The best savings rates this week - Savings - News | moneyfacts.co.uk

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

The best savings rates this week

The best savings rates this week

Category: Savings
Author: Derin Clark
Date: 15/03/2019

The biggest change in our savings Best Buy chart this week came from Yorkshire Building Society entering the easy access no bonus chart in fourth place with a rate of 1.46% AER, however the best rate in this chart remained at 1.51% AER. Meanwhile, many of the easy access accounts that come with a bonus remained competitive with five accounts offering rates over 1.35% AER, but the best rate in this chart was 1.50% AER. Once again savers looking for the best rate this week would need to lock their money into a long-term fixed account, with the best overall rate being offered at 2.75% on a five-year fixed rate bond.

  • The best long-term fixed bond – 2.75% AER (expected profit rate)
  • The best medium-term fixed bond – 2.52% AER (expected profit rate)
  • The best 18-month fixed bond – 2.32% AER (expected profit rate)
  • The best easy access, no bonus – 1.51% AER (variable)
  • The best easy access, with bonus - 1.50% AER (variable)

The best easy access savings rates (no bonus)

The best bonus-free easy access savings rates this week:

  • Family Building Society, Premium Saver (3) – 1.51% AER
  • Virgin Money, Double Take E-Saver Issue 10 – 1.50% AER
  • Virgin Money, Man Utd Double Take E-Saver Issue 5 – 1.50% AER

There was no change at the top of the easy access no bonus savings chart this week, with Family Building Society retaining top position with its Premium Saver (3) offering a rate of 1.51% AER variable. This account allows withdrawals, with a minimum restriction of £100 per withdrawal, and further additions can be made into the account until 29 March 2019. A substantial sum of £15,000 is needed to open the account, which can be opened in branch, by post and online and managed through all these channels and by phone.

The second and third spots also remained the same this week with Virgin Money taking both positions offering a rate of 1.50% AER variable. For a deposit of just £1 savers can open either the Double Take E-Saver Issue 10 or the Man Utd Double Take E-Saver Issue 5. These accounts can only be opened and managed online and allow unlimited further additions, but withdrawals are restricted to two per calendar year including closure. The Man Utd account has the incentive of giving savers 10 entries into the Manchester United prize draw for every month the account is open and one extra entry for every £50 held in the account.

New to the chart this week was Yorkshire Building Society offering a rate of 1.46% AER variable on its Online Single Access Saver Issue 17. This account requires a minimum deposit of £100 and permits unlimited additions, while withdrawals are allowed on one day per account year.

A further four accounts in the chart were offering a rate above 1.40% AER variable this week, including Sainsbury's Bank, which was offering 1.45% AER variable on its Defined Access Saver – Issue 8 for a minimum deposit of £1,000. The account can be opened and managed online and by phone. Although it allows unlimited additions the rate drops to 0.50% when over £500,000 is deposited, and it should also be noted that while it also allows unlimited withdrawals, a lower rate is paid if more than three withdrawals are made per year.

Meanwhile, on a deposit of £1,000 Shawbrook Bank was offering a rate of 1.43% AER variable on its Easy Access – Issue 14 that must be opened online but can then be managed by phone as well. This account allows unlimited additions and withdrawals, although there is a £500 minimum per withdrawal. Both Ford Money and RCI Bank UK were offering a rate of 1.42% AER variable this week, with Flexible Saver from Ford Money requiring a minimum deposit of £1, while Freedom Savings Account from RCI Bank UK requires a minimum opening amount of £100. Both accounts can be opened and managed online (Ford Money's deal can also be opened by phone) and allow unlimited withdrawals and additions.

The best easy access savings rates (with bonus)

The best three easy access savings (with bonus) rates this week:

  • Marcus by Goldman Sachs®, Online Savings Account – 1.50% AER (variable)
  • Cynergy Bank, Online Easy Access Account – Issue 22 – 1.43% AER (variable)
  • Tesco Bank, Internet Saver – 1.42% AER (variable)

The top three easy access savings with bonus rates this week were all offering rates over 1.40% AER variable with a minimum deposit of just £1 or less. At the top of the chart is Marcus by Goldman Sachs® which has continued to hold first place for a number of months with its Online Savings Account offering a rate of 1.50% AER (1.49% gross) variable, including a0.15% bonus for 12 months. There is no minimum amount to open this account, which can only be opened online and then managed online and by phone. It also allows unlimited additions and withdrawals. To open this account a UK mobile phone number is needed.

Cynergy Bank once again took second place this week with its Online Easy Access Account – Issue 22 offering a rate of 1.43% AER variable, including a 0.43% bonus for 12 months. A minimum deposit of £1 is needed to open this account which can only be opened and managed online. It allows unlimited additions and withdrawals. Tesco Bank was third in the chart offering a rate of 1.42% AER variable, which includes a 0.87% bonus for 12 months, with its Internet Saver. This account can only be opened online and can then be managed by its mobile app as well.

