The best savings rates this week 24.01.20 | moneyfacts.co.uk
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Derin Clark

Derin Clark

Online Reporter
Published: 24/01/2020

This week Revolut hit the headlines with the launch of an easy access account paying 1.35% AER, but closer investigation into the account found that it was not as competitive as it first seemed. The account is only available to Revolut Metal customers, who pay £12.99 for the account. Fortunately for savers there are three easy access accounts available in the chart this week that match or beat this rate and which do not have any opening restrictions.

Savers looking to lock their money into a long-term bond this week will be disappointed to see that UBL UK reduced the rate on its five year fixed rate bond. This has resulted in the chart becoming less competitive, as new accounts take the top spots offering slightly lower rates.

The best fixed rate bond savings rates

Provider Account Term  Rate AER
PCF Bank 7 Year Term Deposit Issue 11 Seven years 2.15%
Bank of London and The Middle East Premier Deposit Account Five years 2.10% (expected profit rate)
Bank of London and The Middle East Premier Deposit Account Three years 2.10% (expected profit rate)
Bank of London and The Middle East Premier Deposit Account Two years 1.95% (expected profit rate)
Bank of London and The Middle East Premier Deposit Account One year 1.80% (expected profit rate)

Savers happy to lock their money into a seven year term could get the top rate overall in the fixed rate bond chart this week. PCF Bank pays the best rate in the chart of 2.15% gross on anniversary on its 7 Year Term Deposit Issue 11. This account requires an opening minimum deposit of £1,000 and can be opened online and by post and then managed online, by post and by phone.

Bank of London and The Middle East (BLME) dominated the rest of the fixed rate bond chart this week offering the top rate in the five, three, two and one year charts. Both the five and three year versions of its Premier Deposit account pay an expected profit rate of 2.10% gross, while the two year version pays an expected profit rate of 1.95% gross and the one year version pays an expected profit rate of 1.80% gross. The five, three and two year versions pay profit on anniversary and the one year version pays profit on maturity. These accounts require an opening minimum deposit of £1,000, as well as a BLME transfer account to hold funds pending investment. All these accounts can be opened online and then managed by post.

The best easy access savings rates

Provider Account Notice Rate AER
Gatehouse Bank Easy Access Account None 1.40% (expected profit rate)
Chelsea Building Society 1 Year Limited Access Saver Issue 2 None 1.35%
Yorkshire Building Society 1 Year Limited Access Saver Issue 2 None 1.35%

Savers looking for the flexibility of an easy access savings account will be pleased to see that Gatehouse Bank remained at the top of the chart this week, offering a highly competitive rate. Gatehouse Bank pays an expected profit rate of 1.40% gross on anniversary on its Easy Access Account, which requires an opening minimum deposit of £1,000. This account allows unlimited further additions, while withdrawals are permitted at any time via a nominated account. It can only be opened and managed online.

Two providers continued to offer easy access accounts that pay a 1.35% gross rate and which do not have any opening restrictions this week. Chelsea Building Society pays 1.35% gross on anniversary on its 1 Year Limited Access Saver Issue 2, which requires an opening minimum deposit of £100. This account allows unlimited further additions, but withdrawals are restricted to one withdrawal day per account year. Yorkshire Building Society also pays 1.35% gross on anniversary on its 1 Year Limited Access Saver Issue 2. This account requires a minimum deposit of £100 and allows unlimited further additions, but withdrawals are restricted to one withdrawal day per account year. Both these accounts can only be opened and managed online and must be opened with new money to the societies. After 12 months, both accounts revert to Limited Access Saver Issue 1.

The best notice account rates

Provider Account Notice Rate AER
Investec Bank plc Notice Plus (0% immediate access) 95 days 1.80%
Bank of London and The Middle East 90 Day Notice Account (Issue 1) 90 days 1.71% (expected profit rate)
Secure Trust Bank 60 Day Notice Account 60 days 1.50%
Secure Trust Bank 30 Day Notice Account 30 days 1.40%

There was no change at the top of the notice account chart this week with Investec Bank plc continuing to top the chart, offering 1.79% gross monthly on its Notice Plus (0% immediate access). This account requires a substantial opening minimum deposit of £10,000 and is a highly restrictive account that is only available to existing Investec clients via Investec Online. Once opened, it allows unlimited further additions. Withdrawals are also permitted, but subject to 95 days’ notice. A loyalty rate of 0.05% is added to the account if notice is not placed for 90 days. It can be opened online and then managed by phone and mobile app as well. There are other versions of this account that have a shorter notice period offering savers a lower gross rate.

Savers looking for an alternative option can consider BLME’s 90 Day Notice Account (Issue 1) which continued to top the 90 day chart this week. This account pays an expected profit rate of 1.70% gross quarterly, but also requires a substantial minimum opening deposit of £10,000. Further additions are allowed, while withdrawals for a minimum of £1,000 are allowed, subject to 90 days’ notice. This account can only be opened and managed online.

Requiring an opening minimum deposit of £1,000, Secure Trust Bank topped the 60 day chart this week with its 60 Day Notice Account. This account pays 1.49% gross quarterly. Secure Trust Bank also topped the 30 day chart this week with its 30 Day Notice Account, which pays 1.39% gross quarterly and again requires an opening minimum deposit of £1,000. Both these accounts allow unlimited further additions but restrict withdrawals to four interest withdrawals per annum and three capital withdrawals per annum on 60 days’ notice on the 60 day version, and to 30 days’ notice on the 30 day version. Both accounts can only be opened online but 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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