After a slow 2020, the savings market is moving again with new rates appearing almost on a daily basis this week. While new top rates have been entering the charts, many have reached their maximum deposits within a short time and, as a result, are being withdrawn by providers from the market within days. For example, on Tuesday, Skipton Building Society increased the rate on its easy access savings account, resulting in it paying a chart-topping rate of 1.20%, but this was withdrawn yesterday having already reached its maximum deposits.
As saving rates are changing on a daily basis, although all rates below were accurate at the time of publishing, savers would be recommended to check our savings charts regularly to see what rates are currently available.
|Bank of London and The Middle East||Premier Deposit Account||Five years||1.60% (expected profit rate)|
|Bank of London and The Middle East||Premier Deposit Account||Three years||1.45% (expected profit rate)|
|Aldermore||2 Year Fixed Rate Account||Two years||1.36%|
|Paragon Bank||1 Year Fixed Rate Savings Account||One year||1.30%|
Offering a new chart-topping rate this week was Bank of London and The Middle East, which now pays an expected profit rate of 1.60% gross on anniversary on its Premier Deposit Account. This five year fixed term account requires a £1,000 minimum deposit to open, as well as a BLME transfer account to hold funds pending investment. It can only be opened online and must be managed by post. BLME also topped the three year fixed rate bond chart this week paying an expected profit rate of 1.45% gross on anniversary on the three-year version of its Premier Deposit Account. This account has the same terms and conditions as the five year version.
Aldermore topped the two year fixed rate bond chart this week, paying 1.36% gross on anniversary on its 2 Year Fixed Rate Account. This account requires a £1,000 minimum deposit to open. 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 of 1.35%.
New to the top of the one year fixed rate bond chart was Paragon Bank, which pays 1.30% gross on anniversary on its 1 Year Fixed Rate Savings Account. This account requires a £1,000 minimum deposit to open. It can be opened and managed online and by post. There is also a version of this account that pays interest monthly at a slightly lower gross rate of 1.29%.
|National Savings & Investments||Income Bonds||None||1.16%|
|Principality Building Society||Online Limited Access||None||1.05%|
|National Savings & Investments||Direct Saver||None||1.00%|
Although Skipton Building Society made headlines launching a new chart-topping easy access savings account this week, it was withdrawn just a few days later resulting in National Savings & Investments (NS&I) once again topping the chart at the end of the week. NS&I pays 1.15% gross monthly on its Income Bonds, which requires a £500 minimum deposit to open. This account allows unlimited further additions and withdrawals can be made at any time via a nominated account, but all transactions must be from a minimum of £500. The account is 100% backed by HM Treasury. It can be opened and managed online, by post and by phone.
The second best easy access rate this week came from Principality Building Society, which pays 1.05% gross yearly on its Online Limited Access. To open this account a minimum deposit of just £1 is needed. It allows unlimited further additions. Withdrawals are restricted to three per calendar year including closure. This account can only be opened and managed online.
NS&I had the third best easy access account rate at the end of the week paying 1.00% gross yearly on its Direct Saver. This account requires a minimum deposit of £1 to open and is 100% backed by HM Treasury. It allows unlimited further additions. Withdrawals can be made at any time via a nominated account. This account can be opened and managed online and by phone.
|Secure Trust Bank||90 Day Notice Account||90 days||1.18%|
|Secure Trust Bank||60 Day Notice Account||60 days||1.16%|
|Chorley Building Society||30 Day Notice Account Issue 2||30 days||0.75%|
Overall, the top rate in the notice account chart this week came from Secure Trust Bank, which pays 1.17% gross quarterly on its 90 Day Notice Account. Secure Trust Bank also topped the up to 60 day notice chart this week, paying 1.15% gross quarterly on its 60 Day Notice Account. Both accounts require a £1,000 minimum deposit to open. They allow unlimited further additions from a minimum of £1,000. Withdrawals are restricted to four interest withdrawals per annum and three capital withdrawals per annum subject to 90 days’ notice on the 90 day version and 60 days’ notice on the 60 day option. Both options must be opened online but can then be managed online and by phone.
The best rate on an account open to new, as well as existing customers, in the up to 30 day notice chart came from Chorley Building Society. Its 30 Day Notice Account Issue 2 pays 0.75% gross yearly on a £1 minimum opening deposit, which must be new to the building society. Unlimited further additions are allowed, again which must be new to the building society. Withdrawals are permitted subject to 30 days’ notice. This account can be opened online, in branch, or by post and then managed in branch and by post.
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