The Best Savings Rates This Week 18 06 21 | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 18/06/2021

Although this week’s inflation figures, showing that the Consumer Price index rose to 2.1% in May, will be a disappointment to most savers, there was some good news as there were a number of rate rises in the charts during the week. Still, no savings account can currently match or beat the rate of inflation, a new higher rate topped the fixed bond chart overall this week, as well as the notice account chart. Meanwhile, more competitive rates are now available at the top of the easy access chart. This week also saw some competitive providers, such as Shawbrook Bank and Bank of London and The Middle East (BLME), increase their rates, which is a hopeful sign that savings rates are making a start to a slow recovery.

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.

The best fixed rate bonds savings rates

 

Provider

Account

Term

Rate AER

 

Shawbrook Bank

7 Year Fixed Rate Bond Issue 9

Seven years

1.65%

Find out more

UBL UK
 
Shawbrook Bank

5 Year Fixed Term Deposit
5 Year Fixed Rate Bond Issue 37

Five years
 
Five years

1.55%

1.55%

Go to provider’s site
Find out more

Cynergy Bank

Fixed Rate Bond

Three years

1.25%

Find out more

UBL UK

2 Year Fixed Term Deposit

Two years

1.11%

Find out more

Shawbrook Bank

1 Year Fixed Rate Bond Issue70

One year

1.00%

Find out more

 

Shawbrook Bank was new to the top of the fixed rate bond chart this week offering 1.65% gross on anniversary on its 7 Year Fixed Rate Bond Issue 9. This account requires a £1,000 minimum deposit to open. It must be opened online but can then be managed online and by phone. There is a version of this account that pays interest monthly at a slightly lower gross rate of 1.64%.

UBL UK topped the five year fixed rate bond chart this week with its 5 Year Fixed Term Deposit paying 1.60% gross on maturity, 1.55% gross on anniversary and 1.54% gross monthly. All versions require a £2,000 minimum deposit to open. They can be opened online, in branch, by post or via mobile app and then managed online, in branch, by post, by phone and via mobile app. Shawbrook Bank also pays 1.55% gross on anniversary and 1.54% gross monthly on its 5 Year Fixed Rate Bond Issue 37. Both accounts require a £1,000 minimum deposit to open. They must be opened online and then managed online and by phone.

Cynergy Bank had the top paying three year fixed bond rate this week paying 1.25% gross on anniversary on its Fixed Rate Bond. To open this account a £10,000 minimum deposit is needed, along with a Cynergy Bank Authenticator App or Digipass to use online banking. The account can only be opened online but can then be managed online, by post and by phone. Zopa pays 1.25% AER on its 3 Year Fixed Term Savings but this account only pays interest monthly at a rate of 1.24% gross. The interest is paid to the account monthly but is only available on maturity. It requires a £1,000 minimum deposit to open and must be opened online, it can then be managed online and via mobile app.

The highest paying gross rate in the two year fixed rate bond chart this week came from UBL UK, which pays 1.12% gross on maturity on its 2 Year Fixed Term Deposit. There are also versions of this account that pay 1.11% gross on anniversary and 1.10% gross monthly. All versions require a £2,000 minimum deposit to open. They can be opened online, in branch, by post or via mobile app. Once opened they can be managed online, in branch, by post, by phone and via mobile app. Zopa also pays 1.11% gross on its 2 Year Fixed Term Savings. This account pays interest monthly but is only available on maturity. It requires a £1,000 minimum deposit to open. The account must be opened online but can then be managed online and via mobile app.

Shawbrook Bank’s 1 Year Fixed Rate Bond Issue 70 topped the one year fixed bond chart this week paying 1.00% gross on anniversary or monthly. A £1,000 minimum deposit is needed to open this account. It must be opened online but can then be managed online and by phone.

Compare the best fixed rate bonds

The best easy access savings rates

 

Provider

Account

Maximum number of withdrawals allowed

Rate AER

 

Atom Bank

Instant Saver

Unlimited

0.50%

Find out more

Charter Savings Bank

Easy Access – Issue 21
Easy Access Postal – Issue 21

Unlimited
 
Unlimited

0.50%
 
0.50%

Find out more
 
Find out more

Cynergy Bank

Online Easy Access Account (Issue 40)

Unlimited via a nominated account

0.50%, includes a bonus of 0.20% for 12 months

Find out more

ICICI Bank UK

SuperSaver Savings Account

Unlimited but all withdrawals via linked ICICI Bank current account only

0.50%

Find out more

Virgin Money

Club M Saver

Unlimited all withdrawals via Club M Account or nominated account

0.50%

Find out more

 

Six accounts had the top paying easy access savings rate this week. Atom Bank pays 0.50% gross monthly on its Instant Saver, which does not require a deposit to open. This account is only available to UK current account holders. It allows further additions and withdrawals. It can only be opened and managed via mobile app.

