Derin Clark

Derin Clark

Online Reporter
Published: 28/06/2019

This week Islamic Banks were leading the way across the fixed rate bonds saving charts, offering the best rate for each term. The easy access saving chart once again was highly competitive, with three providers offering the top rate of 1.50%, while the notice account charts also offered some attractive rates across all notice periods.

The best fixed rate bonds savings rates

Provider Account Term Rate AER
Bank of London and The Middle East Premier Deposit Account Seven years 2.75% expected profit rate
Gatehouse Bank Fixed Term Deposit Five years 2.75% expected profit rate
Gatehouse Bank Fixed Term Deposit Three years 2.55% expected profit rate
Al Rayan Bank Fixed Term Deposit 24-months 2.42% expected profit rate
Al Rayan Bank Fixed Term Deposit 18-months 2.32% expected profit rate

Last week’s top rate of 2.76% AER dropped out of the fixed term bond chart this week, so the best rate on offer by the end of the week came from Bank of London and The Middle East with its Premier Deposit Account offering an expected profit rate of 2.75% AER. This seven-year bond requires a minimum deposit of £1,000 and does not allow further additions or withdrawals. It can only be opened online then managed by post. You must open a BLME transfer account when applying for this bond.

Topping the five-year fixed rate bond chart this week was Gatehouse Bank offering an expected profit rate of 2.75% AER on its Fixed Term Deposit. This is a five-year bond that requires an initial deposit of £1,000 to open. It does not allow further additions or withdrawals and can only be opened and managed online. Gatehouse Bank also topped the three-year fixed rate bond chart this week with a three-year version of this account, offering an expected profit rate of 2.55% AER.

Al Rayan Bank took first spot on both the two-year and one-year fixed rate bond charts this week with its Fixed Term Deposit. The 24-month bond version topped the two-year chart offering an expected profit rate of 2.42% AER, while the 18-month bond version topped the one-year chart offering an expected profit rate of 2.32% AER. Both versions require a minimum opening deposit of £1,000 and do not allow further additions or withdrawals. They can be both opened and managed online, in branch, by post, by phone and via mobile app.

The best easy access savings rates

Provider Account Term Rate AER
Cynergy Bank Online Easy Access Account – Issue 23 None 1.50%, includes 0.50% 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%
AA Easy Saver – Issue 10 None 1.47%, includes 1.27% bonus for 12 months

Three providers continued to dominate the easy access savings chart this week all offering the top rate of 1.50% AER variable. Cynergy Bank was offering this rate on its Online Easy Access Account – Issue 23 from a minimum opening deposit of £1. Its rate includes a 0.50% bonus for 12 months. Withdrawals must be made via a nominated account and interest is paid on its anniversary.

Marcus by Goldman Sachs® also offers 1.50% AER variable on its Online Savings Account for a minimum deposit of £1, which includes a 0.15% bonus. There is no minimum deposit needed to open this account although a UK mobile number is required. This account pays interest monthly and must be opened online but can then be managed by phone as well.

Also offering 1.50% AER variable this week was Virgin Money with two accounts – Double Take E-Saver Issue 10 and Man Utd Double Take E-Saver Issue 5. Both accounts require a minimum deposit of £1. Withdrawals are restricted to two per calendar year including closure. These online-only accounts offer both a monthly interest and yearly interest option. The Man Utd Double Take E-Saver Issue 5 also has the added incentive of 10 entries into a prize draw for every month the account is open and one extra entry for every £50 held in the account, with the ability to win matchday tickets, signed shirts and hospitality tickets.

The next best rate in the easy savings chart is being offered by AA on its Easy Saver – Issue 10 account, which offers 1.47% AER variable including a 1.27% bonus for 12 months. This account requires a minimum opening deposit of £100 and allows unlimited additions and withdrawals via a nominated account. It can be both opened and managed online and by phone and interest is paid on its anniversary.

The best notice account rates

Provider Account Notice Rate AER
Secure Trust Bank 90 Day Notice Account 90 days 1.92%
Gatehouse Bank 120 Day Notice Account 120 days 1.87% expected profit rate
Secure Trust Bank 60 Day Notice Account 60 days 1.70%
Secure Trust Bank 30 Day Notice Account 30 days 1.50%

Dominating the notice account charts this week is Secure Trust Bank, which tops the charts overall with its 90 Day Notice Account offering 1.92% AER. This account requires a minimum deposit of £1,000 and interest is paid quarterly. Unlimited further additions are allowed.

Withdrawals can be made, but these do come with some specific rules. You can make four withdrawals to the value of interest you have earned at the time, per annum. You can also make three withdrawals from your capital per annum. Any type of withdrawal is subject to 90 days’ notice. Secure Trust Bank also tops the 60 days’ notice chart with its 60 Day Notice Account that pays 1.70% AER, and the 30 days’ notice chart with its 30 Day Notice Account that pays 1.50% AER. Both accounts pay interest quarterly. They have the same rules on withdrawals as per the 90-day product, but with the notice period being 60 and 30 days respectively. All the accounts must be opened online but can then be managed by phone as well.

Another provider offering a competitive rate in the notice account charts this week is Gatehouse Bank, which offers an expected profit rate of 1.87% on its 120 Day Notice Account. This account requires a minimum opening deposit of £1,000. Withdrawals are permitted subject to 120 days’ notice and must be made to a nominated account. This account can only be opened and managed online. Interest is paid on its anniversary.

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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