The best savings rates this week 16 12 21 | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 16/12/2021

With inflation rising to a 10-year high of 5.1% during November, savers will not find any savings accounts that can match or beat the current rate of inflation. This makes it vital for savers to shop around for the best deals possible and not hesitate to move their money into higher paying accounts if they are able.

Savers should be aware that the accounts highlighted below are the top-paying accounts available to new customers, and higher rates may be available to existing customers only. Savers can compare the best savings rates available to existing customers by visiting our savings charts and selecting these accounts in the refine search section.

Information about accounts and rates are correct at 12pm on Thursday 16 December 2021 but can change at any time.

The best fixed rate bonds savings rates

Provider Account Notice Rate AER  

QIB (UK)


Secure Trust Bank

Raisin UK - 5 Year Fixed Term Deposit
5 Year Fixed Rate Bond

Five years


26.01.27

2.10% expected profit rate

2.10%

Find out more


Find out more

QIB (UK) Raisin UK - 3 Year Fixed Term Deposit Three years 1.85% expected profit rate Go to provider’s site
Zopa 2 Year Fixed Term Savings Two years 1.61% Find out more
Gatehouse Bank 1 Year Fixed Term Woodland Saver One year 1.41% expected profit rate Find out more

 

Topping the fixed rate bond chart this week is QIB (UK) and Secure Trust Bank. QIB (UK) pays an expected profit rate of 2.10% gross on maturity on its Raisin UK – 5 Year Fixed Term Deposit. This account requires a £1,000 minimum deposit to open and has the benefit of Raisin UK offering a welcome bonus of £50 when a first savings account is opened via its website (terms and conditions apply). The account must be opened online but can be managed online, by post and by phone. Secure Trust Bank pays 2.10% gross yearly on its 5 Year Fixed Rate Bond which matures on 26 January 2027. A £1,000 minimum deposit is needed to open this account. It must be opened online and can then be managed online and by phone.

The best paying three year fixed bond this week is QIB (UK)’s Raisin UK – 3 Year Fixed Term Deposit which pays an expected profit rate of 1.85% gross on maturity. A £1,000 minimum deposit is needed to open this account. It benefits from a £50 welcome bonus when a first savings account is opened via the Raisin UK platform (terms and conditions apply). The account must be opened online and can then be managed online, by post and by phone.

Although Zopa has the best AER rate in our two year fixed bond chart this week, its 2 Year Fixed Term Savings pays a lower gross rate of 1.59% monthly. Interest is only available on maturity and a £1,000 minimum deposit is needed to open this account, which must be opened online and managed online or via mobile app. Bank of London and The Middle East (BLME), Gatehouse Bank and Secure Trust Bank all have accounts paying the highest gross rate in our two year fixed bond chart. BLME pays an expected profit rate of 1.60% gross on anniversary on its Premier Deposit Account, which requires a £1,000 minimum deposit to open along with a BLME transfer account to hold funds pending investment. The account must be opened online and managed by post. Gatehouse Bank pays an expected profit rate of 1.60% gross on anniversary on its 2 Year Fixed Term Woodland Saver. A £1,000 minimum deposit is needed to open this account, which must be opened and managed online. Secure Trust Bank pays 1.60% gross yearly on its 2 Year Fixed Rate Bond which matures on 8 January 2024. This account requires a £1,000 minimum deposit to open, must be opened online but can be managed online or by phone.

The top one year fixed bond rate this week comes from Gatehouse Bank, which pays an expected profit rate of 1.41% gross on maturity on its 1 Year Fixed Term Woodland Saver. This account requires a £1,000 minimum deposit to open and must be opened and managed online.

Compare the best fixed rate bonds

The best easy access savings rates

Provider Account Maximum number of withdrawals allowed Rate AER  
Investec Bank plc Online Flexi Saver Unlimited 0.71% Go to provider’s site
Cynergy Bank Online Easy Access Account (Issue 43) Unlimited via a nominated account 0.70% (includes a 0.40% bonus for 12 months) Find out more
Tesco Bank Internet Saver Max withdrawal limit of £10K to non-Tesco Bank a/cs, £100K limit to Tesco Bank a/cs 0.69% (includes a 0.59% bonus for 12 months) Find out more

 

The top easy access savings rate this week comes from Investec Bank plc, which pays 0.71% gross monthly on its Online Flexi Saver. A £5,000 minimum deposit is needed to open this account, which allows further additions. Withdrawals can be made at any time. The account must be opened and managed online.

Cynergy Bank has the next best rate of 0.70% gross, which includes a 0.40% bonus for 12 months, on its Online Easy Access Account (Issue 43). Interest is paid on anniversary and a minimum deposit of just £1 is needed to open the account A Cynergy Bank Authenticator App or Digipass is needed to open and manage the account. Further additions are allowed and withdrawals can be made via a nominated account. This account can only be opened and managed online.

The third best easy access savings account rate this week is Tesco Bank’s Internet Saver, paying 0.69% gross yearly, which includes a 0.59% bonus for 12 months. This account requires a £1 minimum deposit to open and allows further additions. Withdrawals are restricted to a maximum limit of £10,000 to non-Tesco Bank accounts and a £100,000 limit to Tesco Bank accounts. It must be opened online but can be managed online and via mobile app.

Compare the best easy access accounts

The best notice account rates

Provider Account Notice Rate AER  

Oxbury Bank


Secure Trust Bank

Personal 120 Day Notice Account - Issue 3
120 Day Notice Account

120 days


120 days

1.10%


1.10%

Find out more


Find out more

Secure Trust Bank 60 Day Notice Account 60 days 0.85% Find out more

 

Both Oxbury Bank and Secure Trust Bank have the top paying notice account rates this week. Oxbury Bank pays 1.10% gross monthly on its Personal 120 Day Notice Account – Issue 3, which requires a £1,000 minimum deposit to open and an Oxbury App is required to use online banking. This account allows further additions and withdrawals can be made subject to 120 days’ notice with all transactions made via a nominated account. It must be opened online but can be managed online and via mobile app. Secure Trust Bank pays 1.10% gross quarterly on its 120 Day Notice Account, which requires a minimum deposit of £1,000 to open. Further additions can be made subject to a minimum of £1,000. Withdrawals are restricted to four interest withdrawals and three capital withdrawals per annum on 120 days’ notice. The account can only be opened online but can be managed online and by phone.
Savers looking for a notice account with a lower notice term will find that Secure Trust Bank pays the top rate in the up to 60 days’ notice chart. Its 60 Day Notice Account pays 0.85% gross quarterly and requires a £1,000 minimum deposit to open. Similar to the 120 days’ version, further additions are allowed subject to a minimum of £1,000, but withdrawals are restricted to four interest and three capital withdrawals per annum on 60 days’ notice. This account must be opened online but can then be managed online and by phone.

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. 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. Moneyfacts.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.

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