The Best Savings Rates This Week 29.01.21 | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 29/01/2021

Savers looking to fix into a three, two or one year account will be pleased to see that new higher rates are now topping these charts this week. In the easy access savings account and notice account charts, both of last week’s top rates remain available. Savers should be aware that some of last week’s accounts have not been highlighted this week due to having highly restrictive opening conditions.

The best fixed rate bond savings rates

Provider Account Term Rate AER
Gatehouse Bank Fixed Term Deposit Five years 1.50% (expected profit rate)
Al Rayan Bank Fixed Term Deposit 36 months 1.31% (expected profit rate)
Al Rayan Bank Fixed Term Deposit 24 months 1.15% (expected profit rate)
Al Rayan Bank Fixed Term Deposit 12 months 0.85% (expected profit rate

 

This week saw Gatehouse Bank continue to top the fixed rate bond chart with its five-year option of its Fixed Term Deposit account, paying an expected profit rate of 1.50% gross on anniversary. This account requires a £1,000 minimum deposit to open and can only be opened and managed online.

Topping the three, two and one year fixed rate bond charts this week was Al Rayan Bank. The 36-month option of its Fixed Term Deposit account pays an expected profit rate of 1.31% gross quarterly, the 24-month option pays an expected profit rate of 1.15% gross quarterly and the 12-month version pays an expected profit rate of 0.85% gross quarterly. All accounts require a £5,000 minimum deposit to open. They 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 HomeVantage current account only 0.60%
Nationwide Building Society 1 Year Triple Access Online Saver 10 Lower rate paid for remainder of term if more than three withdrawals pa 0.50%
Aldermore Easy Access Issue 14 Unlimited 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 One withdrawal day per anniversary year 0.50%

 

The top-paying easy access savings account this week came from ICICI Bank, which pays 0.60% gross monthly on its SuperSaver Savings Account. To open this account, a £1 minimum deposit is needed, along with an ICICI HomeVantage Current Account. It allows further additions and withdrawals are permitted but must be made via a linked ICICI Bank current account. The account can be opened online, in branch or by phone, and then managed online, in branch, by post and via mobile app.

Six accounts had the second-best easy access rate this week. Nationwide Building Society pays 0.50% gross on anniversary on its 1 Year Triple Access Online Saver 10 account, which does not need a minimum deposit to open. Further additions are allowed. Withdrawals can be made but a lower rate is paid for the remainder of the term if more than three withdrawals are made per annum. This account can be opened and managed online and via mobile app.

Aldermore pays 0.50% gross on anniversary or monthly on its Easy Access Issue 14 account. This account requires a £1,000 minimum deposit to open. It allows further additions and withdrawals. The account can only be opened and managed online.

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

Also not requiring a minimum deposit to open is Virgin Money’s Instant Savings account, which pays 0.50% gross quarterly. To open this account, a Virgin Money Current Account is needed. It allows further additions. Withdrawals are permitted but must be made via a Virgin Money Current Account or nominated account. It can be opened online, in branch or by phone and then managed online, in branch, by phone and via mobile app.

Yorkshire Building Society pays 0.50% gross on anniversary, on its Annual Access Account Issue 7. It requires a £100 minimum deposit to open (which cannot come from an existing YBS account) and savers should be aware that it reverts to an Easy Saver account after 12 months. It allows further additions and withdrawals are restricted to up to one withdrawal day per anniversary year. The account 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 Notice Savings Account 95 days 0.85%
Moneycorp Bank 90 Day Notice Account Issue 1 90 days 0.65%
Moneybox
Shawbrook Bank
95 Day Notice Account
120 Day Notice Personal Account Issue 46
95 days
120 days
0.60%
0.60%

 

Topping the notice account chart this week was ICICI Bank UK with its Notice Savings Account paying 0.85% gross monthly. A £1 minimum deposit is needed to open this account, as well as a HomeVantage Current Account. It allows further additions. Withdrawals are permitted subject to 95 days’ notice and must be made via a linked HomeVantage Current Account. It can be both opened and managed online, in branch and by phone. The rate on this account will be reducing to 0.55% gross from 15 March 2021 and to 0.35% gross from 3 May 2021.

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

Two accounts without restrictive opening conditions had the third-best notice account rate this week. Moneybox pays 0.60% gross monthly on its 95 Day Notice Account, which requires a £1 minimum deposit to open. This account, which is operated by Investec Bank plc, allows further additions. Withdrawals can be made subject to 95 days’ notice. It must be opened and managed via mobile app. Shawbrook Bank pays 0.60% gross on anniversary or monthly on its 120 Day Notice Personal Account Issue 46. It requires a £1,000 minimum deposit to open. This account allows further additions and withdrawals are permitted subject to 120 days’ notice. The account must be opened online but can be managed online and by phone.

Compare the best notice accounts

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