The Best Savings Rates This Week 19.3.21 | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 19/03/2021

New figures released this week shows that average savings rates and deals have continued to fall, making it a highly challenging market for savers. Although average saving rates remain uncompetitively low, higher than average rates can be found at the top of the charts, which have been highlighted below.

Savers looking to get the best deals should consider acting quickly as the continued low average saving rates means that providers may reduce rates or withdraw deals at any time.

The best fixed rate bond savings rates

Provider Account Term Rate AER
Shawbrook Bank 7 Year Fixed Rate Bond Issue 6 Seven years 1.35%
Hodge Bank 5 Year Fixed Rate Account Five years 1.30%
Bank of London and The Middle East Premier Deposit Account Three years 1.00% (expected profit rate)
QIB (UK) Raisin UK - 2 Year Fixed Term Deposit* Two years 0.85% (expected profit rate)

Ahli United Bank (UK) plc
Habib Bank Zurich plc


QIB (UK)

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

One year

12 months


One year

0.65%

0.65% (expected profit rate)

0.65% (expected profit rate)

 

This week Shawbrook Bank topped the fixed rate bond chart with its 7 Year Fixed Rate Bond Issue 6 paying 1.35% gross on anniversary. 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 also a version of this account that pays interest monthly at a slightly lower gross rate of 1.34%.

The top five year fixed bond rate this week came from Hodge Bank which pays 1.30% gross on anniversary on its 5 Year Fixed Rate Account. To open this account a minimum deposit of £1,000 is needed. It must be opened online but can be managed online and by phone. There is also a version of this account that pays interest monthly at a slightly lower gross rate of 1.29%.

Bank of London and The Middle East (BLME) had the top rate in the three year fixed rate bond chart paying an expected profit rate of 1.00% gross on anniversary on its Premier Deposit Account. This account requires a minimum deposit of £1,000 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.

The top 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*. The account requires a £1,000 minimum deposit to open. It must be opened online but can then be managed online, by post and by phone.

Three providers had the top one year fixed bond rate this week. Ahli United Bank (UK) plc pays 0.65% gross on maturity on its Raisin UK – 1 Year Fixed Term Deposit*, which requires a £1,000 minimum deposit to open. This account can only be opened online but can then be managed online, by post and by phone. Habib Bank Zurich plc pays an expected profit rate of 0.65% gross on maturity on its HBZ Sirat eDeposit (Islamic Fixed Term Account). A £5,000 minimum deposit is needed to open this account, which 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*, which requires a £1,000 minimum deposit to open. This account must be opened online, but can be managed online, by post and by phone.

 

*These accounts have the added incentive of Raisin UK offering a bonus or Amazon Gift Card up to the value of £15 when savers open a savings account via the Raisin UK website for the first time (terms and conditions apply). Savers should also be aware that from 22 March to 30 April 2021, Raisin UK is increasing the value of its welcome bonus to up to £50 (terms and conditions apply).

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 via linked ICICI Bank Current Account only 0.50%
Virgin Money M Plus Saver Unlimited via Virgin Money Current Account or nominated account 0.50%
Yorkshire Building Society Annual Access Account Issue 7 1 withdrawal day per anniversary year 0.50%

 

Three providers offered the top paying easy access savings rate in our chart this week. ICICI Bank UK pays 0.50% gross monthly on its SuperSaver Savings Account. No deposit is needed to open this account but a Home Vantage Current Account is required. It allows unlimited further additions. Withdrawals are allowed but 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.

Virgin Money’s M Plus Saver pays 0.50% gross quarterly. No deposit is needed to open this account but is it only available to new and existing Virgin Money Current Account customers. The account allows further additions. Withdrawals are permitted but must be made via a Virgin Money Current Account or a 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 on its Annual Access Account Issue 7, which requires a £100 minimum deposit to open. Savers should be aware that the account reverts to an Easy Saver after 12 months. Further additions are allowed, and all deposits must be new money to the institution. Withdrawals are restricted to one withdrawal day per anniversary year. It 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
Charter Savings Bank 120 Day Notice - Issue 20 120 days 0.65%
Moneycorp Bank 90 Day Notice Account Issue 1 90 days 0.65%
Charter Savings Bank 95 Day Notice - Issue 35 95 days 0.61%

 

Two providers had the top notice account rate this week. Charter Savings Bank pays 0.65% gross on anniversary on its 120 Day Notice – Issue 20. This account requires a £5,000 minimum deposit to open and allows further additions via a nominated account. Withdrawals can be made subject to 120 days’ notice. The account must be opened and managed online. There is a version of this account that pays interest monthly at the same gross rate. As well as this, there is a postal option of this account that has the same terms and conditions but which can be opened online or by post and then managed by post.

Moneycorp Bank also had the top rate of 0.65% gross monthly on its 90 Day Notice Account Issue 1. This account requires a £10,000 minimum deposit to open. As well as this, to open the account customers must have or open a Deposit Account with Moneycorp Bank for transactional purposes. Further additions are permitted while the issue remains open. Withdrawals can be made subject to 90 days’ notice. The account can only be opened and managed online.

Charter Savings Bank also had the second best notice account rate this week with its 95 Day Notice – Issue 35 paying 0.61% gross on anniversary. To open this account a £5,000 minimum deposit is needed. It allows further additions via a nominated account and withdrawals can be made subject to 90 days’ notice. The account must be opened and managed online. Savers can also choose a version of this account that pays interest monthly at the same gross rate. In addition to this, Charter Savings Bank also offers a postal option of this account that can be opened online or by post but must be managed by post.

Compare the best notice accounts

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. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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