The Best Savings Rates This Week 15.5.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 15/05/2020

Savers will be disappointed to see that many of last weeks top rates are no longer available in the savings chart this week. Most notably all of last week’s top easy access savings rates have been cut, so now the highest rate available in this chart is 1.16% AER. Savers looking for the best savings rates should consider a fixed rate bond where they can get a rate of 1.90% AER on a seven year fixed rate bond.

Savers should be aware that although we have included accounts that can be opened and managed in branch, consumers are advised to check with the bank or building society to ensure this service is still available, as many are only providing essential banking services in branch at the moment due to the Government’s restrictions on movement.

The best fixed rate bonds savings rates

Provider Account Term Rate AER
Bank of London and The Middle East Premier Deposit Account Seven years 1.90% (expected profit rate)
Gatehouse Bank Fixed Term Deposit Five years 1.85% (expected profit rate)
Gatehouse Bank Fixed Term Deposit Three years 1.75% (expected profit rate)
QIB (UK) Raisin UK – 2 Year Fixed Term Deposit Two years 1.65% (expected profit rate)
Gatehouse Bank Fixed Term Deposit One year 1.50% (expected profit rate)

New to the top of the fixed rate bond chart this week was Bank of London and The Middle East (BLME) with the seven year version of its Premier Deposit Account paying an expected profit rate of 1.90% gross on anniversary. This account requires a minimum deposit of £1,000 to open, as well as this a BLME transfer account to hold funds pending investment is also needed. It must be opened online and then managed by post.

Gatehouse Bank topped the five and three year fixed rate bond charts this week paying an expected profit rate of 1.85% gross on anniversary on the five year version of its Fixed Term Deposit and 1.75% gross on anniversary on the three year version. Both these accounts require a minimum deposit of £1,000 to open. They can only be opened and managed online.

QIB (UK) had the best rate in the two year fixed rate bond chart this week paying an expected profit rate of 1.65% gross on maturity on its Raisin UK – 2 Year Fixed Term Deposit. This account requires a minimum deposit of £1,000 to open. It must be opened online, but then managed online, by post and by phone.

The best one year fixed rate bond rate came from Gatehouse Bank this week. Gatehouse Bank pays an expected profit rate of 1.50% gross on maturity on the one year version of its Fixed Term Deposit. To open this account a £1,000 minimum deposit is needed. It can only be opened and managed online.

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%
Family Building Society Market Tracker Saver (1) Instant 1.13%
Teachers Building Society Teachers for Teachers (Issue 1) None 1.10%

National Savings & Investments had the best rate in the easy access chart this week. Its Income Bonds pays 1.15% gross monthly and requires a minimum deposit of £500 to open. This account allows unlimited further additions. Withdrawals are permitted via a nominated account. It can be opened and managed online, by post and by phone and has a minimum transaction amount of £500. As well as this, funds deposited in this account are 100% backed by HM Treasury.

The second best easy access savings rate this week came from Family Building Society which pays 1.13% gross yearly on its Market Tracker Saver (1). This account requires a minimum deposit of £500 to open. It allows unlimited further additions. It permits up to 20 withdrawals (subject to a minimum withdrawal amount of £100) per calendar year via a nominated account. This account can be opened online, in branch and by post and then managed online, in branch, by post and by phone.

This week the third best rate came from Teachers Building Society which pays 1.10% gross yearly on its Teachers for Teachers (Issue 1). This account is only available to teachers, including retired teachers, and other education professionals. To open this account a minimum deposit of £5,000 is needed. It allows unlimited further additions. Up to three withdrawals per calendar year are permitted, while an Extra Ordinary Account rate is paid if four or more withdrawals are made. This account can be opened online or by post and then managed online and by phone.

Easy access accounts

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

The best notice account rates

Provider Account Notice Rate AER
ICICI Bank UK

Raisin UK – 95 Day Notice Account

HiSAVE Notice Savings Account

95 days


95 days

1.60%


1.60%

Monmouthshire Building Society 60 Day Notice Account – Issue 2 60 days 1.30%

Chorley Building Society

Saffron Building Society

30 Day Notice Account


30 Day Notice Saver (Issue 2)

30 days


30 days

1.10%


1.10%

Tipton & Coseley Building Society

30 Day Community Notice Saver

30 Day Notice Midlands Air Ambulance Saver

30 days


30 days

1.10%


1.10%

ICICI Bank UK remained at the top of the notice account chart this week paying 1.59% gross monthly on its Raisin UK – 95 Day Notice Account and its HiSAVE Notice Savings Account. Raisin UK – 95 Day Notice Account requires a minimum deposit of £1,000 to open. It does not allow further additions. Withdrawal is restricted to the full account balance only and is subject to 95 days’ notice and account closure. It can only be opened online and then managed online, by post and by phone. HiSAVE Notice Savings Account requires just a £1 minimum deposit to open but is restricted to new and existing HomeVantage Current Account customers. This account allows unlimited further additions. Withdrawals are permitted subject to 95 days’ notice and must be made via a linked ICICI Bank current account. It can be opened and managed online, in branch and by phone.

Monmouthshire Building Society offered a highly competitive rate in the up to 60 days notice chart this week paying 1.30% gross yearly on its 60 Day Notice Account – Issue 2. It should be noted that this account is restricted to those living in England and Wales. To open this account a minimum deposit of £1,000 is needed. It allows unlimited further additions whilst the issue remains open. Withdrawals are permitted subject to 60 days’ notice or if notice is not given, earlier access is allowed but subject to 60 days’ loss of interest. It can be opened and managed online, in branch and by post. There is also a version of this account that pays interest monthly at a slightly lower gross rate.

Three providers offered the highest rate of 1.10% in the up to 30 days notice chart this week. Chorley Building Society pays 1.10% gross yearly on its 30 Day Notice Account, which requires a minimum deposit of £1 to open. This account allows unlimited further additions whilst the issue remains open and withdrawals are permitted subject to 30 days’ notice. It can be opened and managed in branch and by post. Saffron Building Society pays 1.10% gross yearly on its 30 Day Notice Saver (Issue 2). This account requires a £5,000 minimum deposit to open and allows unlimited further additions. Withdrawals are permitted subject to 30 days’ notice or, if notice is not given, earlier access is allowed subject to 30 days’ loss of interest. It can be opened and managed online, in branch and by post. Tipton & Coseley Building Society pays 1.10% gross yearly on its 30 Day Community Notice Saver and its 30 Day Notice Midlands Air Ambulance Saver. Both accounts require a minimum deposit of £1,000 to open and allow unlimited further additions. They permit three withdrawals per calendar year subject to a minimum amount of £500, including closure. Both accounts can be opened and managed in branch and by post. A donation of 0.10% of average 30 Day Community Notice account balances is paid to the Tipton & Coseley Charitable Foundation and an annual donation is made to the Midlands Air Ambulance based on the average balances held in 30 Day Notice Midlands Air Ambulance Saver accounts.

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.

Cookies

Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy