The best savings rates this week 20.03.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 20/03/2020

Yesterday, the Bank of England unexpectedly cut base rate to 0.10%, the lowest it has been since records began. This base rate cut comes just a week after it was cut from 0.75% to 0.25%. For savers, this means that there is likely to be a fall in savings rates over the coming weeks and months and, as such, they should consider acting now to get the best deals available in the charts.

The best fixed rate bond savings rates

Provider Account Term Rate AER
Gatehouse Bank Fixed Term Deposit Five years 2.00% (expected profit rate)
Investec Bank 3 Year Fixed Term Deposit Three years 1.80%

RCI Bank UK

United Trust Bank

Fixed Term Savings Account
UTB 2 Year Bond

Two years

Two years

1.65%

1.65%

SmartSave 1 Year Fixed Rate Saver One year 1.56%

After two base rate cuts within a week, savers will not be surprised to see that rates have fallen for many terms. As a result, Gatehouse Bank now tops the chart overall offering an expected profit rate of 2.00% gross on anniversary on its Fixed Term Deposit. This account requires a minimum deposit of £1,000 to open. It can only be opened and managed online.

Investec Bank topped the three year fixed chart this week, offering 1.80% gross on anniversary on its 3 Year Fixed Term Deposit. To open this account, an Easy Access Account for transactional purposes is needed and it requires a substantial minimum opening deposit of £25,000. It can be opened online and then managed online, by phone and via mobile app. There is a version of this account that pays interest monthly at a slightly lower gross rate.

Both RCI Bank UK and United Trust Bank both offered the top rate in the two year fixed rate chart this week. RCI Bank UK pays 1.65% gross on anniversary on its Fixed Term Savings Account. This account requires a minimum opening deposit of £1,000. It can only be opened and managed online. There is a version of this account that pays interest monthly at a slightly lower gross rate. United Trust Bank pays 1.65% gross on anniversary on its UTB 2 Year Bond. To open this account, a minimum opening deposit of £5,000 is required. It can be opened online and then managed by post and by phone.

SmartSave offered the top rate in the one year fixed rate chart this week. Its 1 Year Fixed Rate Saver pays 1.56% gross on anniversary on an opening minimum deposit of £10,000. It can only be opened and managed online.

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

Cynergy Bank


Virgin Money

Online Easy Access Account – Issue 27

Double Take E-Saver Issue 14

None


None

1.31% including a 0.56% bonus for 12 months

1.31%
Marcus by Goldman Sachs®
SAGA
Online Savings Account
Saga Easy Access Savings Account

None

None

1.30%

1.30% including a 0.20% bonus for 12 months

Aldermore Easy Access Issue 11 None 1.25%

This week, both Cynergy Bank and Virgin Money offered the top rate in the easy access chart. Cynergy Bank’s Online Easy Access Account – Issue 27 pays 1.31% gross on anniversary, which includes a 0.56% bonus for 12 months. This account requires a deposit of £1 to open and allows unlimited further additions. It also allows withdrawals but these must be made via a nominated account. This account can only be opened and managed online. Virgin Money pays 1.31% gross yearly on its Double Take E-Saver Issue 14. This account requires a £1 deposit to open and allows unlimited further additions. Withdrawals are restricted to two withdrawals per calendar year including closure. It can only be opened and managed online. There is a version of this account that pays interest monthly at a slightly lower gross rate.

Marcus by Goldman Sachs® and SAGA both offered the second-best easy access rate this week. Marcus by Goldman Sachs® pays 1.29% gross monthly on its Online Savings Account. This account does not require a deposit to open, but a UK mobile number is needed. It allows unlimited further additions and withdrawals. This account can only be opened online and then managed online and by phone. SAGA’s Saga Easy Access Savings Account pays 1.30% gross monthly, which includes a 0.20% bonus for 12 months. It requires a minimum deposit of £1 to open and allows unlimited further additions and withdrawals. This account can only be opened online and then managed online and by phone.

Aldermore offered the third-best rate easy access rate this week. Aldermore pays 1.25% on its Easy Access Issue 11. This online-only account requires a minimum deposit of £1,000 to open. Unlimited further additions and withdrawals are allowed.

Easy access accounts

All the rates available can be found on our easy access accounts chart.

The best notice account rates

Provider Account Notice Rate AER
ICICI Bank UK HiSAVE Notice Savings Account 95 days 1.60%
ICICI Bank UK HiSAVE Notice Savings Account 45 days 1.40%
Aldermore 30 Day Notice Issue 7 30 days 1.30%

ICICI Bank UK continued to offer the top rate in the notice account chart this week, with its HiSAVE Notice Savings Account paying 1.59% gross monthly. This account requires a minimum deposit of £1 to open. It allows unlimited further additions. Withdrawals are permitted subject to 95 days’ notice and all withdrawals must be made via a linked ICICI Bank current account. ICICI Bank also topped the up to 60 day chart this week, with the 45-day option of its HiSAVE Notice Account. This version has the same terms and conditions as the 95-day options, except that withdrawals are subject to 45 days’ notice. Both accounts can be opened and managed online, in branch and by phone.

Aldermore offered the top rate on a short-term notice account this week. Its 30 Day Notice Issue 7 pays 1.30% gross on anniversary and requires an opening deposit of £1,000. It allows unlimited further additions. Withdrawals can be made subject to 30 days’ notice. This account can only be opened and managed online.

Notice accounts

All the rates available can be found on our notice 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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