The Best Savings Rates This Week 19.2.21 | moneyfacts.co.uk

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MONEYFACTS ARCHIVE. This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Derin Clark

Derin Clark

Online Reporter
Published: 19/02/2021

This week we reported that over half of savings are being held in easy access savings accounts, mainly due to savers wanting to easily access their funds due to the economic uncertainty caused by the pandemic. Savers looking for an easy access savings account will be disappointed to see that the top rate currently being offered in our charts is below the current inflation rate of 0.7%, so they may want to consider a more competitive notice account or even a one year bond instead.

The best fixed rate bond savings rates

Provider Account Term Rate AER
Gatehouse Bank Fixed Term Green Saver Five years 1.50% (expected profit rate)
Gatehouse Bank Fixed Term Green Saver Three years 1.25% (expected profit rate)
QIB (UK) Raisin UK - 2 Year Fixed Term Deposit Two years 0.85% (expected profit rate)

Habib Bank Zurich plc


QIB (UK)

Al Rayan Bank

HBZ Sirat eDeposit (Islamic Fixed Term Account)
Raisin UK - 1 Year Fixed Term Deposit
Fixed Term Deposit

12 months


One year

12 months

0.65% (expected profit rate)


0.65% (expected profit rate)

0.65% (expected profit rate)

 

Gatehouse Bank continued to top the fixed rate bond chart this week paying an expected profit rate of 1.50% gross on anniversary on its five-year Fixed Term Green Saver. Gatehouse Bank also topped the three year chart paying an expected profit rate of 1.25% gross on anniversary on the three-year version of its Fixed Term Green Saver. Both accounts require a £1,000 minimum deposit to open. They have the incentive of Gatehouse Bank planting a tree in a UK woodland when an account is opened and funded. The trees are planted in UK woodland projects certified by the UK Government’s Woodland Carbon Code. Both accounts must be opened and managed online.

The best two year fixed bond rate this week came from QIB (UK), which pays an expected profit rate of 0.85% gross on maturity on its Raisin UK – 2 Year Fixed Term Deposit. A £1,000 minimum deposit is needed to open this account. It must be opened online but can then be managed online, by post and by phone. This account benefits from Raisin UK offering a bonus or Amazon Gift Card of up to £15 that can be claimed when a first savings account is opened via its website (terms and conditions apply).

Three accounts had the best one year fixed bond rate this week on accounts available to new, as well as, existing customers. Habib Bank Zurich plc pays an expected profit rate of 0.65% gross on maturity on its HBZ Sirat eDeposit (Islamic Fixed Term Account). This account requires a £5,000 minimum deposit to open. It must be opened online and can only be managed by post. QIB (UK) pays an expected profit rate of 0.65% gross on maturity on its Raisin UK – 1 Year Fixed Term Deposit account, which requires a £1,000 minimum deposit to open. This account must be opened online but can then be managed online, by post and by phone. Raisin UK is offering a bonus or Amazon Gift Card of up to £15 that can be claimed when a first savings account is opened via its website (terms and conditions apply). Al Rayan Bank pays an expected profit rate of 0.65% gross quarterly on its Fixed Term Deposit account. This account requires a £5,000 minimum deposit to open. It can be both opened and managed online, in branch, by phone and via mobile app.

Compare the best fixed rate bonds

The best easy access savings rates

Provider Account Maximum number of withdrawals allowed Rate AER
ICICI Bank UK SuperSaver Savings Account Unlimited but all withdrawals via linked ICICI Bank current account only. 0.60%

Marcus by Goldman Sachs®
Nationwide Building Society


Tandem Bank


Union Bank of India (UK) Ltd
Virgin Money

 


Yorkshire Building Society

Online Savings Account
1 Year Triple Access Online Saver 10


Green Instant Access Saver

Savings Account

Virgin Money Instant Savings

 

Annual Access Account Issue 7

Unlimited via a nominated account.
Lower rate paid for remainder of term if more than 3 withdrawals pa.
Unlimited but must be made via a nominated account
Unlimited.

Unlimited but all withdrawals via Virgin Money Current Account or nominated account.
1 withdrawal day per anniversary year.

