Derin Clark

Derin Clark

Online Reporter
Published: 27/09/2019

Unusually, due to Gatehouse Bank reducing the rate on its five year bond, the overall best rate in the fixed rate bond chart this week comes from a three year bond. While competition within the bond chart has reduced slightly, it still continues to offer the most competitive rates of all savings accounts. The easy access account chart also remains highly competitive this week with Al Rayan Bank continuing to offer its market-leading rate and Virgin Money increasing rates on two of its easy access accounts. As well as this, Hampshire Trust Bank launched a new 90-day notice account this week, resulting in it offering the top rate for its term.

The best fixed rate bond savings rates

Provider Account Term Rate AER
Shawbrook Bank 7 Year Fixed Rate Bond Issue 3 Seven year bond 2.40%
Gatehouse Bank Fixed Term Deposit Five year bond 2.35% (expected profit rate)
Al Rayan Bank Fixed Term Deposit 36 month bond 2.42% (expected profit rate)
Al Rayan Bank Fixed Term Deposit 24 month bond 2.32% (expected profit rate)
Al Rayan Bank Fixed Term Deposit 18 month bond 2.22% (expected profit rate)

This week saw Gatehouse Bank reduce the rate on its five year fixed rate bond resulting in a three year bond actually topping the chart overall. Al Rayan Bank offers an expected profit rate of 2.42% on the 36-month version of its Fixed Term Deposit, which not only tops the three year fixed rate chart, but is the highest rate available across all fixed rate terms. Al Rayan Bank also tops the two and one year fixed rate charts with the 24-month and 18-month versions of this account, offering expected profit rates of 2.32% and 2.22% respectively. All these accounts require a minimum deposit of £1,000 to open and do not allow any withdrawals during their term. Interest is paid quarterly and they can be both opened and managed online, in branch, by post, by phone and via mobile app.

Shawbrook Bank offers the second-highest rate overall in the bond charts with 7 Year Fixed Rate Bond Issue 3, a seven year bond that pays 2.40%. This account requires a minimum opening deposit of £1,000 to open and does not allow any withdrawal of funds during the seven-year term. It can only be opened online and then managed by phone. There is a version of this account that pays interest monthly at a slightly lower gross rate.

Despite reducing its rate this week, Gatehouse Bank remains at the top of the five year fixed rate bond chart with its Fixed Term Deposit paying an expected profit rate of 2.35%. This online-only account requires a £1,000 minimum deposit to open and does not allow withdrawals during the five-year term.

The best easy access savings rates

Provider Account Term Rate AER
Al Rayan Bank Everyday Saver Instant 1.61% (expected profit rate)
Cynergy Bank Online Easy Access Account – Issue 25 None 1.45% (includes a 0.70% bonus for 12 months)
Marcus by Goldman Sachs® Online Savings Account None 1.45% (includes a 0.10% bonus for 12 months)
Virgin Money Double Take E-Saver Issue 12 None 1.45%
Virgin Money Utd Double Take E-Saver Issue 7 None 1.45%

Virgin Money increased the rates on two of its easy access accounts this week, resulting in them both now offering the joint-second highest rate in the chart. Overall, Al Rayan Bank continues to top the chart with its highly competitive expected profit rate of 1.61% on its Everyday Saver. This account requires an opening deposit of £500 and allows unlimited further additions and withdrawals. It can be both opened and managed online, in branch, by post, by phone and via its mobile app.

Three providers now offer the second-best rate in the chart of 1.45% on four different products. Cynergy Bank offers this rate (which includes a 0.75% bonus for 12 months) on its Online Easy Access Account – Issue 25. This online-only account requires an opening deposit of just £1 and permits unlimited further additions and withdrawals.

Marcus by Goldman Sachs® also offers a rate of 1.45%, including a 0.10% bonus for 12 months, on its Online Savings Account. This account does not require a deposit to open, but a UK mobile number is needed. It allows both further additions and withdrawals and while it can only be opened online, it can also be managed by phone. Interest is paid monthly.

Increasing its rates mean that Virgin Money now also offers 1.45% on its Double Take E-Saver Issue 12 and Man Utd Double Take E-Saver Issue 7. Both these accounts are online-only and require a minimum opening deposit of £1. Unlimited further additions are allowed but withdrawals are restricted to two withdrawals per calendar year including closure. There are versions of both these accounts that pay interest monthly on a slightly reduced gross rate.

The best notice account rates

Provider Account Notice Rate AER
PCF Bank 180 Day Notice Deposit Issue 1 180 days 1.85%
Hampshire Trust Bank 90 Day Notice (Issue 24) 90 days 1.75%
Shawbrook Bank 45 Day Notice Personal Account Issue 2 45 days 1.51%
Aldermore 30 Day Notice Issue 7 30 days 1.30%

PCF Bank remained at the top of the notice account chart overall this week offering a rate of 1.85% on its 180 Day Notice Deposit Issue 1. This account requires a deposit of £1,000 to open and allows unlimited further additions, while withdrawals are permitted but subject to 180 days’ notice. The account can be opened online or by post and then managed online, by post and by phone.

Hampshire Trust Bank launched a new 90-day notice account that now sits at the top of the Up to 90 Days chart. Its 90 Day Notice (Issue 24) pays 1.75% on a minimum deposit of £1,000. It allows further additions and withdrawals are permitted via a nominated account subject to 90 days’ notice. This account can be opened online or by post and then managed by phone as well.

Once again Shawbrook Bank is offering the top rate in the Up to 60 Days chart with its 45 Day Notice Personal Account Issue 2 paying 1.51%. This account requires an opening deposit of £1,000 and allows further additions, while withdrawals are allowed subject to 45 days’ notice. There is also a version of this account that pays interest monthly at a slightly reduced gross rate.

Aldermore continues to offer the top rate in the Up to 30 Days chart this week with its 30 Day Notice Issue 7 paying 1.30% on a £1,000 deposit. This account allows unlimited further additions and withdrawals are permitted subject to 30 days’ notice. This account can only be opened and managed online, but again both annual or monthly interest options are available.

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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