The Best Savings Rates This Week 15.01.21 | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 15/01/2021

Savers looking for the best fixed rate bond will be pleased to see that new higher rates entered the five, three and two year fixed rate bond charts this week. The top rates in last week’s easy access and notice charts remained available this week. Overall, the savings market remains challenging. Savers should regularly check the charts for new top rates and act quickly to avoid missing out.

The best fixed rate bond savings rates

Provider Account Term Rate AER
Gatehouse Bank Fixed Term Deposit Five years 1.50% (expected profit rate)
Gatehouse Bank Fixed Term Deposit Three years 1.25% (expected profit rate)
Gatehouse Bank Fixed Term Deposit Two years 1.10% (expected profit rate)
QIB (UK) Raisin UK – 1 Year Fixed Term Deposit One year 0.80% (expected profit rate)

 

New to the top of the fixed rate bond savings chart overall, as well as the three and two year fixed rate bond charts, today was Gatehouse Bank. The five year version of its Fixed Term Deposit has the top rate paying an expected profit rate of 1.50% gross on anniversary. Meanwhile, the three year version of this account topped the three year fixed rate bond chart paying an expected profit rate of 1.25% gross on anniversary and the two year version has the top two year fixed bond rate paying an expected profit rate of 1.10% gross on anniversary. All these accounts require a £1,000 minimum deposit to open. They must be opened and managed online.

The best one year fixed rate bond was from QIB (UK) this week, with its Raisin UK – 1 Year Fixed Term Deposit paying an expected profit rate of 0.80% gross on maturity. A £1,000 minimum deposit is needed to open this account, which benefits from the incentive of Raisin UK offering a bonus or Amazon Gift Card of up to £15 when a first savings account is opened via its website. This account must be opened online but can be managed online, by post and by phone.

Compare the best fixed rate bonds

The best easy access savings rates

Provider Account Maximum number of withdrawals allowed Rate AER
Earl Shilton Building Society Progress Lower rate is paid if more than six withdrawals are made per annum 0.60%
ICICI Bank UK SuperSaver Savings Account Unlimited 0.60%
Market Harborough Building Society Save & Support Plus Transaction charge applied when withdrawals made leaves the balance below £100 0.55%

 

Two accounts offered the highest rate in the easy access savings chart this week. Earl Shilton Building Society pays 0.60% gross yearly on its Progress account. This account requires a £100 minimum deposit and is only available to existing members and/or those living within certain postcodes. Further additions are allowed. Withdrawals are permitted but a lower rate is paid if more than six withdrawals are made per annum. Savers should also be aware that this account reverts to a non-bonus account at age 50. It can be opened and managed in branch and by post.

ICICI Bank UK pays 0.60% gross monthly on a £1 opening minimum deposit. This account is only available to new and existing HomeVantage Current Account customers. It allows further additions and withdrawals can be made at any time but 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.

The second best easy access savings rate this week came from Market Harborough Building Society, which pays 0.55% gross yearly on its Save & Support Plus account. This account requires an opening minimum deposit of just £1 and is only available to existing members who have already registered for the Society’s Online Service. Savers should note that if de-registered from the Society’s Online Service, the account will change to a Save & Support account within 30 Days. It allows both further additions and withdrawals, but a transaction charge is applied if withdrawals made leaves the balance below £100. The account can be opened and managed online, in branch and by post.

Compare the best easy access savings accounts

The best notice account rates

Provider Account Notice Rate AER
ICICI Bank UK Notice Savings Account 95 days 0.85%
Ecology Building Society 90-Day Notice 90 days 0.80%
ICICI Bank UK Notice Savings Account 45 days 0.75%

 

There was no change at the top of the notice account chart this week with ICICI Bank UK paying the top rate of 0.85% gross monthly on its Notice Savings Account. This account requires a £1 minimum deposit to open and is only available to new and existing HomeVantage Current Account customers. It allows further additions and withdrawals are permitted subject to 95 days’ notice and all transactions must be made via a linked HomeVantage Current Account. This account can be opened and managed online, in branch and by phone. Customers should be aware that the rate will reduce to 0.55% on 15 March 2021.

Ecology Building Society pays the second best notice account rate of 0.80% gross yearly on deposits of £25,000. This account also pays lower rates of 0.70% gross on deposit at £10,000, 0.50% gross on deposits at £5,000 and 0.35% gross on deposits at £500. The account is only available to existing members since 7 February 2020. It allows further additions subject to a minimum of £25 and withdrawals subject to a minimum of £250 can be made subject to 90 days’ notice. The account can only be opened and managed by post.

ICICI Bank UK pays the third best notice account rate this week with its Notice Savings Account paying 0.75% gross monthly on a £1 opening minimum deposit. The account is only available to new and existing HomeVantage Current Account Customers. It allows further additions and withdrawals can be made subject to 45 days’ notice and all transactions must be made via a linked HomeVantage Current Account. It can be opened and managed online, in branch and by phone. Customers should be aware that the rate will reduce to 0.45% on 25 January 2021.

Compare the best notice accounts

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