Charter Savings Bank had two accounts paying 0.50% gross on anniversary this week. Both its Easy Access – Issue 21 and Easy Access Postal – Issue 21 pay this rate and require a £5,000 minimum deposit to open. These accounts allow further additions via a nominated account and withdrawals. Easy Access – Issue 21 can only be opened and managed online, whereas Easy Access Postal – Issue 21 can be opened online or by post but must be managed by post. There are versions of both accounts that pay interest monthly at the same gross rate.

Cynergy Bank’s Online Easy Access Account (Issue 40) pays 0.50% gross on anniversary, which includes a 0.20% bonus for 12 months. To open this account a £1 minimum deposit is needed, along with a Cynergy Bank Authenticator App or Digipass to use online banking. Further additions are allowed and withdrawals can be made via a nominated account. It must be opened and managed online.

SuperSaver Savings Account from ICICI Bank UK pays 0.50% gross monthly and does not require a deposit to open. This account is only available to those who have, or open, a HomeVantage Current Account. It allows further additions and withdrawals are permitted 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 0.50% gross quarterly on its Club M Saver. Again, a deposit is not needed to open this account but a Virgin Money Club M Account is required. It allows further additions. Withdrawals can be made via a Club M Account or a nominated account. The account can be opened online or by phone and then managed online, in branch, by phone and via mobile app.

Compare the best easy access savings accounts

The best notice account rates

 

Provider

Account

Notice

Rate AER

 

Secure Trust Bank

120 Day Notice Account

120 days

0.75%

Find out more

Charter Savings Bank
 
 
 Shawbrook Bank

120 Day Notice - Issue 22
120 Day Notice Postal – Issue 22
120 Day Notice Personal Account Issue 48

120 days
 
120 days
 
120 days

0.72%
 
0.72%
 
0.72%

Find out more
 
Find out more

Find out more

Paragon Bank
 
 
Allica Bank

120 Day Notice Account (Issue 22)
95-Day Notice Personal Savings Account (Issue 1)

120 days
 
 
95 days

0.70%
 
 
0.70%

Go to provider’s site
 
Find out more

 

New to the top of the notice account chart this week was Secure Trust Bank which pays 0.75% gross quarterly on its 120 Day Notice Account. This account requires a £1,000 minimum deposit to open and allows further additions, subject to a minimum of £1,000. Withdrawals are restricted to four interest withdrawals per annum and three capital withdrawals per annum subject to 120 days’ notice. The account must be opened online and then managed online and by phone.

Both Charters Savings Bank and Shawbrook Bank had the second-best paying notice account rate this week. Charter Savings Bank pays 0.72% gross on anniversary on its 120 Day Notice – Issue 22 and 120 Day Notice Postal – Issue 22. Both accounts require a £5,000 minimum deposit to open. They allow further additions via a nominated account and withdrawals are permitted subject to 120 days’ notice. 120 Day Notice – Issue 22 can only be opened and managed online, meanwhile the postal option can be opened online or by post but must be managed by post. There is a version of both accounts that pays interest monthly at the same gross rate. Shawbrook Bank pays 0.72% gross on anniversary on its 120 Day Notice Personal Account Issue 48, which requires a £1,000 minimum deposit to open. This account permits further additions and withdrawals can be made subject to 120 days’ notice. It must be opened online but can be managed online or by phone.

Paragon Bank and Allica Bank both had the third-best rate in the notice account chart. Paragon Bank’s 120 Day Notice Account (Issue 22) pays 0.70% gross on anniversary and requires a £500 minimum deposit to open. It allows further additions via a nominated account. Withdrawals can be made via a nominated account and subject to 120 days’ notice. It must be opened and managed online. There is also a version of the account that pays interest monthly at the same gross rate. Allica Bank pays 0.70% gross on anniversary on its 95-Day Notice Personal Savings Account (Issue 1). To open this account a £1,000 minimum deposit is needed and it allows further additions. Withdrawals can be made subject to 95 days’ notice. It must be opened online and can only be managed by phone.

Compare the best notice accounts

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