The Best Savings Rates This Week 5.3.21 | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 05/03/2021

Those who save with Wyelands Bank will be having their deposits returned to them as a result of regulatory requirements applied by the Prudential Regulatory Authority (PRA). In addition to having their deposits returned, savers will receive interest, including the interest to cover the notice period and term on notice and fixed term accounts. Wyelands Bank has stated that while customers do not need to take any action at this stage, it will send communication to savers on 8 March giving further details and next steps.

The best fixed rate bond savings rates

Provider Account Term Rate AER
PCF Bank 7 Year Term Deposit Issue 15 Seven years 1.45%
Gatehouse Bank Fixed Term Green Saver Five years 1.40% (expected profit rate)
Gatehouse Bank Fixed Term Green Saver Three years 1.10% (expected profit rate)
QIB (UK) Raisin UK – 2 Year Fixed Term Deposit Two years 0.85% (expected profit rate)

Habib Bank Zurich plc


QIB (UK)

Al Rayan Bank

HBZ Sirat eDeposit (Islamic Fixed Term Account)
Raisin UK – 1 Year Fixed Term Deposit
Fixed Term Deposit

12 months


One year

12 months

0.65% (expected profit rate)

0.65% (expected profit rate)
0.65% (expected profit rate)

 

PCF Bank continued to offer the best-paying fixed rate bond this week, with its 7 Year Term Deposit Issue 15 paying 1.45% gross on anniversary. This account requires a £1,000 minimum deposit to open. It must be opened online but can then be managed online and by phone.

Gatehouse Bank topped both the five and three year fixed rate bond charts. The five-year version of its Fixed Term Green Saver pays an expected profit rate of 1.40% gross on anniversary and the three-year option of this account pays an expected profit rate of 1.10% gross on anniversary. Both accounts require a £1,000 minimum deposit to open. They have the incentive of Gatehouse Bank planting a tree in a UK woodland project certified by the UK Government’s Woodland Carbon Code when an account is opened and funded. Both accounts can only be opened and managed online.

The top two year fixed bond rate this week came from QIB (UK), which pays an expected profit rate of 0.85% gross on maturity on its Raisin UK – 2 Year Fixed Term Deposit account. A £1,000 minimum deposit is needed to open this account, which comes with the incentive of Raisin UK offering a bonus or Amazon gift card of up to £15 when a first savings account is opened via its website (terms and conditions apply). The account must be opened online but can then be managed online, by post and by phone.

Ford Money had the top-paying one year fixed rate bond with its Fixed Saver 1 Year account paying 0.70% gross on anniversary and monthly, but this account is only available to existing customers. Three providers offer the next-best one year fixed bond rate this week. Habib Bank Zurich plc's  HBZ Sirat eDeposit (Islamic Fixed Term Account) pays an expected profit rate of 0.65% gross on maturity on a £5,000 minimum opening deposit. This account must be opened online and can only be managed by post. QIB (UK) pays an expected profit rate of 0.65% gross on maturity on its Raisin UK – 1 Year Fixed Term Deposit account. It requires a £1,000 minimum deposit to open and comes with the incentive of Raisin UK offering a bonus or Amazon gift card up to the value of £15 when a first savings account is opened via its website (terms and conditions apply). The account must be opened online but can then be managed online, by post and by phone. Also paying an expected profit rate of 0.65% gross quarterly this week was Al Rayan Bank with its Fixed Term Deposit account. A £5,000 minimum deposit is needed to open this account, which 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
Cynergy Bank Online Easy Access Account (Issue 35) Unlimited via a nominated account only 0.50% including a 0.20% bonus for 12 months
ICICI Bank UK SuperSaver Savings Account Unlimited via linked ICICI Bank current account only 0.50%
Marcus by Goldman Sachs® Online Savings Account Unlimited via a nominated account only 0.50%
Union Bank of India (UK) Ltd Savings Account Unlimited 0.50%
Virgin Money Virgin Money Instant Savings Unlimited via Virgin Money Current Account or nominated account only 0.50%
Yorkshire Building Society Annual Access Account Issue 7 1 withdrawal day per anniversary year 0.50%

 

Six providers paid the top rate in our easy access savings chart this week. Cynergy Bank pays 0.50% gross on anniversary, which includes a 0.20% bonus for 12 months, on its Online Easy Access Account (Issue 35). This account requires a £1 minimum deposit to open as well as a Cynergy Bank Authenticator App or Digipass to use online banking. It allows further additions, and withdrawals can be made via a nominated account. It can only be opened and managed online.

