Derin Clark

Derin Clark

Online Reporter
Published: 23/08/2019

Looking at data from the Moneyfacts UK Savings Trends Treasury Report this week we found that 40% of savings providers had cut or withdrawn their fixed rate bonds during July, weakening competition within the fixed rate bond chart. Saying this, the chart still contains some highly competitive products and continues to offer the highest overall savings rates. In fact, during the summer the top rates within the fixed rate bonds, easy access savings accounts and notice accounts charts have remained fairly consistent, however this may not continue as we move into September and, with the rumours of a potential cut in base rate, savers may want to take advantage of the competitive rates currently on offer.

The best fixed rate bonds savings rates

Provider Account Term Rate AER
Bank of London and The Middle East Premier Deposit Account Seven year bond 2.80% (expected profit rate)
Bank of London and The Middle East Premier Deposit Account Five year bond 2.75% (expected profit rate)
Bank of London and The Middle East Premier Deposit Account Three year bond 2.55% (expected profit rate)
Bank of London and The Middle East Premier Deposit Account Two year bond 2.35% (expected profit rate)
Bank of London and The Middle East Premier Deposit Account One year bond 2.10% (expected profit rate)

Once again, the Bank of London and The Middle East (BLME) topped all terms within the fixed rate bond chart this week. BLME offers the best overall saving rate on the seven-year version of its Premier Deposit Account, which pays an expected profit rate of 2.80%. The five-year version of this account is also highly competitive offering an expected profit rate of 2.75%, while the three-year version offers 2.55%. The short-term versions of this account are also chart topping rates with the two-year version paying an expected profit rate of 2.35% and the one year offering an expected profit rate of 2.10%. All versions of the Premier Deposit Account require a minimum opening deposit of £1,000 and do not allow any further additions or withdrawals once the account is open. In addition to this, to open the accounts savers need to open a BLME transfer account to hold funds pending investment. All versions can only be opened online and then managed by post.

The best easy access savings rates

Provider Account Term Rate AER
Marcus by Goldman Sachs® Online Savings Account None 1.50% (including 0.15% bonus for 12 months)
Virgin Money Double Take E-Saver Issue 10 None 1.50%
Virgin Money Man Utd Double Take E-Saver Issue 5 None 1.50%
Shawbrook Bank Easy Access – Issue 15 None 1.48%
Chorley Building Society Postal and Branch Accessible Saver Account None 1.45%

Marcus by Goldman Sachs® and Virgin Money both top the easy access savings chart again this week offering the top rate of 1.50%. Marcus by Goldman Sachs® offers this rate on its Online Savings Account, which includes a 0.15% bonus for 12 months. There is no opening deposit needed for this account but a UK mobile number is required. Once opened it allows unlimited further additions via a nominated account and withdrawals. It can only be opened online but then managed by phone as well.

Virgin Money’s Double Take E-Saver Issue 10 and Man Utd Double Take E-Saver Issue 5 both offer the top rate of 1.50%. These accounts require an opening minimum deposit of £1 and although they allow unlimited further additions withdrawals are restricted to two per year including closure. Both these accounts are online only and they both have versions that pay interest monthly. In addition to this, the Man Utd Double Take E-Saver has the incentive of 10 entries into a prize draw every month the account is open, and one extra entry for every £50 held in the account, to win prizes including matchday tickets and signed shirts.

For those with an opening deposit of £1,000, Shawbrook Bank offers the second-best rate in the chart of 1.48% on its Easy Access – Issue 15. This account allows unlimited further additions and withdrawals which are made via a nominated account, and can only be opened online and then managed by phone as well. There is also a version of this account that pays interest monthly.

Savers wanting an account they can open in branch should consider Chorley Building Society’s Postal and Branch Accessible Saver Account, which pays 1.45%. This account requires an opening minimum deposit of £500 to open. Once open, it allows unlimited further additions and withdrawals, although savers should be aware that a lower rate is paid if more than one withdrawal per account year. As the name suggests, this account can be opened and managed in branch and by post.

The best notice account rates

Provider Account Notice Rate AER
PCF Bank 180 Day Notice Deposit Issue 1 180 days 1.85%
OakNorth 90 Day Notice Deposit 90 days 1.77%
Shawbrook Bank 45 Day Notice Personal Account Issue 2 45 days 1.51%
Secure Trust Bank 14 Day Notice Account 14 days 1.45%

Overall the best rate in the notice account chart was offered by PCF Bank this week paying 1.85% on its 180 Day Notice Deposit Issue 1 account. This account requires an opening minimum deposit of £1,000 and allows unlimited further additions. Withdrawals are also permitted but subject to 180 days’ notice. This account can be opened online and by post and then managed online, by post and phone.

In the Up to 90 Days chart OakNorth was offering the best rate this week paying 1.77% on its 90 Day Notice Deposit. This account requires just £1 to open and also allows unlimited further additions, while withdrawals are allowed but subject to 90 days’ notice. It can only be opened and managed online.

Requiring an opening minimum deposit of £1,000, Shawbrook Bank’s 45 Day Notice Personal Account Issue 2 tops the Up to 60 Days chart this week paying 1.51%. Further additions are allowed, as are withdrawals subject to 45 days’ notice. This account can only be opened online and then managed by phone as well.

The Up to 30 Days’ Notice chart was topped by Secure Trust Bank this week paying 1.45% on its 14 Day Notice Account. This account requires an opening minimum deposit of £1,000 and allows unlimited further additions. Four interest withdrawals are permitted per annum without penalty, while three capital withdrawals are allowed per annum on 14 days’ notice. The account can only be opened online and then managed online and by phone.

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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