The Best Savings Rates This Week 26.2.21 | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 26/02/2021

This week saw the top-paying easy access savings account rate being reduced, which has resulted in seven accounts now paying the top rate in this chart. The fact that so many accounts are paying the top rate suggests that providers are reluctant to offer a chart-topping easy access rate in the current economic climate and, as such, savers may want to consider locking into the best rate quickly as there is the possibility that rates could fall further.

The best fixed rate bond savings rates

Provider Account Term Rate AER
PCF Bank 7 Year Term Deposit Issue 15 Seven years 1.45%
Gatehouse Bank Fixed Term Green Saver Five years 1.40% (expected profit rate)
Gatehouse Bank Fixed Term Green Saver Three years 1.10% (expected profit rate)
QIB (UK) Raisin UK - 2 Year Fixed Term Deposit Two years 0.85% (expected profit rate)

Habib Bank Zurich plc

 

QIB (UK)

Al Rayan Bank

HBZ Sirat eDeposit (Islamic Fixed Term Account)

Raisin UK - 1 Year Fixed Term Deposit
Fixed Term Deposit

12 months

 

One year

12 months

0.65% (expected profit rate)


0.65% (expected profit rate)
0.65% (expected profit rate)

 

A rate reduction saw PCF Bank top the fixed rate bond chart this week, with its 7 Year Term Deposit Issue 15 paying 1.45% gross on anniversary. This account requires a £1,000 minimum deposit to open. It must be opened online but can then be managed online and by phone.

Topping five and three year fixed rate bond charts this week was Gatehouse Bank. It pays an expected profit rate of 1.40% gross on anniversary on the five-year version of its Fixed Term Green Saver, while the three-year version pays an expected profit rate of 1.10% gross on anniversary. Both options require a minimum deposit of £1,000 to open. These accounts have the incentive of Gatehouse Bank planting a tree in a UK woodland project certified by the UK Government’s Woodland Carbon Code when an account is opened and funded. They must be opened and managed online.

QIB (UK) topped the two year fixed rate bond chart this week with its Raisin UK – 2 Year Fixed Term Deposit paying an expected profit rate of 0.85% gross on maturity. To open this account, a minimum deposit of £1,000 is needed. It must be opened online but can then be managed online, by post and by phone. This account benefits from Raisin UK offering a bonus or amazon gift card of up to £15 that can be claimed when a first savings account is opened via its website (terms and conditions apply).

Although Ford Money offered the top-paying one year fixed bond rate of 0.70% gross on anniversary and monthly on its Fixed Saver 1 Year account, this account is only available to existing customers. Instead, three accounts pay the next best one year fixed bond rate on accounts that are available to both new and existing customers. Habib Bank Zurich plc pays an expected profit rate of 0.65% gross on maturity on its HBZ Sirat eDeposit account. To open this account, a £5,000 minimum deposit is needed, although savers should be aware it is only available to new and existing eDeposit customers. The account must be opened online and then managed by post. QIB (UK) pays an expected profit rate of 0.65% gross on maturity on its Raisin UK – 1 Year Fixed Term Deposit account, which requires a £1,000 minimum deposit to open. This account must be opened online, but can then be managed online, by post and by phone. This account has the incentive of Raisin UK offering a bonus or amazon gift card of up to £15 that can be claimed when a first savings account is opened via its website (terms and conditions apply). Al Rayan Bank pays an expected profit rate of 0.65% gross quarterly on its Fixed Term Deposit account. This account requires a £5,000 minimum deposit to open. It can be both opened and managed online, in branch, by phone and via mobile app.

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 but all withdrawals via linked ICICI Bank current account only 0.50%
Marcus by Goldman Sachs® Online Savings Account Unlimited via a nominated account 0.50%
Nationwide Building Society 1 Year Triple Access Online Saver 10 A lower rate paid for remainder of term if more than 3 withdrawals pa 0.50%
Tandem Bank Green Instant Access Saver Unlimited via a nominated account 0.50%
Union Bank of India (UK) Ltd Savings Account Unlimited 0.50%
Virgin Money Virgin Money Instant Savings Unlimited but all withdrawals 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%

 

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

Marcus by Goldman Sachs® pays 0.50% gross monthly on its Online Savings Account. A minimum deposit is not needed to open this account, but you must have a UK mobile number to apply. It allows further additions and withdrawals via a nominated account. The account must be opened online but can then be managed online and by phone.