ICICI Bank UK pays 0.50% gross monthly on its SuperSaver Savings Account. No deposit is needed to open this account, but a Home Vantage Current Account is required. The account permits further additions and withdrawals, both of which are only allowed 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.

Also paying 0.50% gross monthly is Marcus by Goldman Sachs® with its Online Savings Account. No deposit is needed to open this account, but a UK mobile phone number is required. It allows further additions and withdrawals, and both must be made via a nominated account. It must be opened online but can then be managed online and by phone.

Union Bank of India (UK) Ltd pays 0.50% gross monthly on its Savings Account, which does not need a deposit to open. The account allows further additions and withdrawals. It can be both opened and managed in branch and by post.

Virgin Money’s Virgin Money Instant Savings pays 0.50% gross quarterly and, again, no deposit is needed to open this account. Further additions are allowed. Withdrawals can be made but must be 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. A £100 minimum deposit is needed to open this account and savers should be aware that it reverts to an Easy Saver after 12 months. This account permits further additions, but withdrawals are restricted to one withdrawal day per anniversary year.

Compare the best easy access savings accounts

The best notice account rates

Provider Account Notice Rate AER
ICICI Bank UK Raisin UK - 95 Day Notice Account
Notice Savings Account

95 days

95 days

0.85% (rate due to be reduced to 0.55%)

0.85% (rate due to be reduced to 0.55%)

Moneycorp Bank 90 Day Notice Account Issue 1 90 days 0.65%
Moneybox 95 Day Notice Account 95 days 0.60%

 

Topping the notice account chart this week was ICICI Bank UK with its Raisin UK – 95 Day Notice Account and its Notice Savings Account both paying 0.85% gross monthly. Savers should be aware that the rate on the Raisin UK account will be reduced on the 8 March 2021 to 0.55% and the rate on the Notice Savings Account will be reduced on the 15 March 2021 to 0.55%. The Raisin UK – 95 Day Notice Account requires a £1,000 minimum deposit to open and comes with the incentive of Raisin UK offering a bonus or Amazon gift card of up to £15 when a first savings account is opened via its website (terms and conditions apply). This account does not allow further additions. Withdrawal of the full account balance only is permitted subject to 95 days’ notice and account closure. It must be opened online but can then be managed online, by post and by phone. ICICI Bank UK’s Notice Savings Account requires a £1 minimum deposit to open, as well as a Home Vantage Current Account. It allows further additions via a linked Home Vantage Current Account, and withdrawals can be made subject to 95 days’ notice via a linked Home Vantage Current Account. It can be both opened and managed online, in branch and by phone.

Moneycorp Bank had the next-best notice account rate with its 90 Day Notice Account Issue 1 paying 0.65% gross monthly. To open this account, a minimum deposit of £10,000 is needed, along with a Moneycorp Bank Deposit Account. It allows further additions while the issue remains open, and withdrawals can be made subject to 90 days’ notice. This account must be opened and managed online.

Moneybox also offered a competitive notice account rate this week with its 95 Day Notice Account, paying the third-best rate of 0.60% gross monthly. This account, which is operated by Investec Bank plc, requires a £1 minimum deposit to open. It allows further additions, and withdrawals are permitted subject to 95 days’ notice. The account must be opened and managed via mobile app. Teachers Building Society also had two notice accounts paying 0.60% gross this week, but one account is only available to teachers and the other account is only available to NEU members – information about both these accounts can be found in our notice account chart.

Compare the best notice accounts

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