The best savings rates this week 23.10.20

Rate reductions and account withdrawals saw many of last week’s top rates no longer being available in the savings charts this week. Most notably, the overall top rate being offered on a five year fixed rate bond has been reduced, while both of last week’s top two easy access accounts have been withdrawn. For savers, this is a reminder that during this time of economic uncertainty it is important to act quickly to secure the best rates while they are available.

Although Bank of London and The Middle East (BLME) reduced the rate on the five-year version of its Premier Deposit Account, this account still tops the fixed rate bond chart overall. Premier Deposit Account now pays an expected profit rate of 1.55% gross on anniversary. It requires a £1,000 minimum deposit to open and a BLME transfer account to hold funds pending investment is needed. This account must be opened online and can only be managed by post.

Remaining at the top of the three, two and one year fixed rate bond chart this week was Al Rayan Bank with its Fixed Term Deposit accounts. The 36-month version of Fixed Term Deposit pays an expected profit rate of 1.45% gross, the 24-month version pays an expected profit rate of 1.36% gross, and the 12-month version pays an expected profit rate of 1.26% gross. All accounts pay expected profit quarterly. A £5,000 minimum deposit is needed to open these accounts. They can be both opened and managed online, in branch, by phone and via mobile app.

The top two paying easy access accounts available last week were withdrawn during the week, resulting in three accounts now paying the new top rate of 0.80%. Leeds Building Society pays 0.80% gross yearly on its Double Access Saver. This account requires a £5,000 minimum deposit to open. It allows unlimited further additions while the issue remains open. Withdrawals are restricted to two per calendar year, then there is 30 days’ loss of interest on all further withdrawals. This account can be both opened and managed in branch and by post.

Yorkshire Building Society pays 0.80% on two accounts. Its Annual Access Account Issue 5 pays 0.80% gross on anniversary. A £100 minimum deposit is needed to open this account, which must be new money to the institution. Unlimited further additions are allowed, but only one withdrawal day per account year is permitted. Savers should be aware that this account reverts to an Easy Saver after 12 months. It can be both opened and managed in branch and by post.

Yorkshire Building Society also pays 0.80% gross yearly on its Six Access e-Saver at a £10,000 deposit. A higher rate of 0.85% gross is paid on deposits at £50,000, while a lower rate of 0.50% gross is paid on deposits at £1,000 and 0.20% gross at £1. Interest is paid yearly. Unlimited further additions are allowed. Withdrawals are restricted to six withdrawal days per anniversary year. This account can only be opened and managed online.

During the week DF Capital withdrew its chart-topping notice account, resulting in BLME topping the chart this week with its 90 Day Notice Account (Issue 3) paying an expected profit rate of 1.10% gross quarterly. A £10,000 minimum deposit is needed to open this account. Unlimited further additions are allowed and withdrawals can be made subject to 90 days’ notice. This account must be opened and managed online.

In the up to 60 days’ chart, UBL UK had the best-paying account with its 35 Day Notice account paying 1.00% gross half-yearly. A minimum deposit of £1 is needed to open this account. Unlimited further additions are allowed. Withdrawals can be made subject to 35 days’ notice, and if notice is not given, earlier access is allowed subject to 35 days’ loss of interest. This account can be both opened and managed in branch and by post.

The best-paying account in the up to 30 days’ notice chart without opening restrictions once again came from Chorley Building Society. Its 30 Day Notice Account Issue 2 pays 0.75% gross yearly on a £1 opening minimum deposit, which must be new money to the institution. Unlimited further additions are allowed while the issue remains open. Withdrawals are permitted subject to 30 days’ notice. The account can be opened online, in branch or by post and then managed in branch and by post.