Derin Clark

Derin Clark

Online Reporter
Published: 15/11/2019

Savers looking to open a notice account will be pleased to see that a new rate is now topping the notice account chart, however those looking for a short-term bond will be disappointed to see that Al Rayan Bank has dropped its chart-topping rates during the week. Saying this, competitive savings rates continue to be available across the charts and, with the news that inflation fell to 1.5% during October, more accounts are offering savers inflation-beating rates.

The best fixed rate bond savings rates

Provider Account Term Rate AER
UBL UK 5 Year Fixed Term Deposit Five years 2.36%
Bank of London and The Middle East Premier Deposit Account Three years 2.20% (expected profit rate)
Bank of London and The Middle East Premier Deposit Account Two years 2.10% (expected profit rate)
Bank of London and The Middle East Premier Deposit Account One year 1.85% (expected profit rate)

Savers looking to lock their money into a long-term account will be pleased to see that UBL UK is still offering its top rate of 2.47% gross on its 5 Year Fixed Term Deposit, which pays interest on maturity. This account requires a minimum opening deposit of £2,000 and can be opened and managed in branch and by post. There is also a version of this account that pays interest on anniversary at 2.36% gross and a version that pays interest monthly at the lower gross rate of 2.33%.

During the week, Al Rayan Bank dropped the rates on a number of its fixed bonds, which has resulted in it no longer offering the top rate in the three, two and one-year charts. Instead, Bank of London and The Middle East has now taken the top spot in all these charts with its Premier Deposit Account. The three-year version of this account pays an expected profit rate of 2.20% gross, the two-year version pays an expected profit rate of 2.10% gross, and the one-year version pays an expected profit rate of 1.85% gross. All these accounts require a minimum opening deposit of £1,000 and can be opened online and then managed by post.

The best easy access savings rates

Provider Account Term Rate AER
Coventry Building Society Triple Access Saver Instant 1.46% including a 0.31% bonus until 31.03.2021
Marcus by Goldman Sachs® Online Savings Account None 1.45% including a 0.10% bonus for 12 months
Virgin Money Double Take E-Saver Issue 12 None 1.45%
Virgin Money Man Utd Double Take E-Saver Issue 7 None 1.45%

The current economic uncertainty means that many savers are looking for accounts that will enable them to access their money quickly. As such, easy access savings accounts are currently proving popular with many consumers. Coventry Building Society remains at the top of the easy access savings chart this week with its Triple Access Saver paying 1.46% gross, including a 0.31% bonus until 31 March 2021, yearly. This account requires a minimum opening deposit of just £1. It allows unlimited further additions and three penalty-free withdrawals per annum, while further withdrawals are subject to 50 days’ loss of interest. The account can be opened and managed online, in branch, by post and by phone. There is also a version of this account that pays interest monthly at a slightly lower gross rate of 1.45%.

Virgin Money also continues to offer 1.45% gross on both its Double Take E-Saver Issue 12 and Man Utd Double Take E-Saver Issue 7 this week. Both these accounts require an opening minimum deposit of £1 and allow unlimited further additions. Withdrawals are restricted to two per calendar year, including closure. These accounts can only be opened and managed online, but there are also versions of both accounts that pay interest monthly at 1.44% gross.

In addition to this, Marcus by Goldman Sachs® continues to offer 1.44% gross, including a 0.10% bonus for 12 months, on its Online Savings Account. This account pays interest monthly and does not require a deposit to open. Savers should be aware, however, that a UK mobile number is required. It allows unlimited further additions and withdrawals, and can only be opened online and then managed online and by phone.

The best notice account rates

Provider Account Notice Rate AER
PCF Bank 180 Day Notice Deposit 180 days 1.85%
Bank of London and The Middle East 90 Day Notice Account (Issue 1) 90 days 1.71% (expected profit rate)
Charter Savings Bank 60 Day Notice – Issue 12 60 days 1.53%
Charter Savings Bank 30 Day Notice – Issue 11 30 days 1.49%

New to the top of the notice chart this week is PCF Bank, with its 180 Day Notice Deposit offering 1.85% gross on anniversary on an opening minimum deposit of £1,000. This account allows unlimited further additions, while withdrawals are allowed, but are subject to 180 days’ notice. It can be opened online and by post and then managed online, by post and online.

Bank of London and The Middle East remained at the top of the 90-day chart this week, with its 90 Day Notice Account (Issue 1) paying an expected profit rate of 1.70% gross quarterly. This account requires a minimum of £10,000 to open. It allows unlimited further additions, while withdrawals are permitted, subject to 90 days’ notice.

Also remaining at the top of the 60 and 30-day charts this week is Charter Savings Bank. Its 60 Day Notice Issue 12 pays 1.53% gross on anniversary, and its 30 Day Notice – Issue 11 pays 1.49% gross on anniversary. Both accounts require an opening minimum deposit of £5,000 and allow unlimited further additions. Withdrawals are permitted, subject to 60 days’ notice on the 60-day version and 30 days’ notice on the 30-day version. There are versions of both accounts that pay interest monthly at a slightly lower gross rate of 1.52% on the 60-day version and 1.48% on the 30-day version.

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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