The Best Savings Rates This Week 21.5.21 | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 21/05/2021

With inflation rising to 1.5% in April, savers will be disappointed to see that, despite some higher rates entering the charts, just one seven year fixed rate bond that pays interest on maturity can currently beat the rate of inflation. As well as this, although saving rates have picked up over the last couple of weeks, there is uncertainty about whether rates will continue to rise, especially with the Bank of England base rate currently holding at 0.1%. As such, savers looking to get the best rates should consider acting quickly as providers can withdraw or reduce rates at any time.

Savers should be aware that the accounts highlighted below are the top-paying accounts available to new customers and higher rates may be available on accounts available to existing customers only. Savers can compare the best savings rates available to existing customers only by visiting our savings charts and selecting these accounts in the refine search section.

The best fixed rate bonds savings rates

Provider Account Term Rate AER  
UBL UK 7 Year Fixed Deposit Seven years 1.45% Find out more
UBL UK 5 Year Fixed Deposit Five years 1.41% Find out more
UBL UK 3 Year Fixed Deposit Three years 1.10% Find out more
Secure Trust Bank 2 Year Fixed Rate Bond Two years 0.96% Find out more

Atom Bank

Allica Bank

1 Year Fixed Saver
Fixed-Term Personal Savings Account(Issue 13)

One year

12-months

0.85%

0.85%

Find out more

Find out more

 

New to the top of the fixed rate bond chart overall, as well as the five and three year fixed rate charts, was UBL UK. Its 7 Year Fixed Deposit pays 1.51% gross on maturity, as well as offering versions that pay 1.45% gross on anniversary and 1.44% gross monthly. Its 5 Year Fixed Deposit pays 1.45% gross on maturity, 1.41% gross on anniversary and 1.40% gross monthly. Meanwhile, its 3 Year Fixed Deposit pays 1.11% gross on maturity, 1.10% gross on anniversary and 1.09% gross monthly. All these accounts require a £2,000 minimum deposit to open. They can be opened in branch, by post or via mobile app and then managed in branch, by post, by phone, online or via mobile app.

Secure Trust Bank topped the two year fixed rate bond chart this week. Its 2 Year Fixed Rate Bond pays 0.96% gross yearly until 4 July 2023 and requires a £1,000 minimum deposit to open. It can be opened by phone or online and then managed online.

Both Atom Bank and Allica Bank paid the top one year fixed bond rate this week. Atom Bank’s 1 Year Fixed Saver pays 0.85% gross on anniversary. This account requires a £50 minimum deposit to open and can only be opened and managed via mobile app. Allica Bank pays 0.85% gross on anniversary on its Fixed-Term Personal Savings Account (Issue 13), which requires a minimum deposit of £1,000 to open. This account can only be opened and managed online.

Compare the best fixed rate bonds

The best easy access savings rates

Provider Account Maximum number of withdrawals allowed Rate AER  
Atom Bank Instant Saver Unlimited 0.50% Find out more
ICICI Bank UK SuperSaver Savings Account Unlimited via linked ICICI Bank Current Account only 0.50% Find out more
Virgin Money Club M Saver Unlimited via Club M Account or nominated account 0.50% Find out more

 

The top rate available in the easy access savings chart this week on accounts available to new customers was 0.50%. Atom Bank pays 0.50% gross on its Instant Saver, which does not require a deposit to open but a UK current account is needed. Further additions and withdrawals are allowed with this account. It can only be opened and managed via mobile app.

ICICI Bank UK pays 0.50% gross monthly on its SuperSaver Savings Account. Again, no deposit is needed to open this account, but a HomeVantage Current Account is required. It allows further additions and withdrawals are permitted but all transactions must be made via a linked ICICI Bank current account only. This account can be opened online, in branch or by phone and then managed online, in branch, by post and via mobile app.

Also paying 0.50% gross this week was Virgin Money with its Club M Saver account. This account pays interest quarterly. It does not require a deposit to open but a Virgin Money Club M Account is needed. Further additions are allowed and withdrawals can be made via a Club M Account or nominated account. It can be opened online or by phone and then managed online, in branch, by phone and via mobile app.

Compare the best easy access savings accounts

The best notice account rates

Provider Account Notice Rate AER  
Allica Bank 95-Day Notice Personal Savings Account (Issue 1) 95 days 0.70% Find out more
Charter Savings Bank 120 Day Notice - Issue 21
120 Day Notice Postal - Issue 21

120 days

120 days

0.67%

0.67%

Find out more

Find out more

Charter Savings Bank


Moneycorp Bank

95 Day Notice - Issue 37
95 Day Notice Postal - Issue 37
90 Day Notice Account

95 days

95 days

90 days

0.65%

0.65%

0.65%

Find out more

Find out more

Find out more

 

The top rate in the notice account chart this week came from Allica Bank, which pays 0.70% gross on anniversary on its 95-Day Notice Personal Savings Account (Issue 1). To open this account, a £1,000 minimum deposit is needed. It allows further additions and withdrawals are permitted subject to 95 days’ notice. The account must be opened online and can then only be managed by phone.

Charter Savings Bank has the next-best rate of 0.67% gross paid on anniversary on its 120 Day Notice – Issue 21 and its 120 Day Notice Postal – Issue 21. Both these accounts require a £5,000 minimum deposit to open. They allow further additions via a nominated account and withdrawals can be made subject to 120 days’ notice. 120 Day Notice – Issue 21 can only be opened and managed online. 120 Day Notice Postal – Issue 21 can be opened online or by post and then managed by post. There are versions of both these accounts that pay interest monthly at the same gross rate.

Two providers paid the next-best notice account rate on accounts available to new customers. Charter Savings Bank pays 0.65% gross on anniversary on both its 95 Day Notice – Issue 37 and 95 Day Notice Postal – Issue 37 accounts. These accounts require a £5,000 minimum deposit to open and allow further additions via a nominated account. Withdrawals are permitted subject to 95 days’ notice. 95 Day Notice – Issue 37 can only be opened and managed online, while the postal option can be opened online or by post but must then be managed by post. There are versions of both accounts that pay interest monthly at the same gross rate. Moneycorp Bank* pays 0.65% gross monthly on its 90 Day Notice Account. A £10,000 minimum deposit is needed to open this account, as well as a Moneycorp Bank Deposit Account for transactional purposes. Further additions are allowed while the issue remains open, subject to a minimum amount of £10,000 and withdrawals can be made subject to 90 days’ notice. The account must be opened and managed online.

 

*Deposits into Moneycorp Bank are not protected under the Financial Services Compensation Scheme (FSCS) Depositor Protection Scheme, but are instead protected under the Gibraltar Deposit Guarantee Scheme. For more information, read our guide on depositor protection schemes.

Compare the best notice accounts

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