Meanwhile the AA was offering 1.36% AER variable, which includes a 1.16% bonus for 12 months, on its Easy Saver – Issue 8. A minimum deposit of £100 is needed to open the account which can only be opened online but then becomes phone and internet-operated. Both these accounts allow unlimited additions and withdrawals.

The best short-term fixed rate savings accounts

The best short-term fixed rates this week:

  • Al Rayan Bank, Fixed Term Deposit – 2.32% AER (expected profit rate)
  • Bank of London and The Middle East, Premier Deposit Account – 2.30% AER (expected profit rate)
  • Bank of London and The Middle East, Premier Deposit Account – 2.20% AER (expected profit rate)

Four short-term fixed savings accounts offered particularly competitive rates in the one-year fixed rate chart this week. Al Rayan Bank was offering the highest expected profit rate of 2.32% (2.30% gross) on its 18-month Fixed Term Deposit account. This 18-month bond requires a minimum deposit of £1,000 to open and can be opened and managed online, by post, by phone, in branch and via its mobile app. This account does not allow any further additions or withdrawals.

Bank of London and The Middle East (BLME) took second and third place this week. Its 18-month Premier Deposit Account (Anticipated Profit Rate) offers an expected profit rate of 2.30% AER, while the 12-month version offers an expected profit rate of 2.20% AER. Both accounts require a minimum deposit of £1,000 and must be opened online and then managed by post. The accounts don't permit further additions or withdrawals, and require a BLME transfer account to hold funds pending investment.

Just outside the top three but still offering a competitive rate this week was another account from Al Rayan Bank, this time boasting an expected profit rate of 2.17% AER (2.15% gross) on its 12-month Fixed Term Deposit, with all finer details mirroring that of its 18-month counterpart.

The best two and three-year fixed rate savings accounts

The best medium-term fixed rates this week:

  • Al Rayan Bank, Fixed Term Deposit (three-years) – 2.52% AER (expected profit rate)
  • Gatehouse Bank, Raisin UK - 3 Year Fixed Deposit – 2.50% AER (expected profit rate)
  • Gatehouse Bank, Raisin UK - 2 Year Fixed Term Deposit – 2.45% AER (expected profit rate)
  • Al Rayan Bank, Fixed Term Deposit (two-years) – 2.42% AER (expected profit rate)

The best rate in the medium-term fixed savings market this week came from Al Rayan Bank, with an expected profit rate of 2.52% (2.50% gross) on its Fixed Term Deposit. This 36-month account was top of the three-year fixed rate chart and requires a minimum investment of £1,000, and doesn't allow further additions or withdrawals once opened. It can be opened and managed online, by post, by phone, in branch and via its mobile app.

Also in the three-year fixed chart this week was Gatehouse Bank offering an expected profit rate of 2.50% AER on its Raisin UK – 3 Year Fixed Term Deposit. This three-year bond, available via the Raisin UK platform, requires a minimum investment of £1,000 and can be opened online and then managed by post and phone as well. It allows further additions for five working days after opening but not withdrawals, and as an added incentive Raisin UK offers savers a bonus of up to £100 depending on the amount invested.

Topping the two-year fixed term chart this week was another account from Gatehouse Bank, with an expected profit rate of 2.45% AER on its Raisin UK – 2 Year Fixed Term Deposit. All other details mirror that of the three-year deal above. The only other account to offer a rate of over 2.40% AER in the two-year fixed chart this week was Al Rayan Bank with an expected profit rate of 2.42% on its 24-month Fixed Term Deposit, a deal that requires a minimum opening amount of £1,000 and doesn't permit further additions or withdrawals. It can be opened and operated online, by post, by phone, in branch and through its mobile app.

The best long-term fixed savings accounts

The best long-term fixed rates this week:

  • Gatehouse Bank, Raisin UK - 5 Year Fixed Term Deposit – 2.75% AER (expected profit rate)
  • Bank of London and the Middle East, Premier Deposit Account – 2.75% AER (expected profit rate)
  • Bank of London and The Middle East, Premier Deposit Account – 2.70% AER (expected profit rate)

The best savings rates overall this week could be found in the long-term fixed savings chart, with three accounts offering an expected profit rate of 2.70% or over. The best rate came from Gatehouse Bank which offered an expected profit rate of 2.75% on its Raisin UK – 5 Year Fixed Term Deposit. A minimum amount of £1,000 is needed to open this five-year bond, which must be opened online but can then be managed by post and phone as well. Further additions are allowed for five working days from opening the account but withdrawals are not permitted, though savers can benefit from the £100 incentive offered by Raisin UK (depending on the amount invested).

BLME took second and third place this week in the long-term fixed chart. Its seven-year Premier Deposit Account (Anticipated Profit Rate) offers an expected profit rate of 2.75%, while the five-year version offers an expected profit rate of 2.70%. Both accounts must be opened online with a minimum deposit of £1,000 before becoming postal-operated. The accounts don't allow further additions or withdrawals, and both require a BLME transfer account to hold funds pending investment.

Rates and information correct as at 15/03/2019

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.

Close