Derin Clark

Derin Clark

Online Reporter
Published: 22/02/2019

The rise in savings rates has been making the headlines this week, especially as our own data at Moneyfacts.co.uk revealed that 72% of savings accounts are paying over the Bank of England's base rate. To help give you a clear idea of the latest deals currently available on the market, here is a round-up of the best savings rates this week.

The best easy access savings rates (no bonus)

This week the best easy access rate came from Family Building Society Premium Saver (3), which offers a gross/AER rate of 1.51% paid yearly and requires a minimum deposit of £15,000. Withdrawals and further payments into the account are allowed. It can be opened online, by post and in branch and can be managed all these ways as well as by phone.

The second best easy access rate came from Virgin Money with its Double Take E-Saver Issue 10. This account offers a gross/AER rate of 1.50% with a minimum deposit of £1. You are allowed two withdrawals per calendar year including closure and you can make unlimited further additions. The interest is paid yearly and this account can only be opened and managed online.

Virgin Money also takes third place with its Man Utd Double Take E-Saver Issue 5 account, which also offers a gross/AER rate of 1.50% paid yearly. To open this account you need a minimum deposit of £1 and it must be opened and managed online. Again, you are permitted to make two withdrawals each calendar year including closure with this account and make unlimited further additions. The account offer free entries into a monthly prize draw to win Man Utd merchandise.

The best easy access savings rates (with bonus)

The best easy access account with a bonus this week came from Marcus by Goldman Sachs® with its Online Savings Account offering a monthly interest rate of 1.49% gross (1.50% AER) and includes a 0.15% bonus for 12 months. This account does not require a minimum opening deposit and withdrawals and further additions are allowed. The account can be opened online and then managed online or over the phone, however, you must have a UK mobile phone number to be eligible.

Second in the easy access with bonus chart this week is Cynergy Bank with its Online Easy Access Account Issue 21. This account offers a rate of 1.50% gross/AER, with a 0.50% bonus for 12 months, and interest is paid on its anniversary. Withdrawals can be made via a nominated account and further additions are also allowed. To open the account you need a minimum deposit of £1 and must apply and manage online.

Taking third place this week is Tesco Bank's Internet Saver offering a rate of 1.42% gross/AER, with a 0.87% bonus for 12 months. Interest is paid yearly but the bonus interest will be added at the end of the bonus term and not with the annual interest. Further additions and withdrawals are permitted subject to a maximum withdrawal limit of £10,000 to non-Tesco Bank accounts or £100,000 to Tesco Bank accounts. The account can be opened online with as little as £1 and can then be managed online or by its mobile app.

The best short-term fixed saving rates

Taking the top position within this sector this week is Al Rayan Bank, which is offering a rate of 2.30% gross (2.32% AER) as an expected profit rate on its 18 month fixed bond that requires a minimum investment of £1,000. This
Fixed Term Deposit account pays its profit quarterly. Once the account is set up, further additions, withdrawals or early access is not permitted. The account can be opened and managed online, by post, over the phone, in branch or through its mobile app.

In second place is the Premier Deposit Account
from the Bank of London and The Middle East (BLME). This 18 month fixed bond also pays 2.30% gross/AER as an expected profit rate payable on its anniversary.
A minimum deposit of £1,000 is required and once opened, further additions, withdrawals or early access are not permitted. Whilst the account must be opened online, its management thereafter must be by post. It should also be noted that to open any BLME account you need to have a BLME linked account to hold funds pending investment.

BLME also takes the third spot with its one-year fixed Premier Deposit Account offering An expected profit rate of 2.20% gross/AER. The minimum deposit is £1,000 and profit will be paid on maturity. Once opened you cannot make further additions, withdrawals or gain early access to funds. This account can must be opened online and then managed by post.

The best two-year fixed saving rates

The best two-year fixed rate bonds this week came from Al Rayan Bank with its 24-month Fixed Term Deposit account that offers an expected profit rate of 2.40% gross (2.42% AER). This account requires a minimum deposit of £1,000 and profit is paid quarterly. As is normal with fixed rate bonds, further additions, withdrawals and earlier access are not allowed. You can open and manage this account online, by post, over the phone, in branch or through its mobile app.

Gatehouse Bank took second place this week with its Raisin UK – Fixed Term Deposit account that offers an expected profit rate of 2.35% gross/AER. Profit on this account is paid on its anniversary and requires a minimum deposit of £1,000 to open. Withdrawals and early access is not permitted, but you can make further additions (within the first five working days). This account can only be opened online but can then be managed online, by post and over the phone. As well as this, Raisin UK is offering a bonus of up to £100 when you open a savings account.

The third spot was taken by BLME with its Premier Deposit Account that offers an expected profit rate 2.35% gross/AER payable on its anniversary. To open this account you must apply online and have a minimum deposit of £1,000, but then you must then manage it by post. Once opened you cannot make further additions, withdrawals or gain early access.

The best long-term fixed saving rates

Taking the first and second spots in this week's long-term fixed rate saving chart is BLME. Paying an expected profit rate on both, its seven-year fixed Premier Deposit Account offers the best rate of 2.75% gross/AER, and its five-year fixed Premier Deposit Account offers the second best rate of 2.70% gross/AER. Both these accounts require a minimum deposit of £1,000 and pay profit on their anniversary. These accounts can only be opened online and must then managed by post. As is typical with fixed rate accounts you cannot make additional payments and you will not be able to make withdrawals or gain earlier access to funds.

Third place goes to Gatehouse Bank this week with its Raisin UK – Fixed Term Deposit which offers a rate of 2.68% gross/AER, as an expected profit rate. This five-year bond requires a minimum deposit of £1,000 to open. You can't make withdrawals or have early access to funds, however, you can make further additions (within the first five working days). This account can must be opened online, but can then be managed online, by post or over the phone. As well as this, Raisin UK is offering a bonus of up to £100 when you open a savings account.

Rates and details are correct at the time of publication (22.02.2019)

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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