The best savings rates this week 28.02.2020 | moneyfacts.co.uk
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Derin Clark

Derin Clark

Online Reporter
Published: 28/02/2020

Despite a number of rate reductions and withdrawals across the savings charts this week, savers will be pleased to see that many of last weeks’ top rates are still available. The most notable rate reductions can be found in the notice chart, where last week’s top rate is no longer available. Savers looking to lock their money into a fixed rate bond will find that many top rates remained, but there was less choice in products. Meanwhile, those looking for an easy access account will find little change in this chart.

The best fixed rate bond savings rates

Provider Account Term Rate AER
PCF Bank 7 Year Term Deposit Issue 11 Seven years 2.15%

Gatehouse Bank

Gatehouse Bank

Fixed Term Deposit

Raisin UK – 5 Year Fixed Term Deposit

Five years

Five years

2.10% (expected profit rate)
2.10% (expected profit rate)
Bank of London and The Middle East Premier Deposit Account Three years 1.85% (expected profit rate)
Bank of London and The Middle East Premier Deposit Account Two years 1.80% (expected profit rate)
FirstSave 1 Year Bond – 38th Issue One year 1.70%

The fixed rate bond charts remained competitive this week with many of last week’s top rates still available. PCF Bank continued to top the chart overall with its 7 Year Term Deposit Issue 11 paying 2.15% gross on anniversary. This account requires a minimum deposit of £1,000 to open. It can be opened online or by post and then managed online, by post and by phone.

Dominating the five year fixed chart again this week was Gatehouse Bank, with two accounts offering the top rate of 2.10% gross. Gatehouse Bank pays an expected profit rate of 2.10% gross on anniversary on its Fixed Term Deposit, which requires a £1,000 minimum deposit to open. This account can only be opened and managed online. Gatehouse Bank is also offering an expected profit rate of 2.10% gross on maturity on its Raisin UK – 5 Year Fixed Term Deposit. This account also requires a minimum opening deposit of £1,000. It too must be opened online but can then be managed online, by post and by phone.

Bank of London and The Middle East (BLME) continued to offer the top rate in both the three and two year charts this week. The three-year version of its Premier Deposit Account pays an expected profit rate of 1.85% gross on anniversary, while the two-year option pays an expected profit rate of 1.80% gross on anniversary. Both these accounts require an opening minimum deposit of £1,000 and must be opened online and can then only be managed by post. To open these accounts, a BLME transfer account to hold funds pending investment is required.

New to the top of the one year chart this week is FirstSave paying 1.70% gross on anniversary on its 1 Year Bond – 38th Issue. This account requires an opening minimum deposit of £1,000 and can only be opened and managed online.

Fixed rate bonds

All the rates available can be found on our fixed rate bonds chart.

The best easy access savings rates

Provider Account Notice Rate AER
Ford Money Flexible Saver None 1.35%
Virgin Money Double Take E-Saver Issue 14 None 1.31%
Britannia
Loughborough Building Society
Yorkshire Building Society

Select Access Saver 11
Future First

1 Year Limited Access Saver Issue 3

Instant
Instant

None

1.30%
1.30%

1.30%

Remaining at the top of the easy access chart this week was Ford Money with its Flexible Saver paying 1.35% gross on anniversary. This account is only available to existing Ford Money customers. It requires an opening minimum deposit of £1 and allows unlimited further additions and withdrawals. This account can be opened online or by phone and then managed online only. There is also a version of this account that pays interest monthly at a slightly lower gross rate.

Virgin Money continued to pay 1.31% gross yearly on its Double Take E-Saver Issue 14 this week. To open this account, a £1 minimum deposit is needed. It allows unlimited further additions. Withdrawals are restricted to two withdrawals per calendar year including closure. It can only be opened and managed online. There is also a version of this account that pays interest monthly at a slightly lower gross rate.

Three providers continued to offer the third-best rate of 1.30% gross in the easy access chart this week. Britannia pays 1.30% gross yearly on its Select Access Saver 11, which requires a minimum deposit of £500 to open. This account allows unlimited further additions. Savers should be aware that it pays a lower rate if more than four withdrawals are made per annum. It can be opened online, in branch or by phone and then managed in branch, by post and by phone. Loughborough Building Society pays 1.30% gross yearly on its Future First account, which requires a minimum opening deposit of £1. This account is only available to those aged 16-25. It allows unlimited further additions, but restricts withdrawals to four per calendar year. It can be opened and managed in branch and by post. Yorkshire Building Society also pays 1.30% gross on anniversary on its 1 Year Limited Access Saver Issue 3. This account requires a £100 minimum deposit to open, which must be new money to the society, and it permits unlimited further additions. Withdrawals are restricted to one withdrawal day per account year. This account can only be opened and managed online. After 12 months, the account reverts to the latest issue of Limited Access Saver.

Easy access accounts

All the rates available can be found on our easy access accounts chart.

The best notice account rates

Provider Account Notice Rate AER

ICICI Bank UK

ICICI Bank UK

HiSAVE Notice Savings Account
Raisin UK – 95 Day Notice Account

95 days

95 days

1.60%

1.60%

Charter Savings Bank 60 Day Notice – Issue 14 60 days 1.40%
Aldermore 30 Day Notice Issue 7 30 days 1.30%

Two accounts without any opening restrictions offer the top rate of 1.59% gross in the notice charts. ICICI Bank UK pays 1.59% gross monthly on both its HiSAVE Notice Savings Account and its Raisin UK – 95 Day Notice Account. HiSAVE Notice Savings Account requires a minimum deposit of £1 and allows unlimited further additions. It permits withdrawals, subject to 95 days’ notice, via a linked ICICI Bank current account only. It can be both opened and managed online, in branch and by phone. Raisin UK – 95 Day Notice Account requires a £1,000 minimum deposit to open. It allows unlimited further additions. Partial withdrawals are not allowed, but the full account balance can be withdrawn subject to 95 days’ notice and account closure.

Charter Savings Bank offered the best rate on a 60 day notice account this week. Its 60 Day Notice – Issue 14 pays 1.40% gross on anniversary. A minimum deposit of £5,000 is needed to open this account. It allows unlimited further additions, while withdrawals are also permitted but subject to 60 days’ notice. It can only be opened and managed online. There is a version of this account that pays interest monthly at a slightly lower gross rate.

Aldermore paid the top rate on a 30 day notice account this week, with its 30 Day Issue 7 paying 1.30% gross on anniversary. This account requires a minimum deposit of £1,000 to open and allows unlimited further additions. Withdrawals are permitted but subject to 30 days’ notice. It can only be opened and managed online. As well as this, there is also a version of this account that pays interest monthly at a lower gross rate.

Notice accounts

All the rates available can be found on our notice accounts chart.

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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