The best savings rates this week 17.04.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 17/04/2020

Although this week has seen some top rates being reduced, savers will be pleased to see that many of last week’s best rates are still available in the charts this week. However, with the current economic crisis caused by the Coronavirus pandemic, along with two base rate cuts last month, it is uncertain if the current top rates will hold for very long.

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
UBL UK 7 Year Fixed Term Deposit Seven years 1.95%
RCI Bank UK Fixed Term Savings Account Five years 1.90%

Investec Bank plc

United Trust Bank

Vanquis Bank

3 Year Fixed Term Deposit
UTB 3 Year Bond

Vanquis Bank Savings

Three years

Three years

Three years

1.80%

1.80%

1.80%

Bank of London and The Middle East Premier Deposit Account Two years 1.75% (expected profit rate)

Bank of London and The Middle East

Vanquis Bank

Premier Deposit Account

Vanquis Bank Savings

One year


One year

1.60% (expected profit rate)

1.60%

UBL UK topped the chart overall this week, offering 2.07% gross on maturity on its 7 Year Fixed Term Deposit. This account requires a minimum deposit of £2,000 to open and can be both opened and managed in branch and by post.

This week, RCI Bank UK topped the five year fixed rate bond chart with its Fixed Term Savings Account paying 1.90% gross on anniversary. To open this account, a minimum deposit of £1,000 is needed. It can only be opened and managed online. There is also a version of this account that pays interest monthly at a slightly lower gross rate.

Three providers topped the three year fixed rate bond chart this week. Investec Bank plc pays 1.80% gross on anniversary on its 3 Year Fixed Term Deposit. A substantial minimum deposit of £25,000 is needed to open this account. In addition to this, an Easy Access Account must be opened for transactional purposes. This account can only be opened online, but can then be managed online, by phone and via mobile app. United Trust Bank pays 1.80% gross on anniversary on its UTB 3 Year Bond. This account requires a minimum deposit of £5,000 to open. It can only be opened online and then managed by post and by phone. Vanquis Bank also pays 1.80% gross on anniversary on its Vanquis Bank Savings, which requires a minimum deposit of £1,000 to open. This account must be opened online, but can then be managed online, by post and by phone. There is also a version of this account that pays interest monthly at a slightly lower gross rate.

The top two year fixed rate bond came from Bank of London and The Middle East (BLME) this week. BLME pays an expected profit rate of 1.75% gross on anniversary on its Premier Deposit Account. To open this account, a minimum deposit of £1,000 is needed. As well as this, a BLME transfer account is required to hold funds pending investment. This account can only be opened online and then only managed by post.

Two providers offered the best one year fixed rate bond rate of 1.60% this week. BLME pays an expected profit rate of 1.60% gross on anniversary on its Premier Deposit Account, which requires a minimum opening deposit of £1,000. To open this account, a BLME transfer account is also needed to hold funds pending investment. It must be opened online and then managed by post. Vanquis Bank pays 1.60% gross on anniversary on its Vanquis Bank Savings. This account requires a minimum deposit of £1,000 to open. It must be opened online but can then be managed online, by post and by phone. There is also a version of this account that pays interest monthly at a slightly lower gross rate.

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
Ford Money Flexible Saver None 1.35%
Aldermore Easy Access Issue 11 None 1.25%
RCI Bank UK Freedom Savings Account None 1.20%

Remaining at the top of the easy access savings account chart this week was Ford Money, which pays 1.35% gross on anniversary on its Flexible Saver. This account is only available to existing customers. It requires a minimum deposit of £1 to open and allows unlimited further additions and withdrawals. It can be opened online or by phone and then only managed online.

Aldermore had the best rate on an easy access account without any opening restrictions this week. Its Easy Access Issue 11 pays 1.25% gross on anniversary. This account requires a minimum deposit of £1,000 to open. The account permits unlimited further additions and withdrawals. It can only be opened and managed online. There is a version of this account that pays interest monthly at a slightly lower gross rate.

The third-best gross rate in the easy access savings chart this week came from RCI Bank UK, which pays 1.20% gross on anniversary on its Freedom Savings Account. To open this account, a minimum deposit of £100 is needed. It allows unlimited further additions and withdrawals. This account can only be opened and managed online.

Easy access accounts

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

The best notice accounts rates

Provider Account Notice Rate AER

ICICI Bank UK

 

Investec Bank plc

Raisin UK – 95 Day Notice Account
HiSAVE Notice Savings Account
Notice Plus

95 days

95 days

95 days

1.60%

1.60%

1.60%

ICICI Bank UK Raisin UK – 45 Day Notice Account
HiSAVE Notice Savings Account

45 days

45 days

1.40%

1.40%

Secure Trust Bank 30 Day Notice Account 30 days 1.31%

Two providers offered the best notice account rate this week. ICICI Bank UK pays 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 and does not allow further additions. It only permits withdrawals of the full account balance subject to 95 days’ notice and account closure. It must be opened online, but can then be managed online, by post and by phone. HiSAVE Notice Savings Accounts requires a minimum deposit of £1 to open. It allows unlimited further additions and withdrawals are permitted subject to 95 days’ notice and withdrawals must be made via a linked ICICI Bank current account. It can be both opened and managed online, in branch and by phone. Investec pays 1.59% gross monthly on its Notice Plus, which requires a minimum deposit of £10,000 to open. This account allows unlimited further additions. Withdrawals are permitted subject to 95 days’ notice. A loyalty rate of 0.05% is added if notice is not placed for 90 days. It must be opened online, but can then be managed online, by phone and via mobile app.

ICICI Bank also continued to offer the best rate in the up to 60 days’ notice chart this week. Both its Raisin UK – 45 Day Notice Account and its HiSAVE Notice Savings Account pay 1.39% gross monthly. Raisin UK – 45 Day Notice Account requires a minimum deposit of £1,000 to open. It does not allow further additions. The account only permits withdrawals of the full account balance subject to 45 days’ notice and account closure. It must be opened online but can then be managed online, by post and by phone. HiSAVE Notice Savings Account requires a minimum opening deposit of £1. This account allows unlimited further additions. Withdrawals are permitted but subject to 45 days’ notice and must be made via a linked ICICI Bank current account. It can be both opened and managed online, in branch and by phone.

Topping the up to 30 days’ notice chart this week was Secure Trust Bank, which pays 1.30% gross quarterly on its 30 Day Notice Account. To open this account, a minimum deposit of £1,000 is needed. It allows unlimited further additions. Withdrawals are restricted to four interest withdrawals per annum and three capital withdrawals per annum on 30 days’ notice. This account can only be opened online but can be managed online and by phone.

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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