Earlier in the week it was revealed that the Consumer Price Index rose to 0.7% during March, meaning that savers looking for an inflation-beating rate will have to look at the fixed rate bond chart. Saying this, with inflation expected to continue to rise over the coming months and the highest rate available in the fixed rate bond chart standing at 1.40% AER on a five year fixed bond, savers locking into long-term bonds may find that, over time, inflation erodes their savings.
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 accounts available to existing customers only by visiting our savings charts and selecting these accounts in the refine search section.
|Gatehouse Bank||Fixed Term Green Saver||Five years||1.40% (expected profit rate)||Find out more|
|Shawbrook Bank||3 Year Fixed Rate Bond Issue 52||Three years||0.96%||Find out more|
|Bank of London and The Middle East
Premier Deposit Account
Raisin UK – 2 Year Fixed Term Deposit
0.80% (expected profit rate)
0.80% (expected profit rate)
|Shawbrook Bank||1 Year Fixed Rate Bond Issue 68||One year||0.63%||Find out more|
The top-paying account in the fixed rate bond chart this week comes from Gatehouse Bank, which pays an expected profit rate of 1.40% gross on anniversary on its Fixed Term Green Saver. A £1,000 minimum deposit is needed to open this account, which must be opened and managed online. The account has the incentive of Gatehouse Bank planting a tree in a UK woodland when the account is opened and funded.
New to the top of the three year fixed rate bond chart this week was Shawbrook Bank with its 3 Year Fixed Rate Bond Issue 52 paying 0.96% gross on anniversary. This account requires a £1,000 minimum deposit to open. It must be opened online but can then be managed online and by phone. There is a version of this account that pays interest monthly at the same gross rate.
Both Bank of London and The Middle East (BLME) and QIB (UK) paid the top rate in the two year fixed bond chart this week. BLME pays an expected profit rate of 0.80% gross on anniversary on its Premier Deposit Account, which requires a £1,000 minimum deposit to open, along with a BLME transfer account to hold funds pending investment. The account can only be opened online and must be managed by post. QIB (UK) pays an expected profit rate of 0.80% gross on maturity on its Raisin UK – 2 Year Fixed Term Deposit account. This account requires a £1,000 minimum deposit to open and benefits from the incentive of Raisin UK offering a bonus up to the value of £50 when savers open their first account through the Raisin UK platform. It must be opened online but can then be managed online, by post and by phone.
The top one year fixed bond rate this week came from Shawbrook Bank, which pays 0.63% gross on anniversary on its 1 Year Fixed Rate Bond Issue 68 account. A £1,000 minimum deposit is needed to open this account, which must be opened online but can then be managed online and by phone. There is also a version of this account that pays interest monthly at the same gross rate.
|Provider||Account||Maximum number of withdrawals allowed||Rate AER|
|ICICI Bank UK||SuperSaver Savings Account||Unlimited via linked ICICI Bank Current Account only||0.50%||Find out more|
|Yorkshire Building Society||Annual Access Account Issue 8||1 withdrawal day per anniversary year.||0.45%|
|Paragon Bank||Limited Edition Easy Access Account (Issue 8)||Unlimited||0.41%||Go to provider’s site|
Offering the top rate on an easy access account available to new customers this week was ICICI Bank UK, which pays 0.50% gross monthly on its Super Saver Savings Account. This account does not require a minimum deposit to open, although a HomeVantage Current Account is needed. It allows further additions and withdrawals are permitted but all transactions must be made via a linked ICICI Bank current account. It can be opened online, in branch or by phone and then managed online, in branch, by post and via mobile app.
Yorkshire Building Society pays 0.45% gross on anniversary on its Annual Access Account Issue 8, which requires a £100 minimum deposit to open and this must be new money to the society. Savers should note that this account reverts to an Easy Saver after 12 months. It allows further additions. Withdrawals are restricted to one withdrawal day per anniversary year. The account can be opened in branch or by post and then managed online, in branch and by post.
Also offering a competitive easy access savings rate this week was Paragon Bank with its Limited Edition Easy Access Account (Issue 8) paying 0.41% gross on anniversary. A £1 minimum deposit is needed to open this account, which allows further additions. Unlimited withdrawals can be made. The account must be opened and managed online. There is a version of this account that pays interest monthly at the same gross rate.
Compare the best easy access savings accounts on our charts.
|Moneycorp Bank||90 Day Notice Account||90 days||0.65%||Find out more|
|ICICI Bank UK||Notice Savings Account||95 days||0.55%||Find out more|
|Oxbury Bank||Personal 95 Day Notice Account - Issue 3||95 days||0.52%||Find out more|
Moneycorp Bank had the top notice account rate on an account available to new customers. Its 90 Day Notice Account pays 0.65% gross monthly and requires a £10,000 minimum deposit to open. Savers wanting to open this account must have or open a Deposit Account with Moneycorp Bank for transactional purposes. It allows further additions, subject to a minimum of £10,000, while the issue remains open. Withdrawals can be made subject to 90 days’ notice. The account must be opened and managed online. Consumers should be aware that funds deposited with Moneycorp Bank are covered by the Gibraltar Deposit Guarantee scheme up to €100,000 (or sterling equivalent) per person.
ICICI Bank UK pays 0.55% gross monthly on its Notice Savings Account, although consumers should be aware that the rate will reduce to 0.35% on 3 May 2021. This account can be opened with a £1 minimum deposit, but a HomeVantage Current Account is needed to open the account. Further additions are allowed and withdrawals can be made subject to 95 days’ notice with all transactions made via a linked HomeVantage Current Account. It can be both opened and managed online, in branch and by phone. Also offering 0.55% gross in the notice chart this week was Hanley Economic Building Society, however this account is only available to those living within 25 miles of the building society’s head office.
Also offering a competitive rate in the notice account chart this week was Oxbury Bank with its Personal 95 Day Notice Account – Issue 3 paying 0.52% gross monthly. A £1,000 minimum deposit is needed to open this account, while an Oxbury App is required to use online banking. The account allows further additions. Withdrawals are permitted subject to 95 days’ notice. All transactions must be made via a nominated account. The account must be opened online and can be managed online and via mobile app.
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