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The interest rates available to savers remain depressed, with further reductions being applied to many savings accounts in the past week.
|
Provider |
Account |
Term |
Rate AER |
|
Bank of London and The Middle East |
Premier Deposit Account |
Seven years |
1.70% (expected profit rate) |
|
Bank of London and The Middle East |
Premier Deposit Account |
Five years |
1.60% (expected profit rate) |
|
Al Rayan Bank |
Fixed Term Deposit |
36 months |
1.51% (expected profit rate) |
|
Al Rayan Bank |
Fixed Term Deposit |
24 months |
1.41% (expected profit rate) |
|
Al Rayan Bank |
Fixed Term Deposit |
12 months |
1.10% (expected profit rate) |
Bank of London and The Middle East (BLME) continues to hold its top savings rates for the longest-term bonds, while Al Rayan Bank has also maintained the rate for its 24-month fixed rate bond, but has reduced its 12-month bond from 1.21% to 1.10%.
The fixed rate bonds from BLME can be opened with £1,000 online and then be managed by post. Savers will need to open a BLME transfer account to hold their funds prior to investment. The accounts from Al Rayan Bank can also be opened with £1,000, but can be both opened and managed online, in branch, by post, by phone and via its mobile app.
All the rates available can be found on our fixed rate bonds chart.
|
Provider |
Account |
Notice |
Rate AER |
|
National Savings & Investments |
Income Bonds |
None |
1.16% |
|
ICICI Bank UK |
SuperSaver Savings Account |
None |
1.00% |
|
National Savings & Investments |
Direct Saver |
None |
1.00% |
|
SAGA |
Saga Easy Access Savings Account |
None |
1.00% |
The easy access savings chart continues to see rates fall, with both Family Building Society and Cynergy Bank reducing the rates they had available last week.
There are now only four accounts paying 1.00% or more for easy access savings, with National Savings & Investments (NS&I) continuing to have the highest rate available at 1.16%. After this, savers can choose between ICICI Bank UK, another NS&I account or SAGA to get a rate of 1.00%.
Savers wanting to get the top easy access rate from NS&I’s Income Bonds will need a minimum investment of £500 and can open this account online, by post or by phone. All the other best easy access accounts can be opened with £1 online, with ICICI Bank UK also offering account opening in branch and by phone. The NS&I Direct Saver may also be opened by phone.
The rate of 1.00% available from SAGA’s Easy Access Savings Account includes a bonus of 0.20% for 12 months.
All the rates available can be found on our easy access accounts chart.
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.
