The best savings rates this week 31.07.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 31/07/2020

Savers looking for a short-term fixed rate bond will be pleased to see that the top rates in the one- and two-year charts have increased this week. Meanwhile, the top rates in the longer-term bond charts have remained the same. 

The best fixed rate bonds savings rates

Provider

Account

Term

Rate AER

Bank of London and The Middle East

Premier Deposit Account

Seven years

1.70% (expected profit rate)

Bank of London and The Middle East

Premier Deposit Account

Five years

1.50% (expected profit rate)

Bank of London and The Middle East

Premier Deposit Account

Three years

1.40% (expected profit rate)

QIB (UK)

Raisin UK – 2 Year Fixed Term Deposit

Two years

1.40% (expected profit rate)

QIB (UK)

Raisin UK – 1 Year Fixed Term Deposit

One year

1.20% (expected profit rate)

Bank of London and The Middle East (BLME) dominated the top of the fixed rate bond chart this week, offering the highest rates in the chart overall, as well as in the five and three-year charts. The seven-year version of its Premier Deposit Account pays an expected profit rate of 1.70% gross, the five-year version pays an expected profit rate of 1.50% gross, and the three-year option pays an expected profit rate of 1.40% gross. All versions pay the expected profit on anniversary and require a £1,000 minimum deposit to open. As well as this, a BLME transfer account to hold funds pending investment is needed to open these accounts. The accounts can only be opened online and must be managed by post.
QIB (UK) had the highest-paying rate in the two and one-year fixed rate bond chart this week. Raisin UK – 2 Year Fixed Term Deposit pays an expected profit rate of 1.40% gross and Raisin UK – 1 Year Fixed Term Deposit pays an expected profit rate of 1.20% gross. Both accounts pay profit on maturity. To open these accounts, a £1,000 minimum deposit is needed. They must be opened online but can then be managed online, by post and by phone.

Savers opening an account with QIB UK through Raisin UK can also qualify for a welcome bonus payment of £10 when they deposit funds into their account. Terms and conditions apply.

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

National Savings & Investments

Income Bonds

None

1.16%

ICICI Bank UK

SuperSaver Savings Account

None

1.00%

National Savings & Investments

Direct Saver

None

1.00%

The easy access savings chart remains consistent with last week, with National Savings & Investments (NS&I) continuing to offer the top rate of interest.
The NS&I Income Bonds account can be opened with £500 online, by post or by phone. Interest is paid monthly.
The ICICI Bank UK SuperSaver Savings Account can be opened with £1 online, in branch or by phone. Interest is paid monthly and is compounded.
The Direct Saver from NS&I pays interest annually and is compounded. The account can be opened with £1 online or by phone.

Easy access accounts

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

The best notice accounts

Provider

Account

Notice

Rate AER

Bank of London and The Middle East

90 Day Notice Account (Issue 3)

90 days

1.10% (expected profit rate)

ICICI Bank UK

 UBL UK

Notice Savings Account
 35 Day Notice

45 days

 35 days

1.00%

 1.00%

Harpenden Building Society

30 Day Notice - Prem/Hert's/Bed's

30 days

0.75%

The top rate in the up to 90 days’ notice account chart comes from BLME, which pays an expected profit rate of 1.10% gross quarterly on its 90 Day Notice Account (Issue 3). This account requires a £10,000 minimum deposit to open. It allows unlimited further additions. Withdrawals, which must be for a minimum of £1,000, are permitted subject to 90 days’ notice. This account must be opened and managed online.
In the up to 60 days’ notice chart, both ICICI Bank UK and UBL UK offered the best rate of 1.00%. ICICI Bank UK pays 1.00% gross monthly on its Notice Savings Account. To open this account, a £1 minimum deposit is needed. This account is only available to new and existing HomeVantage Current Account customers. It allows unlimited further additions. Withdrawals are permitted subject to 45 days’ notice and can only be made via a linked Home Vantage Current Account. It can be both opened and managed online, in branch and by phone. UBL UK pays 1.00% gross ½ yearly on 35 Day Notice. This account requires an opening minimum deposit of £1. It allows unlimited further additions. Withdrawals are allowed subject to 35 days’ notice, and if notice is not given, earlier access is allowed subject to 35 days’ loss of interest. This account can be both opened and managed in branch and by post.
In the up to 30 days’ notice chart, Harpenden Building Society had the top rate of 0.75% gross ½ yearly on 30 Day Notice – Perm/Hert’s/Bed’s. This account is only available to existing members who have held an account prior to 1 December 2013. It requires a £1,000 minimum deposit to open. Further additions are allowed. Withdrawals are permitted subject to 30 days’ notice, and if notice is not given, earlier access is permitted subject to 30 days’ loss of interest, but there is no interest loss penalty if £10,000 remains. This account can be opened in branch or by post and then managed online, in branch and by post.

Alternative sources of income

Savers looking for better returns may also want to consider structured deposits. These are capital protected and their return is based on the performance of the FTSE 100.

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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