The best savings rates this week 21.02.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 21/02/2020

Savers will be disappointed with the news this week that inflation increased to 1.8% during January, which has resulted in far fewer accounts paying inflation-beating rates. Savers wanting a rate that matches or beats inflation will likely have to look to the fixed rate bond charts, as the only notice account that currently matches inflation is a highly restrictive account and no easy access accounts can match or beat inflation.

The best fixed rate bond savings rates

Provider Account Term Rate AER
PCF Bank 7 Year Term Deposit Issue 11 Seven years 2.15%

Gatehouse Bank

Gatehouse Bank

Fixed Term Deposit

Raisin UK – 5 Year Fixed Term Deposit

Five years

Five years

2.10% (expected profit rate)

2.10% (expected profit rate)
Bank of London and The Middle East Premier Deposit Account Three years 1.85% (expected profit rate)
Atom Bank
Bank of London and The Middle East
2 Year Fixed Saver
Premier Deposit Account
Two years
Two years
1.80%
1.80% (expected profit rate)
Atom Bank
Bank of London and The Middle East
1 Year Fixed Saver
Premier Deposit Account
One year
One year
1.65%
1.65% (expected profit rate)

Remaining at the top of the fixed rate bond chart overall this week was PCF Bank offering 2.15% gross on anniversary on its 7 Year Term Deposit Issue 11. This account requires a minimum deposit of £1,000 to open and can be opened online or by post. It can then be managed online, by post and by phone.

Gatehouse Bank has two accounts offering the best five year fixed rate this week. Its Fixed Term Deposit pays an expected profit rate of 2.10% gross on anniversary, while its Raisin UK – 5 Year Fixed Term Deposit pays the same expected profit rate on maturity. Both accounts require a minimum opening deposit of £1,000. Fixed Term Deposit can only be opened and managed online, while Raisin UK – 5 Year Fixed Term Deposit must be opened online and but can then be managed online, by post and by phone.

Last week’s top three year fixed rate was no longer available by the end of this week and, as a result, Bank of London and The Middle East (BLME) now offers the top rate. BLME pays an expected profit rate of 1.85% gross on its Premier Deposit Account. This account pays profit on anniversary and requires a minimum deposit of £1,000 to open. It can only be opened online and then managed by post. To open this account, a BLME transfer account to holds funds pending investment is needed.

Atom Bank and BLME continued to offer the top rate of 1.80% gross in the two year fixed chart this week. Atom Bank pays 1.80% gross on anniversary on its 2 Year Fixed Saver, which requires a minimum opening deposit of £50. This account can only be opened and managed via its mobile app. There is also a version of this account that pays interest monthly at a slightly lower gross rate. BLME’s Premier Deposit Account pays an expected profit rate of 1.80% gross on anniversary. This account requires a minimum opening deposit of £1,000 and can only be opened online and then managed by post. To open this account, a BLME transfer account to hold funds pending investment is required.

Two one year fixed bonds offered the top rate of 1.65% gross this week. Atom Bank pays 1.65% gross on anniversary on its 1 Year Fixed Saver. This account requires a minimum deposit of £50 to open and can only be opened and managed via its mobile app. There is a version of this account that pays interest monthly at a slightly lower gross rate. BLME pays an expected profit rate of 1.65% gross on maturity on its Premier Deposit Account. This account requires a minimum opening deposit of £1,000 and can only be opened online and then managed by post. To open this account, a BLME transfer account to hold funds pending investment is required.

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
Ford Money Flexible Saver None 1.35%
Virgin Money Double Take E-Saver Issue 14 None 1.31%

Britannia
Loughborough Building Society
Post Office Money®


Yorkshire Building Society

Select Access Saver 11
Future First

Online Saver Issue 45


1 Year Limited Access Saver Issue 3

Instant
Instant

None


None

1.30%
1.30%

1.30%, includes a 0.80% bonus for 12 months
1.30%

Ford Money remained at the top of the easy access chart this week, with its Flexible Saver paying 1.35% gross on anniversary. This account is only available to existing Ford Money customers. It requires a minimum opening deposit of just £1 and allows unlimited further additions and withdrawals. It can be opened online or by phone and then only managed online. There is also a version of this account that pays interest monthly at a slightly lower gross rate.

New into second place in the easy access chart this week is Virgin Money, which 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. As well as this, there is a version of this account that pays interest monthly at a slightly lower gross rate.

Marcus by Goldman Sachs® and SAGA reduced the rates on their easy access accounts this week and now pay 1.29% gross monthly. As a result, four accounts now pay the third-best rate in the chart of 1.30% gross. Britannia pays 1.30% gross yearly on its Select Access Saver 11, which requires a minimum opening deposit of £500. This account allows unlimited further additions and, although unlimited withdrawals are permitted, a lower rate is paid if more than four withdrawals are made per annum. It can be opened online, in branch or by phone and then managed in branch, by post and by phone. Loughborough Building Society pays 1.30% gross yearly on its Future First account, which requires a minimum opening deposit of just £1. This account is only available to those aged 16-25. It allows unlimited further additions but restricts withdrawals to four per calendar year. It can be both opened and managed in branch and by post. Post Office Money® pays 1.30% gross yearly, which includes a 0.80% bonus for 12 months, on its Online Saver Issue 45. This account requires a £1 deposit to open and allows unlimited further additions and withdrawals. It can only be opened and managed online. There is also a version of this account that pays interest monthly at a slightly lower gross rate. Yorkshire Building Society pays 1.30% gross on anniversary on its 1 Year Limited Access Saver Issue 3. A £100 deposit is required to open this account, which allows unlimited further additions but restricts withdrawals to one withdrawal day per account year. This account can only be opened and managed online. It reverts to the latest issue of Limited Access Saver after 12 months.

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
Investec Bank plc Notice Plus (0% immediate access) 95 days 1.80%
Investec Bank plc Notice Plus (10% immediate access) 95 days 1.75%
Bank of London and The Middle East 90 Day Notice Account (Issue 1) 90 days 1.71% (expected profit rate)

Remaining at the top of the notice account chart this week is Investec Bank plc, with its Notice Plus (0% immediate access) paying 1.79% gross monthly. Investec Bank plc also offered the second-best rate in the chart with its Notice Plus (10% immediate access) paying 1.74% gross monthly. Both these accounts are highly restricted as they are only available to existing Investec clients via Investec Online. In addition to this, they require a substantial minimum deposit of £10,000 to open. Unlimited further additions are allowed, while withdrawals are permitted but subject to 95 days’ notice. A loyalty rate of 0.05% is added to the account if notice is not placed for 90 days. There are versions of this account that have shorter notice periods, which pay lower gross rates.

BLME continued to offer the third-best rate in the notice chart this week with its 90 Day Notice Account (Issue 1) paying an expected profit rate of 1.70% gross quarterly. This account requires a minimum opening deposit of £10,000 and allows unlimited further additions. Withdrawals are permitted subject to 90 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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