Derin Clark

Derin Clark

Online Reporter
Published: 18/10/2019

After last week’s changes across the savings chart, this week has been a lot quieter, which could be due to providers being reluctant to change rates due to the current political and economic uncertainty. Saying this, it does mean that all of last week’s top rates continue to be available to savers, and those looking to lock into a long-term fixed rate bond will be pleased to see a new higher rate topping the chart this week.

The best fixed rate bond savings rates

Provider Account Term Rate AER
UBL UK 5 Year Fixed Term Deposit Five years 2.36%
Al Rayan Bank Fixed Term Deposit Three years 2.42% (expected profit rate)
Al Rayan Bank Fixed Term Deposit Two years 2.32% (expected profit rate)
Al Rayan Bank Fixed Term Deposit One year 2.07% (expected profit rate)

Those looking to lock their money into a long-term fixed rate bond will be pleased to see that a new account is topping the chart offering a slightly higher rate than last weeks chart-topping rate. UBL UK pays 2.36% on anniversary on its 5 Year Fixed Term Deposit on a minimum opening deposit of £2,000. This account can be both opened and managed in branch and by post. There is also a version of this account that pays interest on maturity at a higher gross rate of 2.47% and a version of the account that pays interest monthly at a slightly lower gross rate of 2.33%.

Al Rayan Bank continues to dominate the other fixed rate bond terms, offering the top rates in the three, two and one-year charts. The three-year version of its Fixed Term Deposit pays an expected profit rate of 2.42%, the two-year version pays an expected profit rate of 2.32% and the one-year version pays an expected profit rate of 2.07%. All these accounts pay profit quarterly on an opening minimum deposit of £1,000. They can be both opened and managed online, in branch, by post, by phone and via mobile app.

The best easy access savings rates

Provider Account Term Rate AER
Coventry Building Society Triple Access Saver Instant 1.46% (including a 0.31% bonus until 31.03.2021)
Marcus by Goldman Sachs® Online Savings Account None 1.45% (including a 0.10% bonus for 12 months)
Virgin Money Double Take E-Saver Issue 12 None 1.45%
Virgin Money Man Utd Double Take E-Saver Issue 7 None 1.45%

During this period of political and economic uncertainty, easy access accounts remain popular with savers despite offering some of the lowest average savings rates overall, as they have the convenience of allowing savers to access their money instantly. Coventry Building Society continued to offer the top rate in the chart this week with its Triple Access Saver paying 1.46% yearly, including a 0.31% bonus until 31 March 2021, on an opening minimum deposit of just £1. This account allows unlimited further additions, however withdrawals are restricted to three penalty-free withdrawals per annum while further withdrawals are subject to 50 days’ loss of interest. This account can be both opened and managed online, in branch, by post and by phone. In addition to this, there is also a version of this account that pays interest monthly at a slightly lower gross rate of 1.45%.

Marcus by Goldman Sachs® pays 1.45%, including a 0.10% bonus for 12 months, on its Online Savings Account. This account does not require an opening deposit although it does come with the opening restriction of requiring a UK mobile number. It allows unlimited further additions and is the only account offering this rate that allows unlimited withdrawals as well. It must be opened online but can then also be managed by phone as well. Savers should be aware that this account pays interest monthly at a gross rate of 1.44%.

Both Double Take E-Saver Issue 12 and Man Utd Double Take E-Saver Issue 7 pay 1.45% yearly on an opening deposit of £1. These online-only accounts allow further additions but restrict withdrawals to two per calendar year including closure. There are also versions of both accounts that pay interest monthly at a slightly lower gross rate of 1.44%.

The best notice account rates

Provider Account Notice Rate AER
Gatehouse Bank 120 Day Notice Account 120 days 1.82% (expected profit rate)
Bank of London and The Middle East 90 Day Notice Account (Issue 1) 90 days 1.71% (expected profit rate)
Charter Savings Bank 60 Day Notice – Issue 11 60 days 1.55%
Charter Savings Bank 30 Day Notice – Issue 10 30 days 1.51%

Notice accounts are a great savings option for those who do not require immediate access to their money but who do not want to lock their money away for a year or more. Once again, Gatehouse Bank topped the notice account chart overall with its 120 Day Notice Account paying an expected profit rate of 1.82% on anniversary. This account requires a £1,000 opening deposit and allows further additions and withdrawals via a nominated account subject to 120 days’ notice. It can only be opened and managed online. There is also a version of the account that pays profit monthly at a slightly lower gross rate of 1.80%.

This week saw Bank of London and The Middle East remain at the top of the 90 day notice chart with its 90 Day Notice Account (Issue 1) paying an expected profit rate of 1.71% quarterly. This account requires a substantial opening deposit of £10,000 and allows further additions and withdrawals subject to 90 days’ notice. This account can only be opened and managed online.

Charter Savings Bank continued to offer the top rates in both the 60-day and 30-day notice charts. Its 60 Day Notice – Issue 11 pays 1.55% and its 30 Day Notice – Issue 10 pays 1.51% on anniversary. These accounts require an opening minimum deposit of £5,000 and allow further additions, while withdrawals are allowed but subject to 60 days’ notice on the 60-day version and 30 days’ notice on the 30-day version. Both accounts can only be opened and managed online. They also offer versions that pay interest monthly at 1.54% and 1.50% gross on the 60-day and 30-day versions respectively.

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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