The Best Savings Rates This Week 19.06.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 19/06/2020

Saving rates continued to tumble this week, but there was some good news for savers, as the top rate available in the fixed rate bond and easy access charts held this week. Saying this, it is unlikely that these rates will remain for long, so savers should act quickly to ensure they secure the best deals while available.

The best fixed rate bonds savings rates

Provider Account Term Rate AER
Bank of London and The Middle East Premier Deposit Account Seven years 1.70% (expected profit rate)
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 1.51% (expected profit rate)
Al Rayan Bank Fixed Term Deposit 24 years 1.41% (expected profit rate)
Al Rayan Bank Fixed Term Deposit 12 months 1.21% (expected profit rate)

 

Savers willing to lock their money into a seven-year account will be pleased to see that last week’s top rate from Bank of London and The Middle East (BLME) has remained. BLME pays an expected profit rate of 1.70% gross on anniversary on the seven-year version of its Premier Deposit Account. BLME also had the highest rate in the five year fixed rate bond chart this week, with the five-year version of its Premier Deposit Account paying an expected profit rate of 1.60% gross on anniversary. Both accounts require a minimum deposit of £1,000 to open. They also require a BLME transfer account to hold funds pending investment. These accounts must be opened online and can only be managed by post.

Al Rayan Bank offered the best rate in the three, two and one year fixed rate bond charts this week. The 36-month version of its Fixed Term Deposit pays an expected profit rate of 1.50% gross quarterly, the 24-month option pays an expected profit rate of 1.40% gross quarterly and the 12-month version pays an expected profit rate of 1.20% gross quarterly. All versions of this account require a £1,000 minimum deposit to open. They can be both opened and managed online, in branch, by post, by phone and via mobile app.

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
National Savings & Investments Income Bonds None 1.16%
Family Building Society Market Tracker Saver (1) Instant 1.13%
Cynergy Bank Online Easy Access Account – Issue 29 None 1.05%, including a 0.60% bonus for 12 months

 

National Savings & Investments (NS&I) continued to offer the best-paying easy access account this week, with its Income Bonds paying 1.15% gross monthly. To open this account, a £500 minimum deposit is needed. It allows unlimited further additions. Withdrawals can be made at any time but must be made via a nominated account. This account is 100% back by HM Treasury. It can be both opened and managed online, by post and by phone.

The next-best rate comes from Family Building Societ,y which pays 1.13% gross yearly on its Market Tracker Saver (1). This account requires a minimum deposit of £500 to open. It allows unlimited further additions. Withdrawals are restricted to up to 20 withdrawals per calendar year via a nominated account. The account can be opened online, in branch or by post and then managed online, in branch, by post and by phone.

The only other easy access account to pay over 1.00% is an account from Cynergy Bank that is only available to existing customers. Cynergy Bank pays 1.05% gross, including a 0.60% bonus for 12 months, on its Online Easy Access Account – Issue 29. This account pays interest on anniversary and requires a minimum deposit of just £1 to open. It allows unlimited further additions and withdrawals can be made at any time but must be made via a nominated account. 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.

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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