The Best Savings Rates This Week 16.10.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 16/10/2020

The continued threat of the Bank of England making further base rate cuts, combined with the ongoing economic uncertainty caused by the Coronavirus pandemic, means that there has been little movement at the tops of the savings charts during the week. A new listing has resulted in a new higher rate taking the top spot in the notice chart, but savers waiting to see if rates will increase over the next few months may be disappointed and risk losing out on the best rates currently available.

The best fixed rate bond savings rates

Provider Account Term Rate AER
Bank of London and The Middle East Premier Deposit Account Five years 1.60% (expected profit rate)
Al Rayan Bank Fixed Term Deposit 36 months 1.46% (expected profit rate)
Al Rayan Bank Fixed Term Deposit 24 months 1.37% (expected profit rate)
Al Rayan Bank Fixed Term Deposit 12 months 1.27% (expected profit rate)

 

Topping the fixed rate bond chart again this week was Bank of London and The Middle East (BLME), with the five-year version of its Premier Deposit Account paying an expected profit rate of 1.60% gross on anniversary. There is also a seven-year option of this account that pays the same expected profit rate. This account requires a £1,000 minimum deposit to open, as well as a BLME transfer account to hold funds pending investment, and must be opened online, but can then be managed by post.

Al Rayan Bank remained at the top of the three, two and one year fixed rate bond charts this week with its Fixed Term Deposit accounts. The three-year version of this account pays an expected profit rate of 1.45% gross, the two-year option pays an expected profit rate of 1.36% gross and the one-year version pays an expected profit rate of 1.26% gross. All versions pay expected profit quarterly. These accounts require a £5,000 minimum deposit to open. They can be both opened and managed online, in branch, by phone and via mobile app.

Compare the best fixed rate bonds

All the rates available can be found on our fixed rate bonds chart.

The best easy access savings rates

Provider Account Term Rate AER
Coventry Building Society Double Access Saver (Online) (4) None 0.96%
West Brom Building Society WeBSave Bonus Saver (Issue 4) None 0.90% (includes a 0.30% bonus until 30.11.2021)

Leeds Building Society

 

Principality Building Society
Yorkshire Building Society

Double Access Saver
Limited Issue Online Access Account (Issue 16)
Web Saver Issue 3

Annual Access Account Issue 5

Instant
None


None

Instant

0.80%
0.80%


0.80%

0.80%

 

The top rate in the easy access savings chart this week came from Coventry Building Society, which continues to pay 0.96% gross on anniversary on its Double Access Saver (Online) (4). This account requires a £1 minimum deposit to open. It allows unlimited further additions. Withdrawals are restricted to two penalty-free withdrawals per annum, while further withdrawals are subject to 50 days’ loss of interest. This account must be opened and managed online.

West Brom Building Society offered the second-best easy access savings account rate this week with its WeBSave Bonus Saver (Issue 4) paying 0.90% gross yearly (this rate includes a 0.30% bonus until the 30 November 2021). To open this account, a £1,000 minimum deposit is needed. It allows unlimited further additions and withdrawals can be made at any time. This account can only be opened and managed online.

Four accounts offered the third-best rate of 0.80% gross in the easy access savings chart this week. Leeds Building Society pays 0.80% gross yearly on its Double Access Saver, which requires a £5,000 minimum deposit to open. Further additions can be made while the issue remains open, but withdrawals are restricted to two withdrawals per calendar year, then 30 days’ loss of interest on all further withdrawals. This account can be both opened and managed in branch and by post. Leeds Building Society’s Limited Issue Online Access Account (Issue 16) pays 0.80% gross on maturity on a £1,000 opening minimum deposit. A higher rate of 0.85% gross is paid on deposits of £50,000 and over. This account allows unlimited further additions while the issue remains open and withdrawals are permitted via a nominated account. It matures on the 30 November 2021 into an instant access maturity account. The account must be opened and managed online. Principality Building Society pays 0.80% gross yearly on its Web Saver Issue 3, which requires a £1 minimum deposit to open. Unlimited further additions are allowed via a nominated account. Withdrawals are permitted via a nominated account. It can only be opened and managed online. Yorkshire Building Society pays 0.80% gross on anniversary on its Annual Access Account Issue 5. A minimum deposit of £100 is needed to open this account, which must be new money to the institution. It allows unlimited further additions. Withdrawals are restricted to one withdrawal day per account year. It can be both opened and managed in branch and by post. The account reverts to Easy Saver account after 12 months.

Compare the best 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
DF Capital 90 Day Notice Account (Issue 1) 90 days 1.12%
UBL UK 35 Day Notice 35 days 1.00%
Chorley Building Society 30 Day Notice Account Issue 2 30 days 0.75%

 

A new listing onto our chart has pushed BLME’s 90 Day Notice Account (Issue 3) off the top spot in the notice account charts. Now, DF Capital offers the best rate of 1.11% gross monthly on its 90 Day Notice Account (Issue 1). This account requires a £1,000 minimum deposit to open and allows unlimited further additions. Withdrawals are permitted subject to 90 days’ notice. There is a minimum transaction amount of £1,000. The account is opened online and managed through secure email and not an online banking portal.

The best rate in the up to 60 days’ notice chart this week came from UBL UK, which pays 1.00% gross half-yearly on its 35 Day Notice. To open this account, a £1 minimum deposit is needed. It allows unlimited further additions. Withdrawals are subject to 35 days’ notice, and if notice is not given, earlier access is permitted on 35 days’ loss of interest. The account can be both opened and managed in branch and by post.

Chorley Building Society had the best rate in the up to 30 days’ notice chart on an account without opening restrictions. Its 30 Day Notice Account Issue 2 pays 0.75% on a £1 opening minimum deposit, which must be new money to the institution. This account permits unlimited further additions while the issue remains open. Withdrawals are subject to 30 days’ notice. The account can be opened online, in branch or by post and then managed in branch and by post.

Compare the best 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.

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