The best savings rates this week 6.12.19 | moneyfacts.co.uk
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Derin Clark

Derin Clark

Online Reporter
Published: 06/12/2019

Savers looking to put their money into an easy access account this week will be disappointed to see that Virgin Money has reduced the rates on its chart-topping easy access accounts. Saying this, there are still some highly competitive rates available in the chart. There was good news for those looking to fix their money into a long-term bond, with a new rate topping the chart this week. Last week’s top notice account rate was not available by the end of the week, however savers looking for a short notice account will be pleased to see that these charts continued to offer competitive rates.  

The best fixed rate bond savings rates

Provider Account Term Rate AER
Secure Trust Bank 5 Year Fixed Rate Bond 06.01.25 2.37%
Secure Trust Bank 3 Year Fixed Rate Bond 05.01.23 2.21%
Bank of London and The Middle East Premier Deposit Account Two years 2.10% (expected profit rate)
Bank of London and the Middle East Premier Deposit Account One year 1.90% (expected profit rate)

Secure Trust Bank was new to the top of the fixed rate bond chart this week, with its 5 Year Fixed Rate Bond offering 2.37% gross yearly. This account requires a minimum opening deposit of £1,000 and can only be opened online and then managed online and by phone. Secure Trust Bank was also new to the top of the three year fixed rate bond chart this week, with its 3 Year Fixed Rate Bond paying 2.21% gross yearly. This account has the same terms and conditions as the chart-topping five  year version.

Bank of London and The Middle East continued to top the two and one year fixed bond charts this week with its Premier Deposit Account. The two-year version of this account pays an expected profit rate of 2.10% gross yearly, while the one-year version pays an expected profit rate of 1.90% gross on maturity. Both accounts require an opening minimum deposit of £1,000 and can only be opened online and then managed by post.

The best easy access savings rates

Provider Account Notice Rate AER
Marcus by Goldman Sachs® Online Savings Account None 1.45%, including a 0.10% bonus for 12 months
Post Office Money® Online Loyalty Saver Issue 8 None 1.44%
Shawbrook Bank Easy Access – Issue 17 None 1.41%

With Virgin Money reducing the rates on its chart-topping Double Take E-Saver Issue 12 and Man Utd Double Take E-Saver Issue 7 on Friday, Marcus by Goldman Sachs® was the only provider offering a chart-topping rate by the end of the week. Marcus by Goldman Sachs® offers 1.44% gross, which includes a 0.10% bonus for 12 months, on its Online Savings Account. This account pays interest monthly and, while it does not require a deposit to open, a UK mobile number is required. It allows unlimited further additions and withdrawals. The account can only be opened online and then managed online and by phone.

Post Office Money® took second place in the chart this week, with its Online Loyalty Saver Issue 8 paying 1.44% gross yearly on an opening minimum deposit of £50. Savers should be aware that this account is only available to existing Post Office Money® customers. This account allows unlimited further additions and withdrawals. It can be opened online and by phone and then managed online. There is also a version of this account that pays interest monthly at a gross rate of 1.43%.

Taking third spot in the easy access chart this week is Shawbrook Bank, with its Easy Access – Issue 17 paying 1.41% gross on anniversary. This account requires an opening minimum deposit of £1,000. It allows unlimited further additions, while withdrawals are allowed via a nominated account. The account can only be opened online, but can then be managed by phone as well. In addition to this, there is a version of this account that pays interest monthly at a gross rate of 1.40%.

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
Charter Savings Bank 60 Day Notice – Issue 13 60 days 1.50%
Aldermore 30 Day Notice Issue 7 30 days 1.30%

New to the top of the notice chart this week is Investec Bank plc, with its Notice Plus (0% immediate access) paying 1.79% gross monthly. Savers should be aware that this account is only available to existing Investec clients via Investec Online and it requires an opening minimum deposit of £10,000. It allows further additions, and withdrawals are 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. This account can be opened online and then managed by phone and mobile app as well. There are also other versions of this account available that have a shorter notice period, but which offer a lower rate.

Bank of London and The Middle East remained at the top of the 90-day chart this week, with its 90 Day Notice Account (Issue 1) paying an expected profit rate of 1.70% gross quarterly. To open this account, a minimum deposit of £10,000 is required. It allows unlimited further additions and withdrawals are permitted subject to 90 days’ notice. This account can only be opened and managed online.

There was also no change at the top of the 60-day chart, with Charter Savings Bank continuing to lead the way with its 60 Day Notice – Issue 13 paying 1.50% gross on anniversary. This account requires an opening minimum deposit of £5,000 and allows unlimited further additions. Withdrawals are permitted but subject to 60 days’ notice. This account can only be opened and managed online. There is also a version of this account that pays interest monthly at a gross rate of 1.49%.

For savers looking for a short-term notice account, Aldermore continued to top the 30-day chart this week, with its 30 Day Notice Issue 7 paying 1.30% gross on anniversary. This account requires an opening minimum deposit of £1,000. Unlimited further additions are allowed, while withdrawals are permitted, subject to 30 days’ notice. This account can only be opened and managed online. There is also a version of this account that pays interest monthly at a gross rate of 1.29%.   

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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