Derin Clark

Derin Clark

Online Reporter
Published: 26/07/2019

Data released by UK Finance this week showed that there has been a 2.5% year-on-year increase in savings deposits held in instant access savings accounts in June, while ISA deposits have also risen by 0.3% year-on-year. Despite this, the best rates continued to be offered in the fixed rate savings chart, suggesting that savers are willing to forgo high rates in return for quick access to their money. This week, the highest rates can once again be found in the fixed rate bond charts, but savers wanting quick access to their money will still find some competitive rates in the easy access savings chart too.  

The best fixed rate bonds savings rates

Provider Account Term Rate AER
Bank of London and The Middle East Premier Deposit Account Seven-year bond 2.85% expected profit rate
Bank of London and The Middle East Premier Deposit Account Five-year bond 2.80% expected profit rate
Bank of London and The Middle East Premier Deposit Account Three-year bond 2.60% expected profit rate
Bank of London and The Middle East Premier Deposit Account Two-year bond 2.45% expected profit rate
Bank of London and The Middle East Premier Deposit Account One-month bond 2.35% expected profit rate

The fixed rate bonds savings chart was dominated by Bank of London and The Middle East (BLME) this week, which topped all terms within this sector. The best rate being offered this week was an expected profit rate of 2.85% on BLME’s Premier Deposit Account seven-year bond. BLME also topped the five-year chart with its Premier Deposit Account offering an expected profit rate of 2.80%, the three-year chart with a three-year version of the account offering an expected profit rate of 2.60%, the two-year chart offering an expected profit rate of 2.45% and the one-year chart offering an expected profit rate of 2.35% on its eighteen-month bond. All version of its Premier Deposit Account require a minimum deposit of £1,000 to open and do not allow further additions or withdrawals. They can only be opened online then managed by post. As well as this, a BLME transfer account to hold funds pending investment is required to open a BLME account.

The best easy access savings rates

Provider Account Term Rate AER
Cynergy Bank Online Easy Access Account – Issue 24 None 1.50%, includes 0.75% bonus for 12 months
Marcus by Goldman Sachs® Online Savings Account None 1.50%, includes 0.15% bonus for 12 months
Virgin Money Double Take E-Saver Issue 10 None 1.50%
Virgin Money Man Utd Double Take E-Saver Issue 5 None 1.50%
Shawbrook Bank Easy Access – Issue 15 None 1.48%

Savers can still choose from three different providers to get the top easy access savings rate of 1.50% this week. Cynergy Bank pays 1.50%, currently including a 0.75% bonus for 12 months, on its Online Easy Access Account – Issue 24. Savers need a minimum deposit of £1 to open this online-only account, which then allows unlimited further additions and withdrawals, although withdrawals must be made via a nominated account.  

For those wanting an easy access account that offers a bonus and pays interest monthly, Marcus by Goldman Sachs® offers the top rate of 1.50%, including a 0.15% bonus for 12 months. There is no minimum opening amount for this account, and it allows unlimited further additions and withdrawals. It must be opened online but can then be managed by phone as well. A UK mobile number is needed to open this account.

Virgin Money offers the top rate of 1.50% on two accounts, both of which have versions that pay interest monthly. Both its Double Take E-Saver Issue 10 and Man Utd Double Take E-Saver Issue 5 pay this rate on a minimum opening deposit of £1. The accounts allow unlimited further additions, but withdrawals are restricted to two per calendar year including closure. All versions of these accounts can only be opened and operated online.

The second-best rate in the easy access chart came from Shawbrook Bank, offering 1.48% on its Easy Access – Issue 15. A £1,000 minimum opening deposit is needed to open this account, which allows unlimited further additions and withdrawals. It can only be opened online but can then be managed by phone as well.

The best notice account rates

Provider Account Notice Rate AER
Gatehouse Bank 120 Day Notice Account 120 day 1.87% expected profit rate
OakNorth 90 Day Notice Deposit 90 day 1.77%
Secure Trust Bank 60 Day Notice Account 60 day 1.75%
Secure Trust Bank 30 Day Notice Account 30 day 1.55%

Gatehouse Bank offered the top notice account rate this week with an expected profit rate of 1.87%. This rate is available on its 120 Day Notice Account, which requires a £1,000 minimum opening deposit. Unlimited further additions are permitted, while withdrawals are allowed via a nominated account subject to 120 days’ notice. This account can only be opened and managed online.

OakNorth topped the 90-day notice account chart this week, paying 1.77% on its 90 Day Notice Deposit. To open this account, savers need a minimum deposit of just £1 and once open they can make unlimited further additions. Withdrawals are allowed but are subject to 90 days’ notice. This account pays interest monthly and can only be opened and managed online.

Secure Trust Bank topped both the 60-day notice and 30-day notice charts, offering 1.75% on its 60 Day Notice Account and 1.55% on its 30 Day Notice Account. Both accounts require a £1,000 minimum opening deposit and allow unlimited further additions. The 60-day version permits four interest withdrawals per year without penalty, while three capital withdrawals are permitted per year on 60 days’ notice. The 30-day option meanwhile has the same withdrawals restrictions but requires 30 days’ notice on capital withdrawals. Both accounts can only be opened online and then managed by phone as well.     

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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