Last updated: 14 March 2024 at 12:45
Close Brothers Savings narrowly takes the lead of the five-year fixed market following increase.
There’s been limited change in top rates across many of the savings markets this week, however, Close Brothers Savings bucked the trend and narrowly leads our five-year fixed chart following an increase to selected rates.
While such longer-term bonds continue to be outperformed by their shorter-term counterparts, they may appeal to some savers who are looking to lock in a guaranteed rate for a prolonged period.
Whatever your circumstances or savings goals, we provide more detail on the best easy access, fixed and notice savings rates currently available. These products can be accessed by new customers with deposits up to £10,000. Keep in mind higher rates may be available to existing customers, or those with a larger initial deposit.
For a complete overview of the savings market as a whole, visit our regularly updated charts.
Account: Loyalty Saver
Notice: None
Rate: 5.20% AER
Account: Access Account (Issue 11)
Notice: None
Rate: 5.10% AER
Account: Online Easy Access Account (Issue 69)
Notice: None
Rate: 5.10% AER (includes a bonus)
Account: Easy Access - Issue 49
Notice: None
Rate: 5.08% AER
If you’re looking to take advantage of the market-leading easy access savings rate this week, it continues to stand at 5.20% AER and is paid yearly by Ulster Bank’s Loyalty Saver on balances of £5,000 or more. New and existing current account customers can apply for this account online, over the phone or by mobile banking app before additionally managing it in branch. While no minimum deposit is specified, it should be noted that balances below the £5,000 threshold will receive a lower rate of 2.25% AER.
Meanwhile, the Access Account (Issue 11) from Secure Trust Bank offers the next best rate at 5.10% AER, after a number of products were withdrawn from the market. Once opened online with a minimum deposit of just £1, this account can additionally be managed over the phone or by mobile app and permits transactions via a nominated account. Interest is then paid out on a monthly basis, which may appeal if you’re looking to supplement your regular income.
Alternatively, Cynergy Bank’s Online Easy Access Account (Issue 69) pays the same rate of 5.10% AER on anniversary when considering the 1.10% bonus included for the first 12 months. The Cynergy Bank Authenticator App or Digipass is needed to open and manage this online account, as well as a minimum deposit of £1. As with the other easy access accounts mentioned here, it permits unlimited penalty-free withdrawals, however, these must be made using a nominated account.
Finally, the Easy Access – Issue 49 from Charter Savings Bank rounds off the top three easy access rates this week. This online-only account pays 5.08% AER either monthly or on anniversary following an initial investment of £5,000. As for adding to or withdrawing from this amount, any transactions must take place via a nominated account.
Account: 1 Year Fixed Rate Saver
Term: One year bond
Rate: 5.28% AER
Account: Fixed Term Deposit
Term: Two year bond
Rate: 5.10% AER
Account: 3 Year Bond (Issue 64)
Term: Three year bond
Rate: 4.65% AER
Account: 3 Year Fixed Rate Bond
Term: Three year bond
Rate: 4.65% AER
Account: 5 Year Fixed Rate Bond
Term: Five year bond
Rate: 4.55% AER
As for top fixed bonds, there’s been limited change, with SmartSave continuing to offer the market-leading one-year rate; its 1 Year Fixed Rate Saver pays 5.28% AER on maturity (with interest compounded annually). However, a significant initial deposit of £10,000 is needed to open and manage this account online. While additions to this amount are permitted for 14 days from opening, like most fixed bonds, earlier access is prohibited.
Similarly, the Fixed Term Deposit from iFAST Global Bank still leads our two-year fixed bond chart at 5.10% AER. Interest is paid on maturity after opening online or by mobile app, with no minimum deposit specified. You can then continue to manage this account via the same avenues, but it should be noted neither further additions nor withdrawals are permitted. Therefore, you’ll need to consider your initial investment carefully.
If you’re looking for a longer fixed term, Hampshire Trust Bank remains at the top of our three-year bond chart. Its 3 Year Bond (Issue 64) offers 4.65% AER on anniversary after opening online with just a single pound deposit. You’ll then have 14 days to make any further deposits, with the account additionally manageable by post or over the phone.
However, following a recent increase, Close Brothers Savings now offers the same market-leading three-year rate while narrowly topping our five-year fixed bond chart as well. Those with a sizeable £10,000 deposit can apply for either its 3 Year or 5 Year Fixed Rate Bond online, paying 4.65% AER and 4.55% AER, respectively, on a yearly basis. These accounts can additionally be managed by post or over the phone and allow further deposits for 10 days.
Account: FirstSave 30 Day Notice Account (Feb24)
Notice: 30 days
Rate: 4.85% AER
Account: 60 Day Notice Account
Notice: 60 days
Rate: 5.25% AER
Account: 90 Day Notice Account - Issue 4
Notice: 90 days
Rate: 5.30% AER
It’s a similar picture in the notice account market, as FirstSave continues to provide the best 30-day notice rate this week at 4.85% AER. Its FirstSave 30 Day Notice Account (Feb24) is available to open online and pays interest monthly or on anniversary following a £100 deposit. The account can then additionally be managed by post or over the phone and allows for further deposits without restriction. While 30 days’ notice is needed before making a withdrawal, earlier access to your funds is permitted subject to 30 days’ loss of interest.
The 60 Day Notice Account from West Brom BS also remains at the top of its respective sector, paying 5.25% AER either monthly or yearly. This online-only account can be opened with a minimum deposit of just £1, further additions to which are permitted at any time. However, as there’s no option for gaining earlier access, you’ll need to provide 60 days’ notice before making a withdrawal.
Otherwise, a higher rate of 5.30% AER is offered by StreamBank’s 90 Day Notice Account – Issue 4. This online-only account tops our 90-day notice chart after Bank of London and The Middle East reduced its formerly market-leading rate last week. Further additions to a £1,000 minimum deposit are allowed without restriction. As for withdrawing funds, this must take place using a nominated account and requires 90 days’ notice, as there’s no option for earlier access.
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. Moneyfactscompare.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.