Derin Clark

Derin Clark

Online Reporter
Published: 25/10/2019

Savers will be pleased to see that all the top rates in the chart last week have remained available, which is particularly good news for those opting for an easy access account as this chart often sees the quickest rate changes. This can be seen with Marcus by Goldman Sachs® last week informing its customers that it has shortened its notice period on rate changes on its easy access account from eight weeks to two weeks.

The best fixed rate bond savings rates

Provider Account Term Rate AER
UBL UK 5 Year Fixed Term Deposit Five years 2.36%
Al Rayan Bank Fixed Term Deposit Three years 2.42% (expected profit rate)
Al Rayan Bank Fixed Term Deposit Two years 2.32% (expected profit rate)
Al Rayan Bank Fixed Term Deposit One year 2.07% (expected profit rate)

While UBL UK is not offering the highest AER rate overall for all terms in the chart, savers are able to get the highest gross rate available on fixed rate bonds this week by choosing its 5 Year Fixed Term Deposit paying 2.36% AER but a gross rate of 2.47% on maturity. UBL UK also offers a version of this account that pays interest on anniversary at a gross rate of 2.36% and a version that pays interest monthly at a gross rate of 2.33%. All versions require an opening minimum deposit of £2,000 and can be opened and managed in branch and by post.

Al Rayan Bank continued to dominate the shorter-term fixed rate bond charts this week offering the highest rates available in the three, two and one year charts. The three-year version of its Fixed Term Deposit offers an expected profit rate of 2.42% (2.40% gross), the two-year version offers an expected profit rate of 2.32% (2.30% gross) and the one-year version offers an expected profit rate of 2.07% (2.05% gross). All versions pay profit quarterly, require an opening minimum deposit of £1,000 and can be opened and managed online, in branch, by post, by phone and via mobile app.

The best easy access savings rates

Provider Account Term Rate AER
Coventry Building Society Triple Access Saver Instant 1.46% (including 0.31% bonus until 31.03.2021)
Marcus by Goldman Sachs® Online Savings Account None 1.45% (including 0.10% bonus for 12 months)
Virgin Money Double Take E-Saver Issue 12 None 1.45%
Virgin Money Man Utd Double Take E-Saver Issue 7 None 1.45%

Coventry Building Society has remained at the top of the easy access savings chart this week with its Triple Access Saver paying 1.46% yearly, which includes a 0.31% bonus until 31 March 2021, on an opening minimum deposit of just £1. This account allows unlimited further additions but restricts withdrawals to three penalty free withdrawals per annum, while further withdrawals are subject to 50 days’ loss of interest. This account can be opened and managed online, in branch, by post and by phone. There is also a version of this account that pays interest monthly at a slightly lower gross rate of 1.45%.

Both Marcus by Goldman Sachs® and Virgin Money continued to pay 1.45% this week. Marcus by Goldman Sachs® pays 1.45% (1.44% gross) monthly on its Online Savings Account, which includes a 0.10% bonus for 12 months. This account does not require a deposit to open, but a UK mobile number is needed. It allows unlimited further additions and withdrawals and can only be opened online but can then be managed by phone as well.

Virgin Money pays 1.45% yearly on its Double Take E-Saver Issue 12 and Man Utd Double Take E-Saver Issue 7. Both these accounts require an opening minimum deposit of just £1 and allow unlimited further additions. Withdrawals are restricted to two per calendar year including closure. These accounts can only be opened and managed online. There are also versions of these accounts that pay interest monthly at a slightly lower gross rate of 1.44%.

The best notice account rates

Provider Account Notice Rate AER
Gatehouse Bank 120 Day Notice Account 120 Day 1.82% (expected profit rate)
Bank of London and The Middle East 90 Day Notice Account (Issue 1) 90 Day 1.71% (expected profit rate)
Charter Savings Bank 60 Day Notice – Issue 11 60 Day 1.55%
Charter Savings Bank 30 Day Notice – Issue 10 30 Day 1.51%

Gatehouse Bank remained at the top of the notice account chart overall this week offering an expected profit rate of 1.82% on anniversary on its 120 Day Notice Account. This online-only account requires a £1,000 minimum opening deposit. Further additions are allowed, while withdrawals are permitted via a nominated account subject to 120 days’ notice. There is a version of this account that pays interest monthly at a slightly lower expected rate of 1.80% gross.

Bank of London and The Middle East (BLME) topped the 90 day notice chart this week with its 90 Day Notice Account (Issue 1) paying an expected profit rate of 1.71% (1.70% gross) quarterly. This online-only account requires a minimum opening amount of £10,000 and allows further additions. Withdrawals are permitted subject to 90 days’ notice.

This week Charter Savings Bank continued to top the 60 and 30 day notice accounts. Its 60 Day Notice – Issue 11 pays 1.55% on anniversary and its 30 Day Notice – Issue 10 pays 1.51% on anniversary. Both these accounts require an opening minimum deposit of £5,000. They allow further additions and withdrawals are permitted subject to 60 days’ notice on the 60 day version and 30 days’ notice on the 30 day version. These accounts can only be opened and managed online and there are also versions of both accounts that pay interest monthly at a 1.54% gross rate on the 60 day version and a 1.50% gross rate on the 30 day version.

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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