The best savings rates this week 31.01.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 31/01/2020

Yesterday’s announcement that the Bank of England base rate will remain at 0.75% will be a relief to some savers. Saying this, the savings charts are still seeing providers drop rates, which most notably could be seen in the fixed rate bond chart this week, where Bank of London and The Middle East (BLME) reduced many of its fixed term rates. As well as this, there were rate reductions in the easy access chart this week, resulting in new lower rates now topping 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%
UBL UK 5 Year Fixed Term Deposit Five years 2.10%
UBL UK 3 Year Fixed Term Deposit Three years 2.00%
UBL UK 2 Year Fixed Term Deposit Two years 1.80%
Bank of London and The Middle East Premier Deposit Account One year 1.75% (expected profit rate)

PCF Bank offered the top rate overall in the fixed rate bond chart this week. Its 7 Year Term Deposit Issue 11 account pays 2.15% gross on anniversary, however it does require savers to lock their money into the account for seven years. A £1,000 minimum opening deposit is required for this account, which can be opened online or by post. Once opened, it can then be managed online, by post and by phone.

During the week, BLME lowered the rates on many of its fixed term bonds. This resulted in UBL UK paying the highest gross rate in the five, three and two year fixed rate bond charts this week. UBL UK tops the five year chart with its 5 Year Fixed Term Deposit paying 2.19% gross on maturity. Its 3 Year Fixed Term Deposit tops the three year chart paying 2.04% gross on maturity and its 2 Year Fixed Term Deposit offers the top rate in the two year chart paying 1.82% gross on maturity. All these accounts require an opening minimum deposit of £2,000. They can all be both opened and managed in branch and by post. There are also versions of these accounts that pay interest on anniversary and monthly at slightly lower gross rates.

Despite dropping its rates, BLME remained at the top of the one year chart this week, paying an expected profit rate of 1.75% gross on maturity on its Premier Deposit Account. To open this account a £1,000 minimum deposit is required and it can only be opened online then only managed by post. To open this account, a BLME transfer account is required to hold funds pending investment.

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%
Marcus by Goldman Sachs® Online Savings Account None 1.35%
SAGA Saga Easy Access Savings Account None 1.35%, includes a 0.20% bonus for 12 months

Last week’s top easy access rate was no longer available by the end of this week, resulting in Ford Money taking the top spot. Ford Money’s Flexible Saver pays 1.35% gross on anniversary, but is only available to existing customers. It requires an opening minimum deposit of just £1 and allows unlimited further additions and withdrawals. The account can be opened online or by phone and then managed online. There is also a version of this account that pays interest monthly at a slightly lower gross rate.

Both Marcus by Goldman Sachs® and SAGA offered a rate of 1.34% gross monthly on their easy access accounts this week. Marcus by Goldman Sachs® pays this rate on its Online Savings Account, which does not require a deposit to open. Savers will however need to have a UK mobile number. It allows unlimited further additions and withdrawals. This account must be opened online, but can then be managed by phone as well.

SAGA pays 1.34% gross monthly, including a 0.20% bonus for 12 months, on its Saga Easy Access Savings Account. This account requires a minimum opening deposit of £1 and, once opened, permits unlimited further additions and withdrawals. The account is operated by Goldman Sachs International Bank and can only be opened online, but can then be managed online and by phone.

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
Investec Bank plc Notice Plus (0% immediate access) 95 days 1.80%
Bank of London and The Middle East 90 Day Notice Account (Issue 1) 90 days 1.71% (expected profit rate)
Secure Trust Bank 60 Day Notice Account 60 days 1.50%
Secure Trust Bank 30 Day Notice Account 30 days 1.40%

Remaining at the top of the notice chart this week was Investec Bank plc with its Notice Plus (0% immediate access) paying 1.79% gross monthly. This is a highly restrictive account that is only available to existing Investec clients via Investec Online. As well as this, it requires a substantial minimum deposit of £10,000 to open. The account allows unlimited further additions and withdrawals are also permitted subject to 95 days’ notice. A loyalty rate of 0.05% is added to the account if notice is not placed for 90 days. It can be opened online and then managed by phone and mobile app. There are other versions of this account that have a shorter notice period offering savers a lower gross rate.

Offering the top rate in the 90 day notice chart this week was BLME paying an expected profit rate of 1.70% gross quarterly on its 90 Day Notice Account (Issue 1). This account requires a £10,000 minimum deposit to open and, once opened, allows unlimited further additions. Withdrawals are permitted subject to 90 days’ notice. This account can only be opened and managed online.

Secure Trust Bank once again topped the 60 and 30 day charts this week. Its 60 Day Notice Account pays 1.49% gross quarterly, while its 30 Day Notice Account pays 1.39% gross quarterly. Both accounts require a minimum deposit of £1,000 to open and allow unlimited further additions. Withdrawals on both accounts are restricted to four interest withdrawals per annum and three capital withdrawals are permitted per annum subject to 60 days’ notice on the 60-day version and 30 days’ notice on the 30-day version. These accounts can only be opened online but can then be managed online and by phone.

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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