The Best Savings Rates This Week 22.01.21 | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 22/01/2021

Challenger banks continued to dominate the fixed rate bond savings charts this week, paying the top rates in the five, three, two and one year charts. Meanwhile, savers looking for an easy access savings account or notice account may struggle to get the top rates as all the best paying accounts in these charts have some type of opening restriction. Savers looking for an account without an opening restriction will have to instead visit our easy access and notice account charts and opt for a lower paying account.

The best fixed rate bond savings rates

Provider Account Term Rate AER Opening restrictions
Gatehouse Bank Fixed Term Deposit Five years 1.50% (expected profit rate) None
Gatehouse Bank Fixed Term Deposit Three years 1.25% (expected profit rate) None
Gatehouse Bank Fixed Term Deposit Two years 1.10% (expected profit rate) None
QIB (UK) Raisin UK - 1 Year Fixed Term Deposit One year 0.80% (expected profit rate) Must be opened via the Raisin UK platform

 

Gatehouse Bank continued to dominate the fixed rate bond chart this week, topping the chart overall, as well as the three and two year fixed rate charts The five year version of Gatehouse Bank’s Fixed Term Deposit account has the best rate overall paying an expected profit rate of 1.50% gross on anniversary. Meanwhile, the three year version of this account pays an expected profit rate of 1.25% gross on anniversary and the two year version pays an expected profit rate of 1.10% gross on anniversary. All these accounts require a £1,000 minimum deposit to open and can only be opened and managed online.

The one year fixed rate bond chart was topped by QIB (UK) this week, which pays an expected profit rate of 0.80% gross on maturity on its Raisin UK - 1 Year Fixed Term Deposit account. This account requires a minimum deposit of £1,000 to open. It must be opened online but can be managed online, by post and by phone. Raisin UK are offering a bonus or Amazon Gift Card of up to £15 when a first savings account is opened via its website. 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 Opening restrictions
Earl Shilton Building Society Progress Lower rate paid if more than 6 withdrawals pa 0.60% Existing members and/or locals
ICICI Bank UK SuperSaver Savings Account Unlimited but all withdrawals via linked ICICI Bank current account only 0.60% New and existing HomeVantage Current Account customers
Market Harborough Building Society Save & Support Plus Unlimited but a transaction charge applied when withdrawal made that leaves balance below £100. 0.55% Existing members (who have already registered for the Society's Online Service.)


Savers looking to open a top-paying easy access account should be aware that these accounts all have some type of opening restriction, and, as such, savers may have to look at our easy access savings chart for a lower rate account that does not have restrictions on who can open the account.

Overall, two accounts had the top rate in the easy access savings chart this week. Earl Shilton Building Society pays 0.60% gross yearly on its Progress account. This account requires a £100 minimum deposit to open and is only available to existing members and/or those who live within certain postcodes. It allows further additions. Withdrawals are permitted but a lower rate is paid if more than six withdrawals are made per annum. This account can be opened and managed in branch and by post. Savers should also be aware that this account reverts to a non-bonus account at age 50.

Also paying 0.60% gross this week was ICICI Bank UK, which pays this rate monthly on its SuperSaver Savings Account. To open this account a £1 minimum deposit is needed, and it is available to new and existing HomeVantage Current Account customers. It allows further additions and withdrawals can be made but all transactions must be made via a linked ICICI Bank current account. This account can be opened online, in branch or by phone and then managed online, in branch, by post and via mobile app.

Market Harborough Building Society had the second best easy access savings rate this week with its Save & Support Plus paying 0.55% gross yearly. This account requires a £1 minimum deposit to open and is only available to existing members who have already registered for the building society’s Online Service. Savers should note that if de-registered from the Society’s Online Service, the account will change to a Save & Support account within 30 Days. It allows further additions. Withdrawals can be made but a transaction charge is applied when withdrawals leave the balance below £100. The account can be opened and managed online, in branch and by post.

Compare the best easy access savings accounts

The best notice account rates

Provider Account Notice Rate AER Opening restrictions
ICICI Bank UK Notice Savings Account 95 days 0.85% New and existing HomeVantage Current Account customers
Ecology Building Society 90-Day Notice 90 days 0.80% Existing members (since 7.2.20.)
ICICI Bank UK Notice Savings Account 45 days 0.75% New and existing Home Vantage CurrentAccount customers

 

As with the top easy access saving accounts, the top paying notice accounts all have some type of opening restriction. Again, savers looking for an account without any opening restrictions should visit our notice account chart where they will be able to find lower-paying accounts that are available to all without restrictions.

ICICI Bank UK had the top notice account rate this week with its Notice Savings Account paying 0.85% gross monthly on a £1 opening minimum deposit and is available to new and existing HomeVantage Current Account customers. Further additions are allowed. Withdrawals can be made subject to 95 days’ notice. All transactions must be made via a linked HomeVantage Current Account. This account can be opened and managed online, in branch and by phone. Customers should be aware that the rate will reduce to 0.55% on 15 March 2021.

The second best notice account rate this week came from Ecology Building Society, with its 90-Day Notice account paying 0.80% gross yearly on a £25,000 deposit. A lower rate of 0.70% gross is paid on deposits of £10,000, a rate of 0.50% gross is paid on deposits of £5,000 and a rate of 0.35% gross is paid on deposits of £500. This account is only available to existing members from 7 February 2020. It allows further additions subject to a minimum of £25 and withdrawals can be made subject to 90 days’ notice and must be for a minimum of £250. This account can only be opened and managed by post.

This week the third best notice account rate came from ICICI Bank UK with the 45-day version of its Notice Savings Account paying 0.75% gross monthly on a £1 minimum opening deposit. This account is only available to new and existing HomeVantage Current Account customers. It allows further additions. Withdrawals are permitted subject to 45 days’ notice. All transactions must be made via a linked HomeVantage Current Account. It can be opened and managed online, in branch and by phone. Savers should be aware that the rate will reduce to 0.45% on 25 January 2021.

Compare the best notice accounts

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