0.50%

0.50%

 

0.50%


0.50%

0.50%

 


0.50%

 

ICICI Bank UK continued to top the easy access savings account chart this week paying 0.60% gross monthly on its SuperSaver Savings Account, although savers should be aware that this rate is due to be reduced to 0.50% gross on the 1 March 2021. This account does not require a minimum deposit to open, but a HomeVantage Current Account is needed. It allows further additions and withdrawals can be made at any time but all transactions must be made via a linked ICICI Bank current account. The account can be opened online, in branch or by phone and then managed online, in branch, by post and via mobile app.

Six accounts offered the second-best easy access savings rate in our chart this week. Marcus by Goldman Sachs® pays 0.50% gross monthly on its Online Savings Account. A deposit is not needed to open this account but a UK mobile phone number is required. The account allows further additions and withdrawals are permitted, and all transactions must be made via a nominated account. The account must be opened online and can then be managed online and by phone.

Nationwide Building Society pays 0.50% gross on anniversary on its 1 Year Triple Access Online Saver 10, which does not require a deposit to open. This account reverts to a Triple Access Online Saver after 12 months. It allows further additions and withdrawals are permitted but a lower rate is paid for the remainder of the term if more than three withdrawals are made per annum. It can be both opened and managed online and via mobile app.

Also paying 0.50% gross monthly is Tandem Bank’s Green Instant Access Saver. This account does not require a deposit to open. Further additions and withdrawals are allowed, with all transactions made via a nominated account. It can only be opened and managed via mobile app.

Union Bank of India (UK) Ltd pays 0.50% gross monthly on its Savings Account, which does not need a deposit to open. This account allows further additions and withdrawals. It can be both opened and managed in branch and by post.

Virgin Money’s Virgin Money Instant Savings pays 0.50% gross quarterly. This account does not require a deposit to open but a Virgin Money Current Account is needed. It allows further additions and withdrawals can be made at any time but must be made via a Virgin Money Current Account or other nominated account. It can be opened online, in branch or by phone and then managed online, in branch, by phone and via mobile app.

Yorkshire Building Society pays 0.50% gross on anniversary and requires a £100 minimum deposit to open. This account reverts to an Easy Saver after 12 months. It allows further additions but withdrawals are restricted to one withdrawal day per anniversary year. The account can be opened in branch or by post and then managed online, in branch and by post.

Compare the best easy access savings accounts

The best notice account rates

Provider Account Notice Rate AER

ICICI Bank UK

ICICI Bank UK

Notice Savings Account
Raisin UK - 95 Day Notice Account

95 days

95 days

0.85%

0.85%

Moneycorp Bank 90 Day Notice Account Issue 1 90 days 0.65%
Moneybox 95 Day Notice Account 95 days 0.60%

 

ICICI Bank UK’s Notice Savings Account and Raisin UK – 95 Day Notice Account both pay 0.85% gross monthly. Notice Savings Account requires a £1 minimum deposit to open and a HomeVantage Current Account is needed. It allows further additions. Withdrawals are permitted subject to 95 days’ notice and all transactions must be made via a linked HomeVantage Current Account. It can be both opened and managed online, in branch and by phone. It should be noted that the rate will reduce to 0.55% on 15.3.21 and 0.35% on 3.5.21. Raisin UK – 95 Day Notice Account requires a £1,000 minimum deposit to open and allows further additions. Withdrawals can be made but must be of the full account balance and subject to 95 days’ notice and account closure. The account must be opened online, but can then be managed online, by post and by phone. It should be noted that the rate will reduce to 0.55% on 9.3.21 and 0.35% on 27.4.21. This account benefits from Raisin UK offering a bonus or Amazon Gift Card of up to £15 that can be claimed when a first savings account is opened via its website (terms and conditions apply).

The next-best notice rate came from Moneycorp Bank this week, which pays 0.65% gross monthly on its 90 Day Notice Account Issue 1. This account requires a £10,000 minimum deposit to open and a Deposit Account with Moneycorp Bank for transactional purposes is needed. Further additions are allowed subject to a minimum of £10,000. Withdrawals are permitted subject to 90 days’ notice. This account must be opened and managed online. Savers should be aware that money deposited into this bank is not covered by the FSCS, but instead is covered by the Gibraltar Deposit Guarantee Scheme.

Moneybox had the next-best notice rate this week with its 95 Day Notice Account paying 0.60% gross monthly. A £1 minimum deposit is needed to open this account, which allows further additions. Withdrawals can be made subject to 95 days’ notice. This account can only be opened and managed via mobile app. Savers should note that this account is provided by Investec Bank plc.

Compare the best notice accounts

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