Derin Clark

Derin Clark

Online Reporter
Published: 20/12/2019

Savers looking to lock into a fixed rate bond this week will find many of the top rates available last week no longer topping the chart. There were also changes in the easy access chart this week, with a new provider topping the chart overall and three providers all offering the second-best rate. While 2019 has not been a great year for savers, consumers are urged to snap up competitive rates while they remain available.

The best fixed rate bond savings rates

Provider Account Term Rate AER
UBL UK 5 Year Fixed Term Deposit Five years 2.38%
Bank of London and The Middle East Premier Deposit Account Three years 2.10% (expected profit rate)
Bank of London and The Middle East Premier Deposit Account Two years 1.95% (expected profit rate)
Bank of London and The Middle East Premier Deposit Account One year 1.80% (expected profit rate)

Back at the top of the fixed rate bond chart this week was UBL UK with its 5 Year Fixed Term Deposit offering 2.50% gross on maturity. This bond requires an opening minimum deposit of £2,000 and can be opened and managed in branch and by post. There are also versions of this bond that pay interest on anniversary and monthly, both at slightly lower gross rates.

New to the top of the three and two year charts, while also staying top of the one year chart, this week was Bank of London and The Middle East (BLME). BLME’s Premier Deposit Account tops all these charts with the three year version paying an expected profit rate of 2.10% gross, the two year version paying an expected profit rate of 1.95% gross and the one year version offering an expected profit rate of 1.80% gross. All these bonds pay profit on anniversary and require an opening minimum deposit of £1,000. They can only be opened online and then managed by post.

The best easy access savings rates

Provider Account Notice Rate AER
Shawbrook Bank Easy Access – Issue 17 None 1.41%
Chelsea Building Society 1 Year Limited Access Saver None 1.40%
Gatehouse Bank Easy Access Account None 1.40% (expected profit rate)
Yorkshire Building Society 1 Year Limited Access Saver None 1.40%

Topping the easy access chart this week was Shawbrook Bank with its Easy Access – Issue 17 paying 1.41% gross on anniversary. This account requires an opening minimum deposit of £1,000 and allows unlimited further additions, while withdrawals are also permitted but only via a nominated account. This account can only be opened online but can then be managed by phone. There is also a version of this account that pays interest monthly but at a slightly lower gross rate.

Three providers were offering the next best easy access account rate of 1.40% gross this week. Chelsea Building Society pays 1.40% gross on its 1 Year Limited Access Saver. It pays interest on anniversary and requires an opening minimum deposit of £100. This account allows unlimited further additions but restricts withdrawals to one withdrawal day per account year.

Gatehouse Bank’s Easy Access Account pays an expected profit rate of 1.40% gross on anniversary. This account requires a minimum deposit of £1,000 to open and allows unlimited further additions. Withdrawals are also allowed but must be made via a nominated account.

The third provider offering a rate of 1.40% gross this week was Yorkshire Building Society with its 1 Year Limited Access Saver. This account pays interest on anniversary and requires a £100 minimum deposit to open. It allows unlimited further additions, but there is only one withdrawal day per account year. All these accounts can only be opened and managed online.

The best notice account rates

Provider Account Notice Rate AER
Investec Bank plc Notice Plus (0% immediate access) 95 days 1.80%
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 13 60 days 1.50%
Aldermore 30 Day Notice Issue 7 30 days 1.30%

Remaining at the top of the notice account chart this week was Investec Bank plc paying 1.79% gross monthly on its Notice Plus (0% immediate access). Savers should be aware that this account is only available to existing Investec clients via Investec Online and to open the account a £10,000 minimum deposit is required. The account allows unlimited further additions and withdrawals are also permitted subject to 95 days’ notice. A loyalty rate of 0.05% is added to the account if notice is not placed for 90 days. This account can only be opened online, but can then be managed online, by phone and mobile app. There are also other versions of this account that have a shorter notice period and which offer a lower rate.

There was also no change at the top of the up to 90 days chart this week with Bank of London and The Middle East (BLME) remaining at the top with its 90 Day Notice Account (Issue 1). On this account BLME pays an expected profit rate of 1.70% gross quarterly. It requires a substantial opening minimum deposit of £10,000 and allows unlimited further additions. Withdrawals are also permitted but subject to 90 days’ notice. This account can only be opened and managed online.

Also remaining at the top of the up to 60 day chart this week was Charter Savings Bank with its 60 Day Notice – Issue 13 paying 1.50% gross on anniversary. This account requires an opening minimum deposit of £5,000. It allows unlimited further additions and permits withdrawals subject to 60 days’ notice. The account can only be opened and managed online and it also offers a version that pays interest monthly at a slightly lower gross rate.

Aldermore topped the up to 30 days chart this week with its 30 Day Notice Issue 7 paying 1.30% gross on anniversary. To open this account a £1,000 minimum deposit is required. It allows unlimited further additions and withdrawals, with withdrawals subject to 30 days’ notice. There is also a version of this online-only account that pays interest monthly at a slightly lower gross rate.

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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