Derin Clark

Derin Clark

Online Reporter
Published: 24/04/2020

Although there is not as much choice in accounts offering top rates this week, savers will be pleased to see that many of last week’s best rates have remained in the charts. The most noticeable fall in the best rate available can be seen in the easy access chart, as last week’s top rate of 1.35% is no longer available and instead the best rate stands at 1.25%. With the current economic uncertainty caused by the Coronavirus pandemic, along with last month’s Bank of England base rate cuts, likely to continue impacting the savings charts, savers should consider acting quickly or risk losing out on the top rates still available.

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
UBL UK 7 Year Fixed Term Deposit Seven years 1.95%
RCI Bank UK Fixed Term Savings Account Five years 1.90%

Investec Bank plc


Vanquis Bank

3 Year Fixed Term Deposit

Vanquis Bank Savings

Three years


Three years

1.80%


1.80%

Bank of London and The Middle East Premier Deposit Account Two years 1.75% (expected profit rate)
Bank of London and The Middle East Premier Deposit Account One year 1.60% (expected profit rate)

Once again, UBL UK continued to top the fixed rate bond chart overall this week, with its 7 Year Fixed Term Deposit paying 2.07% gross on maturity. This account requires a minimum deposit of £2,000 to open. It can be both opened and managed in branch and by post. There are also versions of this account that pay interest yearly or monthly at slightly lower gross rates.

For those looking for a five year fixed rate bond, RCI Bank UK topped the chart this week. Its Fixed Term Savings Account pays 1.90% gross on anniversary. To open this account, a minimum deposit of £1,000 is needed. The account can only be opened and managed online. There is also a version of this account that pays interest monthly at a slightly lower gross rate.

Two providers topped the three year fixed rate bond chart this week offering a rate of 1.80% gross. Investec Bank plc pays 1.80% gross on anniversary on its 3 Year Fixed Term Deposit, which requires a minimum opening deposit of £25,000. This account can only be opened online and then managed online, by phone and via mobile app. An E-asy Access Account must be opened at the same time for transactional purposes. Vanquis Bank also pays 1.80% gross on anniversary on its Vanquis Bank Savings. This account requires a minimum opening deposit of £1,000. It can only be opened online, but can then be managed online, by post and by phone. There are also versions of both these accounts that pay interest monthly at a slightly lower gross rate.

Bank of London and The Middle East topped both the two and one year fixed rate bond charts this week. The two-year option of its Premier Deposit Account pays an expected profit rate of 1.75% gross on anniversary and the one-year version pays an expected profit rate of 1.60% gross on maturity. Both accounts require a minimum deposit of £1,000 to open. They must be opened online and can only be managed by post.

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
RCI Bank UK Freedom Savings Account None 1.20%
Investec Bank plc E-asy Access Account None 1.20%
Marcus by Goldman Sachs® Online Savings Account None 1.20%
SAGA Saga Easy Access Savings Account None 1.20%

RCI Bank UK offered the highest-paying gross rate account without any opening restrictions in the easy access chart this week. Its Freedom Savings Account pays 1.20% gross on anniversary. A minimum deposit of £100 is needed to open this account, which allows unlimited further additions. Withdrawals can be made at any time. This account can only be opened and managed online. There is also a version of the account that pays interest monthly at a slightly lower gross rate.

Three providers offered the second-best gross rate of 1.19% in the easy access chart this week. Investec Bank plc pays 1.19% gross monthly on its E-asy Access Account. This account requires a minimum deposit of £10,000 to open. It allows unlimited further additions and withdrawals. The account must be opened online but can then be managed online, by phone and via mobile app.

Marcus by Goldman Sachs® pays 1.19% gross monthly on its Online Savings Account. This account does not require a deposit to open but a UK mobile number is needed. It allows unlimited further additions and withdrawals. The account can only be opened online, but can be managed online and by phone.

SAGA pays 1.19% gross monthly, which includes a 0.20% bonus for 12 months, on its Saga Easy Access Savings Account. To open this account, a minimum deposit of £1 is needed and it allows unlimited further additions. Withdrawals are permitted at any time. This account must be opened online but can then be managed online and by phone. The account is operated by Goldman Sachs International Bank.

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 AER
ICICI Bank UK Raisin UK – 95 Day Notice Account
HiSAVE Notice Savings Account

95 days

95 days

1.60%

1.60%

ICICI Bank UK Raisin UK – 45 Day Notice Account
HiSAVE Notice Savings Account

45 days

45 days

1.40%

1.40%

Secure Trust Bank 30 Day Notice Account 30 days 1.31%

ICICI Bank UK topped the notice account chart overall, as well as the up to 60 days chart, this week. Its Raisin UK – 95 Day Notice Account and the 95-day option of its HiSAVE Notice Savings Account both pay 1.59% gross monthly. Raisin UK – 95 Day Notice Account requires a minimum opening deposit of £1,000. It does not allow further additions and withdrawals are only allowed of the full account balance subject to 95 days’ notice and account closure. It must be opened online but can be managed online, by post and by phone. The 95-day version of HiSAVE Notice Savings Account requires a deposit of £1 to open and permits unlimited further additions. Withdrawals are allowed but must be made via a linked ICICI Bank current account. This account can be both opened and managed online, in branch and by phone.

ICICI Bank’s Raisin UK – 45 Day Notice Account and the 45-day version of its HiSAVE Notice Savings Account both pay 1.39% gross monthly. To open the Raisin UK – 45 Day Notice Account, a minimum deposit of £1,000 is needed and further additions are not allowed. This accounts only permits withdrawals of the full account balance subject to 45 days’ notice and account closure. It must be opened online, but can be managed by post and phone as well. The 45-day version of HiSAVE Notice Savings Account requires a £1 deposit to open. Unlimited further additions are allowed and withdrawals are permitted but must be made via a linked ICICI Bank current account. This account can be opened and managed online, in branch and by phone.

Topping the up to 30 days chart this week was Secure Trust Bank, which pays 1.30% gross quarterly on its 30 Day Notice Account. This account requires a minimum deposit of £1,000 to open. Further additions can be made at any time. Withdrawals are restricted to four interest withdrawals per annum and three capital withdrawals per annum on 30 days’ notice. The account must be opened online but can be managed both online and by phone.

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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