The best savings rates this week 30.10.20

Despite some optimism a few weeks ago that savings rates were starting to rise it seems that rates have stabilised once again, resulting in little changes in the savings chart this week. Although a new top rate has entered the easy access chart, this account is only available to existing Cynergy Bank customers. As well as this, the Bank of London and the Middle East reduced the expected profit rate on its 90 Day Notice Account (Issue 4) account during the week resulting in UBL UK now topping the notice account chart.

Remaining at the top of the fixed rate bond chart this week was Bank of London and The Middle East (BLME) which pays an expected profit rate of 1.55% gross on anniversary on its Premier Deposit Account. To open this account a £1,000 minimum deposit is needed. It must be opened online but can then be managed by post. A BLME transfer account is needed to hold funds pending investment.

Al Rayan Bank dominated the rest of the fixed rate bond charts this week topping the three, two and one year chart with versions of its Fixed Term Deposit account. The 36 Month option pays an expected profit rate of 1.41% gross, the 24 Month option pays an expected profit rate of 1.25% gross and the 12 Month option pays an expected profit rate of 1.08% gross. All expected profit is paid quarterly. The quarterly profit is reduced if it is taken as income. A minimum opening deposit of £5,000 is needed to open these accounts. They can be opened and managed online, in branch, by phone and via mobile app.

Topping the easy access account chart this week was Cynergy Bank which pays 0.90% gross on anniversary, including a 0.45% bonus for 12 months, on its Online Easy Access Account – Issue 31. This account is only available to existing customers. A £1 minimum deposit is needed to open the account, and a Cynergy bank Authenticator App or Digipass is required to open and operate the account. It allows unlimited further additions. Withdrawals can be made at any time via a nominated account. The account must be opened and managed online.

Both Leeds Building Society and Yorkshire Building Society had the second best rate of 0.80% in the easy access chart this week. Leeds Building Society pays 0.80% gross yearly on its Double Access Saver, which requires a £5,000 minimum deposit to open. Unlimited further additions are allowed while the issue remains open. Withdrawals are restricted to two per calendar year, after this there is a 30 day loss of interest on all further withdrawals. It can be opened and managed in branch and by post.

Yorkshire Building Society pays 0.80% gross on anniversary on its Annual Access Account Issue 5. This account requires a £100 minimum deposit to open and the money must be new to the institution. The account allows unlimited further additions, meanwhile withdrawals are restricted to one withdrawal day per account year. Savers should be aware that after 12 months this account reverts to an Easy Saver. It can be opened and managed in branch and by post.

Savers looking for a notice account will find that UBL UK offered the top rate of 1.00% on three accounts this week. Its 35 Day Notice account pays 1.00% gross half-yearly on a £1 opening minimum deposit. This account allows unlimited further additions and withdrawals can be made subject to 35 days’ notice. If notice is not given, earlier access is permitted subject to 35 days’ loss of interest. Meanwhile, its 90 Day Ameen Islamic Notice account pays an expected profit rate of 1.00% gross half-yearly and its 90 Day Notice account pays 1.00% gross half-yearly. To open these accounts a £1 minimum deposit is needed. They both allow unlimited further additions. Withdrawals are permitted subject to 90 days’ notice. If notice is not given the 90 Day Ameen Islamic Notice account allows earlier access subject to a 50% reduction in total profit calculated. The 90 Day Notice account also allows earlier access but it is subject to 90 days’ loss of interest. All these accounts can be opened and managed in branch and by post.