The best savings rates this week 16.4.21 | moneyfacts.co.uk

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Published: 16/04/2021

Savers looking for a top rate will once again need to head to the fixed bond sector, though they’ll need to commit to a truly long-term deal to benefit from the very best returns. However, this puts their savings at the mercy of inflation if it increases – as it’s widely expected to – which means some may choose shorter-term deals instead, or even variable rate offerings for additional flexibility. Here’s an overview of the top rates currently available in these sectors of the market.

The best fixed rate bonds savings rates

Provider

Account

Term

Rate AER

 

Gatehouse Bank

Fixed Term Green Saver

Five years

1.40% (expected profit rate)

Find out more

Gatehouse Bank

 

Fixed Term Green Saver

Three years

0.95% (expected profit rate)

Find out more 

Hodge Bank

3 Year Fixed Rate Account

Three years

0.95%

Find out more

Bank of London and The Middle East

Premier Deposit Account

Two years

0.80% (expected profit rate)

Go to provider’s site

QIB (UK)

Raisin UK – 2 Year Fixed Term Deposit*

Two years

0.80% (expected profit)

Go to provider’s site

QIB (UK)

Raisin UK - 18 Month Fixed Term Deposit*

18 months

0.70%

Go to provider's site

*Earn up to a £50 bonus when opening an account through Raisin UK

Savers could receive a bonus or an Amazon Gift Card of up to the value of £50 when they open those accounts available through the Raisin UK platform.

The top rate in the fixed bond chart this week comes from Gatehouse Bank, with its five-year Fixed Term Green Saver paying an expected profit rate of 1.40% gross on its anniversary. It’s an internet-operated account that requires a minimum investment of £1,000, after which no further deposits can be made and it won’t be possible to access funds prior to maturity. Gatehouse Bank takes the joint-top spot in the three-year sector too, paying an expected profit rate of 0.95% gross, with all details mirroring that of its five-year counterpart. These accounts have the incentive of Gatehouse Bank planting a tree in a UK woodland when the account is opened and funded.


Hodge Bank also pays 0.95% gross (either on its anniversary or a monthly basis) on its three-year bond, seeing it share the limelight with Gatehouse. This account requires a minimum deposit of £1,000, with further additions permitted within 10 working days for accounts opened online, but no withdrawals will be allowed before the end of the term. The account must be opened online, after which it can be managed by post and phone as well.


This week, both the Bank of London and Middle East (BLME) and QIB (UK) pay the best two-year fixed bond rate, with BLME’s Premier Deposit Account paying an expected profit rate of 0.80% gross on its anniversary. The account requires a minimum investment of £1,000 with no further deposits or access allowed, and savers will need a BLME transfer account to hold funds pending investment. It can only be opened online and must then be managed by post. Meanwhile, QIB (UK) pays the same expected profit rate of 0.80% gross on maturity on its Raisin UK – 2 Year Fixed Term Deposit*, which requires a £1,000 minimum deposit and doesn’t allow further additions or withdrawals. The account must be opened online via the Raisin UK platform but can then be managed online, by post and by phone.

The best 18-month fixed rate bond this week is available from QIB (UK) with a rate of 0.70% gross on maturity on its Raisin UK - 18 Month Fixed Term Deposit*. This account has a £1,000 minimum deposit and doesn't allow further additions or withdrawals. The account must be opened via the Raisin UK platform but can then 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

 

ICICI Bank UK

SuperSaver Savings Account

Unlimited via linked ICICI Bank Current Account only

0.50%

Find out more

Virgin Money

M Plus Saver

Unlimited via Virgin Money Current Account or nominated account

0.50%

Find out more

Yorkshire Building Society

Annual Access Account Issue 7

1 withdrawal day per anniversary year

0.50%

Find out more

ICICI Bank UK, Virgin Money and Yorkshire Building Society continue to pay the joint-top easy access rate of 0.50% gross. ICICI Bank UK pays interest monthly on its SuperSaver Savings Account, which requires savers to have a HomeVantage Current Account to be eligible but has no minimum deposit requirement. Further additions are allowed, as are withdrawals, but all 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. Virgin Money pays interest quarterly on its M Plus Saver, which is only available to new and existing Virgin Money Current Account customers and requires no minimum investment. This account allows further additions and withdrawals, with the latter having to be made via a Virgin Money Current Account or nominated account. It can be opened online, in branch or by phone and then managed in the same ways as well as via mobile app. Meanwhile, Yorkshire Building Society pays interest on the anniversary of its Annual Access Account Issue 7. A minimum of £100 is needed to open the account (the money must be new to the building society) and it allows further additions, though withdrawals are restricted to one withdrawal day per anniversary year. Savers should be aware that this account reverts to an Easy Saver after 12 months. It can be opened in branch or by post and then managed online as well.

Compare the best easy access savings accounts

The best notice account rates

Provider

Account

Notice

Rate AER

 

Moneycorp Bank

90 Day Notice Account

90 days

0.65%

Find out more

Secure Trust Bank

120 Day Notice Account

120 days

0.60%

Find out more

ICICI Bank UK
 
 

 

Raisin UK - 95 Day Notice Account*

95 days
 
 

 

0.55%

Go to Provider's Site

ICICI Bank UK

 

Notice Savings Account

95 days

0.55%

Find out more

Moneycorp Bank has the best rate for a notice account for another week, with 90 Day Notice Account paying 0.65% gross on a monthly basis. A minimum of £10,000 is needed to open this internet-operated account, along with a Deposit Account with Moneycorp Bank for transactional purposes. It allows further additions of at least £10,000 while the issue remains open, and withdrawals are permitted subject to 90 days’ notice.
Secure Trust Bank offers the next-best rate of 0.60% gross quarterly on its 120 Day Notice Account. At least £1,000 is needed to open the account, with further additions of at least £1,000 welcome at any time. Withdrawals are also permitted, subject to 120 days’ notice being given, though it should be noted that only four interest withdrawals and three capital withdrawals will be allowed per year. The account must be opened online, after which it becomes phone and internet-operated.
ICICI Bank UK offers the joint third-best notice account rate this week with its Raisin UK – 95 Day Notice Account* and its Notice Savings Account, both paying 0.55% gross monthly. Raisin UK – 95 Day Notice Account* requires a minimum investment of £1,000 and does not allow further additions, and withdrawals can only be made of the full account balance, subject to 95 days’ notice and account closure (partial withdrawals are not permitted). The account must be opened online via the Raisin UK platform, but it can then be managed by post and phone as well. Meanwhile, Notice Savings Account can be opened with £1, provided the saver has a HomeVantage Current Account. It allows further additions and withdrawals, the latter subject to 95 days’ notice, and all transactions must be made via a linked HomeVantage Current Account. The account can be both opened and operated online, in branch and by phone.

Compare the best notice accounts

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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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