The best savings rates this week 22.05.20 | moneyfacts.co.uk
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Derin Clark

Derin Clark

Online Reporter
Published: 22/05/2020

On Wednesday it was announced that inflation (the Consumer Price Index) fell to 0.8%. This meant that despite saving rates falling since March, savers could still easily find inflation-beating rates available in the charts. Saying this, if inflation rises and saving rates continue to fall, savers may start to struggle to find inflation-beating rates even in the fixed rate bond charts.

Currently, rates as high as 1.90% AER are still available in the fixed rate bond charts, but savers looking to secure the best rates are urged to act quickly as it is likely that savings rates will continue to fall over the next few months.

Savers should be aware that although we have included accounts that can be opened and managed in branch, consumers are advised to check with the bank or building society to ensure this service is still available, as many are only providing essential banking services in branch at the moment due to the Government’s restrictions on movement.

The best fixed rate bonds savings rates

Provider Account Term Rate AER
Bank of London and The Middle East Premier Deposit Account Seven years 1.90% (expected profit rate)
Gatehouse Bank Fixed Term Deposit Five years 1.85% (expected profit rate)
Gatehouse Bank Fixed Term Deposit Three years 1.75% (expected profit rate)

Bank of London and The Middle East

Gatehouse Bank

Premier Deposit Account

Fixed Term Deposit

Two years


Two years

1.60% (expected profit rate)

1.60% (expected profit rate)

Gatehouse Bank Fixed Term Deposit One year 1.50% (expected profit rate)

Bank of London and The Middle East (BLME) continued to offer the best fixed bond rate overall this week, with the seven-year version of its Premier Deposit Account paying an expected profit rate of 1.90% gross on anniversary. To open this account, a minimum deposit of £1,000 is needed, as well as a BLME transfer account to hold funds pending investment. It must be opened online and can only be managed by post.
The best rate in the five year fixed rate bond chart this week came from Gatehouse Bank, which pays an expected profit rate of 1.85% gross on anniversary on its Fixed Term Deposit. Gatehouse Bank also had the highest-paying account in the three year fixed rate bond chart this week. The three-year version of its Fixed Term Deposit pays an expected profit rate of 1.75% gross on anniversary. Both these accounts require a minimum deposit of £1,000 to open. They can only be opened and managed online.

Both BLME and Gatehouse Bank offered the best rate of 1.60% in the two year fixed rate bond chart this week. BLME pays an expected profit rate of 1.60% gross on anniversary on the two-year version of its Premier Deposit Account. This account requires a minimum deposit of £1,000 to open. In addition to this, a BLME transfer account to hold funds pending investment is needed. This account can only be opened online and then only managed by post. Gatehouse Bank pays an expected profit rate of 1.60% gross on the two-year version of its Fixed Term Deposit. A £1,000 minimum deposit is needed to open this account, which can only be opened and managed online.

Gatehouse Bank also topped the one year fixed rate bond chart this week, paying an expected profit rate of 1.50% gross on maturity on the one-year version of its Fixed Term Deposit. This version has the same terms and conditions as the five, three and two-year options of this account.

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
National Savings & Investments Income Bonds None 1.16%
Family Building Society Market Tracker Saver (1) Instant 1.13%
Teachers Building Society Teachers for Teachers (Issue 1) None 1.10%

Once again topping the easy access savings chart this week was National Savings & Investment, which pays 1.15% gross monthly on its Income Bonds. This account requires a minimum opening deposit of £500. It allows unlimited further additions. Withdrawals can be made at any time via a nominated account. This account is 100% backed by HM Treasury. It can be both opened and managed online, by post and by phone.

Offering the second-best easy access rate this week was Family Building Society, with its Market Tracker Saver (1) paying 1.13% gross yearly. A minimum deposit of £500 is needed to open this account, which allows unlimited further additions. Withdrawals are restricted to up to 20 withdrawals per calendar year via a nominated account. It can be opened online, in branch or by post and then managed online, in branch, by post and by phone.

The third-best easy access savings rate this week came from Teachers Building Society, which pays 1.10% gross yearly on its Teachers for Teachers (Issue 1). This account is only available to teachers, including retired teachers, and other education professionals. It requires a £5,000 minimum deposit to open. Unlimited further additions are allowed. Withdrawals are restricted to up to three withdrawals per calendar year, if four or more withdrawals are made an Extra Ordinary Account rate is paid. This account can be opened online or by post and then managed online and by phone.

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
ICICI Bank UK

Raisin UK – 95 Day Notice Account

HiSAVE Notice Savings Account

95 days


95 days

1.60%


1.60%

Monmouthshire Building Society 60 Day Notice Account – Issue 2 60 days 1.30%

Chorley Building Society

Saffron Building Society

Tipton & Coseley Building Society

30 Day Notice Account


30 Day Notice Saver (Issue 2)

30 Day Community Notice Saver

30 Day Notice Midlands Air Ambulance Saver

30 days


30 days


30 days


30 days

1.10%


1.10%


1.10%


1.10%

Remaining at the top of the notice account chart this week was ICICI Bank UK, which pays the top rate on two accounts. Its Raisin UK – 95 Day Notice Account pays 1.59% gross monthly and requires a minimum deposit of £1,000 to open. Once opened, this account does not allow any further additions. Withdrawals are only permitted of the full account balance subject to 95 days’ notice and account closure. It must be opened online but can then be managed online, by post and by phone. HiSAVE Notice Savings Account also pays 1.59% gross monthly. To open this account, a minimum deposit of just £1 is needed and it is only available to new and existing HomeVantage Current Account customers. It allows unlimited further additions. Withdrawals are permitted subject to 95 days’ notice but must be made via a linked ICICI Bank current account. It can be both opened and managed online, in branch and by post.

The best rate available in the up to 60 days’ notice account chart this week came from Monmouthshire Building Society, which pays 1.30% gross yearly on its 60 Day Notice Account – Issue 2. This account requires a minimum deposit of £1,000 to open. It allows unlimited further additions. Withdrawals can be made subject to 60 days’ notice, and if notice is not given earlier access is permitted but with a 60 days’ loss of interest penalty. It can be both opened and managed online, in branch and by post. There is also a version of this account that pays interest at a slightly lower gross rate.

Four accounts pay the top rate of 1.10% in the up to 30 days’ notice chart. Chorley Building Society pays 1.10% gross yearly on its 30 Day Notice Account. A minimum deposit of just £1 is needed to open this account, which allows unlimited further additions. Withdrawals can be made subject to 30 days’ notice. It can be both opened and managed in branch and by post. Saffron Building Society pays 1.10% gross yearly on its 30 Day Notice Saver (Issue 2), which requires a minimum deposit of £5,000 to open. Further additions are allowed. Withdrawals are permitted subject to 30 days’ notice or, if notice is not given, earlier access is allowed but on a 30 days’ loss of interest penalty. It can be both opened and managed online, in branch and by post. Tipton & Coseley Building Society pays 1.10% gross yearly on both its 30 Day Community Notice Saver and its 30 Day Notice Midlands Air Ambulance Saver. Both accounts require a minimum deposit of £1,000 to open. They allow unlimited further additions. Withdrawals are restricted to three per calendar year including closure and are subject to 30 days’ notice. These accounts can be both opened and managed in branch and by post.

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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