Also paying the top easy access savings rate this week was Nationwide Building Society with its 1 Year Triple Access Online Saver 10 paying 0.50% gross on anniversary. This account does not require a minimum deposit to open. Savers should be aware that it reverts to a Triple Access Online Saver after 12 months. Further additions and withdrawals are allowed but a lower rate of 0.01% is paid for the remainder of the term if more than three withdrawals are made per annum. The account can be both opened and managed online and via mobile app.

Tandem Bank pays 0.50% gross monthly on its Green Instant Access Saver, which requires no minimum deposit to open. Opening this account supports Tandem Bank’s green lending initiatives, helping to make UK homes more sustainable and environmentally friendly. This account allows further additions and withdrawals, both of which can be made via a nominated account. It can only be opened and managed via mobile app.

Another account paying 0.50% gross monthly is Union Bank of India (UK) Ltd’s Savings Account. This account does not require a minimum deposit to open. It allows further additions and withdrawals. The account can be both opened and managed in branch and by post.

Virgin Money pays 0.50% gross quarterly on its Virgin Money Instant Savings account. Again, a minimum deposit is not needed to open this account, although only new and existing Virgin Money Current Account customers can open the account. Further additions and withdrawals are permitted, but all withdrawals must be via a Virgin Money Current Account or nominated account. The account can be opened online, in branch or by phone and then managed online, in branch, by phone and via mobile app.

Yorkshire Building Society also pays 0.50% gross on anniversary on its Annual Access Account Issue 7. This account requires a £100 minimum deposit to open. Savers should note that it reverts to an Easy Saver after 12 months. The account allows further additions but all deposits into the account must be new money to Yorkshire Building Society. Withdrawals are restricted to one withdrawal day per anniversary year. It 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

ICICI Bank UK

ICICI Bank UK

Raisin UK - 95 Day Notice Account
Notice Savings Account

95 days

95 days

0.85%

0.85%

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

 

The top rate in the notice account chart this week came from ICICI Bank UK, which pays 0.85% gross monthly on both its Raisin UK – 95 Day Notice Account and Notice Saving Account. The Raisin UK – 95 Day Notice Account requires a £1,000 minimum deposit to open and benefits from Raisin UK offering a bonus or Amazon Gift Card of up to £15 when a first account is opened via its website (terms and conditions apply). The account does not allow further additions and only the full account balance can be withdrawn subject to 95 days’ notice and account closure. It must be opened online but can then be managed online, by post and by phone. The Notice Savings Account requires a £1 minimum deposit to open and is only available to new and existing HomeVantage Current Account customers. Further additions are permitted and withdrawals are allowed subject to 95 days’ notice. All transactions must be made via a linked HomeVantage Current Account. This account can be both opened and managed online, in branch and by phone. Savers should be aware that the rate on both these accounts is due to be reduced to 0.55% gross on the 15 March 2021.

The next best rate came from Moneycorp Bank, which pays 0.65% gross monthly on its 90 Day Notice Account Issue 1. This account requires a £10,000 minimum deposit to open. A Deposit Account with Moneycorp Bank for transactional purposes is needed when opening this account. It allows further additions while the issue remains open. Withdrawals can be made subject to 90 days’ notice. The account must be opened and managed online.

The third-best notice account rate this week came from Moneybox, which pays 0.60% gross monthly on its 95 Day Notice Account. This account, which is operated by Investec Bank plc, requires a £1 minimum deposit to open. Further additions are permitted and withdrawals can be made subject to 95 days’ notice. This account can only be opened and managed via mobile app. Savers should also be aware that Teachers Building Society pays 0.60% on its two Home Saver accounts. However, the Teacher Home Saver is only available to teachers and the Union Home Saver is only available to members of the National Education Union.

Compare the best notice accounts

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