The Best Savings Rates This Week 26.03.21 | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 26/03/2021

This week it was revealed that the Consumer Price Index (CPI) fell to 0.4% during February, which provides some relief for savers as it resulted in an increase in accounts able to match or beat inflation. In fact, all the top rates highlighted below are able to beat this inflation figure, but savers are warned that inflation is predicted to rise in the next 12 months and if it reaches the Bank of England target of 2% no savings account will be able to match or beat this rate.

The best fixed rate bond savings rates

Provider Account Term Rate AER
Shawbrook Bank 7 Year Fixed Rate Bond Issue 6 Seven years 1.35%
Hodge Bank 5 Year Fixed Rate Account Five years 1.30%
Bank of London and The Middle East Premier Deposit Account Three years 1.00% (expected profit rate)
QIB (UK) Raisin UK – 2 Year Fixed Term Deposit Two years 0.80% (expected profit rate)

Habib Bank Zurich plc


Ahli United Bank (UK) plc

HBZ Sirat eDeposit (Islamic Fixed Term Account)
Raisin UK – 1 Year Fixed Term Deposit

12 months


One year

0.65% (expected profit rate)

0.65%

 

The highest rate overall in the fixed rate bond chart this week came from Shawbrook Bank, which pays 1.35% gross on anniversary on its 7 Year Fixed Rate Bond Issue 6. This account requires a £1,000 minimum deposit to open. It must be opened online but can be managed online and by phone. There is a version of this account that pays interest monthly at a slightly lower gross rate of 1.34%.

The top five year fixed bond rate in our chart this week came from Hodge Bank, which pays 1.30% gross on anniversary on its 5 Year Fixed Rate Account. A £1,000 minimum deposit is needed to open this account, which must be opened online but can then be managed online and by phone. There is also a version of this account that pays interest monthly at a slightly lower gross rate of 1.29%.

Topping the three year fixed rate bond chart this week was Bank of London and The Middle East (BLME) which pays an expected profit rate of 1.00% gross on anniversary on its Premier Deposit Account. This account requires a £1,000 minimum deposit to open, as well as this a BLME transfer account to hold funds pending investment is also needed. It must be opened online and can only be managed by post.

QIB (UK) topped the two year fixed rate bond chart paying an expected profit rate of 0.80% gross on maturity on its Raisin UK – 2 Year Fixed Term Deposit* account. To open this account a £1,000 minimum deposit is needed. Again, it can only be opened online, but this account can be managed online, by post and by phone.

Both Habib Bank Zurich plc and Ahli United Bank (UK) plc had the top paying one year fixed bond rates this week. Habib Bank Zurich plc pays an expected profit rate of 0.65% gross on maturity on its HBZ Sirat eDeposit (Islamic Fixed Term Account), which requires a £5,000 minimum deposit to open. This account must be opened online and can only be managed by post. Ahli United Bank (UK) plc pays 0.65% gross on maturity on its Raisin UK – 1 Year Fixed Term Deposit* account. To open this account a £1,000 minimum deposit is needed. The account can be opened online and then managed online, by post and by phone.

 

*These accounts have the added incentive of Raisin UK offering a bonus of up to £50 when savers open their first savings account via the Raisin UK website (terms and conditions apply).

Compare the best fixed rate bonds

The best easy access savings rates

Provider Account Maximum number of withdrawals allowed Rate AER
ICICI Bank UK SuperSaver Savings Account Unlimited via linked ICICI Bank Current Account only 0.50%
Virgin Money M Plus Saver Unlimited via Virgin Money Current Account or nominated account 0.50%
Yorkshire Building Society Annual Access Account Issue 7 1 withdrawal day per anniversary year 0.50%

 

Three accounts continued to pay the top rate in our easy access savings chart this week. ICICI Bank UK pays 0.50% gross monthly on its SuperSaver Savings Account, which does not require a minimum deposit to open. To open this account a HomeVantage Current Account is needed. It allows further additions and withdrawals can be made but all transactions must be made via a linked ICICI Bank Current Account only. It can be opened online, in branch or by phone and then managed online, in branch, by post and via mobile app.

Virgin Money pays 0.50% gross quarterly on its M Plus Saver, which does not require a minimum deposit to open. This account is only available to new and existing Virgin Money Current Account customers. Further additions are allowed. Withdrawals are permitted but must be made via a Virgin Money Current Account or a nominated account. It can be opened online, in branch or by phone and then managed online, in branch, by phone and via mobile app.

Also paying 0.50% gross this week was Yorkshire Building Society’s Annual Access Account Issue 7. This account pays interest on anniversary and requires a £100 minimum deposit to open. Savers should be aware that this account reverts to an Easy Saver after 12 months and money used to open the account must be new to the building society. It allows further additions, but withdrawals are restricted to one withdrawal day per anniversary year. The account can be opened in branch or by post and then managed online, in branch and by post.

Compare the best easy access savings accounts

The best notice account rates

Provider Account Notice Rate AER
Moneycorp Bank 90 Day Notice Account Issue 1 90 days 0.65%
Moneybox 95 Day Notice Account 95 days 0.60%

 

Moneycorp Bank had the top rate in our notice account chart this week with its 90 Day Notice Account Issue 1 paying 0.65% gross monthly. This account requires a minimum opening deposit of £10,000, as well as this a Deposit Account with Moneycorp Bank for transactional purposes is needed to open the account. Further additions are allowed whilst the issue remains open. Withdrawals can be made subject to 90 days’ notice. It can only be opened and managed online.

Moneybox, which is operated by Investec Bank plc, had the second best rate of 0.60% gross monthly on its 95 Day Notice Account. This account requires a £1 minimum deposit to open. Further additions are allowed. Withdrawals can be made subject to 95 days’ notice. It must be opened and managed via mobile app.

The next best rate came from Teachers Building Society with its Union Home Saver and Teacher Home Saver both paying 0.60% gross yearly, but these accounts are only available to NEU members or teachers. More information about these accounts can be found on our notice charts.

Compare the best notice accounts

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