and launch chart-topping rate this week. In the fixed rate bond chart, savers looking to get the best rate will have to look at depositing funds into a challenger bank, while National Savings & Investments (NS&I) continues to top the easy access chart this week.

The best fixed rate bonds savings rates

Provider Account Term Rate AER
Bank of London and The Middle East Premier Deposit Account Seven years 1.70% (expected profit rate)
Bank of London and The Middle East Premier Deposit Account Five years 1.50% (expected profit rate)
Bank of London and The Middle East Premier Deposit Account Three years 1.40% (expected profit rate)
QIB (UK) Raisin UK - 2 Year Fixed Term Deposit Two years 1.40% (expected profit rate)
OakNorth Bank Fixed Term Deposit One year 1.21%

 

The top fixed bond rate this week came from Bank of London and The Middle East (BLME), which pays an expected profit rate of 1.70% gross on anniversary on the seven-year version of its Premier Deposit Account. BLME also had the top rate in the five and three year fixed rate charts, paying an expected profit rate of 1.50% gross on anniversary on the five-year version of its Premier Deposit Account and an expected profit rate of 1.40% gross on anniversary on the three-year version. All these accounts require a £1,000 minimum deposit to open and a BLME transfer account to hold funds pending investment. They must be opened online and can only be managed by post.

The top two year fixed bond rate came from QIB (UK) this week, which pays an expected profit rate of 1.40% gross on maturity on its Raisin UK – 2 Year Fixed Term Deposit. To open this account, a £1,000 minimum deposit is needed. It must be opened online, but can then be managed online, by post and by phone.

The best rate in the one year fixed rate bond chart this week came from OakNorth Bank, which pays 1.21% gross on maturity on its Fixed Term Deposit. This account requires a £1 minimum deposit to open. It can be both opened and managed online and via mobile app.

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
National Savings & Investments Income Bonds None 1.16%
ICICI Bank UK SuperSaver Savings Account None 1.00%
National Savings & Investments Direct Saver None 1.00%

 

Savers looking for an easy access account will find that NS&I remained at the top of the chart this week. It pays 1.15% gross monthly on its Income Bonds, which requires a £500 minimum deposit to open. This account allows unlimited further additions. Withdrawals can be made at any time but must be made via a nominated account. All transactions must be from a minimum of £500. This account is 100% backed by HM Treasury. It can be both opened and managed online, by post and by phone.

ICICI Bank UK and NS&I both continued to offer the second-best easy access rate of 1.00% this week. ICICI Bank UK pays 1.00% gross monthly on its SuperSaver Savings Account, which requires a minimum deposit of £1 to open. This account is only available to new and existing HomeVantage Current Account customers. Unlimited further additions are allowed. Withdrawals can be made at any time, but all transactions must be made via a linked ICICI Bank current account. It can be opened online, in branch or by phone and then managed online, in branch, by post and via mobile app.

NS&I pays 1.00% gross yearly on its Direct Saver. This account, which is 100% backed by HM Treasury, requires a £1 minimum deposit to open. It allows unlimited further additions. Withdrawals can be made at any time, but they must be made via a nominated account. This account can be both opened and managed online and by phone.

Easy access accounts

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

The best notice accounts

Provider Account Notice Rate AER
Secure Trust Bank 90 Day Notice Account 90 days 1.16%
ICICI Bank UK Notice Savings Account 45 days 1.00%
UBL UK 35 Day Notice 35 days 1.00%

 

Secure Trust Bank had the best rate on a 90-day notice account this week, paying 1.15% gross quarterly on its 90 Day Notice Account. This account requires a £1,000 minimum deposit to open. It allows unlimited further additions, but all additions must be from a minimum of £1,000. Withdrawals are restricted to four interest withdrawals per annum and three capital withdrawals per annum on 90 days’ notice. This account must be opened online but can then be managed online and by phone.

In the up to 60 days’ notice account chart, both ICICI Bank UK and UBL UK offered the top rate of 1.00%. ICICI Bank UK pays 1.00% gross monthly on its Notice Savings Account, which requires a £1 minimum deposit to open. This account is only available to new and existing HomeVantage Current Account customers. It allows unlimited further additions. Withdrawals can be made subject to 45 days’ notice and all transactions must be made via a linked HomeVantage Current Account. This account can be both opened and managed online, in branch and by phone.

UBL UK pays 1.00% gross ½ yearly on its 35 Day Notice – an account that requires a £1 minimum deposit to open. It allows unlimited further additions. Withdrawals can be made subject to 35 days’ notice and, if notice is not given, earlier access is permitted subject to 35 days’ loss of interest. This account can be both opened and managed in branch and by post.

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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