The Best Savings Rates This Week 6 1 22 | moneyfacts.co.uk

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Charlotte Johnson

Lead Data Analyst
Published: 06/01/2022

This week saw a number of building societies increase rates on fixed products. Principality Building Society increased the rate on its regular saver bond, resulting in it offering a competitive rate of 1.05% AER. Both Skipton Building Society and Leeds Building Society increased rates on fixed accounts this week, with Leeds Building Society also launching a 16 month fixed bond paying 0.95% AER until it matures on 2 July 2023.

Savers should be aware that the accounts highlighted below are the top-paying accounts available to new customers, and higher rates may be available to existing customers only. Savers can compare the best savings rates available to existing customers by visiting our savings charts and selecting these accounts in the refine search section.

Information about accounts and rates are correct at 2pm on Thursday 6 January 2022 but can change at any time.

The best fixed rate bonds savings rates

Provider Account Notice Rate AER  

QIB (UK)


Secure Trust Bank

Raisin UK - 5 Year Fixed Term Deposit
5 Year Fixed Rate Bond

Five years


26.01.27

2.10% (expected profit rate)

2.10%

Go to provider's site


Find out more

QIB (UK)


Zenith Bank (UK) Ltd

Raisin UK - 3 Year Fixed Term Deposit
3 Year Fixed Term Deposit

Three years


Three years

1.85% (expected profit rate)

1.85%

Go to provider’s site

Find out more

Bank of London and The Middle East
Paragon Bank

 

Gatehouse Bank

Premier Deposit Account (Anticipated Profit Rate)

 

2 Year Fixed Term Woodland Saver

Two years


Two years

1.60% (expected profit rate)

 

1.60% (expected profit rate)

Go to provider's site

 

Find out more

Gatehouse Bank 1 Year Fixed Term Woodland Saver One year 1.41% (expected profit rate) Find out more

 

QIB (UK) and Secure Trust Bank continue to have the top paying fixed bond rates this week. QIB (UK) pays an expected profit rate of 2.10% gross on maturity on its Raisin UK – 5 Year Fixed Term Deposit. This account requires a £1,000 minimum opening deposit and benefits from Raisin UK paying a welcome bonus of £50 when a savings account is opened via its website for the first time (terms and conditions apply). The account must be opened online but can then be managed online, by post and by phone. Secure Trust Bank pays 2.10% gross yearly on its 5 Year Fixed Rate Bond until it matures on 26 January 2027. A £1,000 minimum deposit is needed to open this account, which can only be opened online but can then be managed online and by phone.

Both QIB (UK) and Zenith Bank (UK) Ltd pay the top rate in our three year fixed rate bond chart this week. QIB (UK) pays an expected profit rate of 1.85% gross on maturity on its Raisin UK – 3 Year Fixed Term Deposit. As with the five year version of this account, a £1,000 minimum deposit is needed upon opening and it benefits from Raisin UK’s £50 welcome bonus (terms and conditions apply). The account can only be opened online but can be managed online, by post and by phone. Zenith Bank (UK) Ltd pays 1.85% gross on anniversary on its 3 Year Fixed Term Deposit account, which requires a £1,000 minimum deposit to open. This account must be opened online and can only be managed by post.

The best paying two year fixed bond rate this week comes from Bank of London and The Middle East (BLME) and Gatehouse Bank. BLME pays an expected profit rate of 1.60% gross on anniversary on its Premier Deposit Account. A £1,000 minimum deposit is needed to open this account, along with a BLME transfer account to hold funds pending investment. This account can only be opened online and managed by post. Gatehouse Bank pays an expected profit rate of 1.60% gross on anniversary on its 2 Year Fixed Term Woodland Saver. A £1,000 minimum deposit is needed to open this account, and Gatehouse Bank will plant a tree in a UK woodland upon doing so. This account must be opened and managed online.

Continuing to pay the top one year fixed bond rate this week is Gatehouse Bank, which pays an expected profit rate of 1.41% gross on maturity on its 1 Year Fixed Term Woodland Saver. As with the two year version of this account, a £1,000 minimum deposit is needed upon opening, and as an incentive Gatehouse Bank will plant a tree in a UK woodland. It can only be opened and managed online.

Compare the best fixed rate bonds

The best easy access savings rates

 

Provider Account Maximum number of withdrawals allowed Rate AER  

Chip

 

Cynergy Bank

Easy Access powered by Allica Bank

 

Online Easy Access Account (Issue 43)

Unlimited

 

Unlimited via a nominated account

0.70%

 

0.70% includes a 0.40% bonus for 12 months

Go to provider's site

 

Find out more

Shawbrook Bank Easy Access - Issue 28 Unlimited via a nominated account 0.67% Find out more
Paragon Bank Triple Access Account (Issue 5) Three withdrawals per 12 month period  0.65% Go to provider's site

 

The top paying easy access savings account rate this week comes from Chip and Cynergy Bank. Chip’s Easy Access powered by Allica Bank pays 0.70% gross daily. This account, which is provided by Allica Bank, requires a £1 minimum deposit to open; and an open banking connection to a current account is needed. Further additions and withdrawals are allowed, and the account must be opened and operated via mobile app. A Chip subscription is fee free while a ChipX subscription costs £3 every 28 days. Both subscriptions offer unlimited use of Chip’s automatic savings AI, the ability to set up savings goals and the ability to open a General Investment Account. The fee free option gives savers access to three basic investment funds (with a 0.50% annual platform fee). The ChipX subscription has the additional benefit of being able to open a Stocks and Shares ISA and gives savers access to a wider range of investment funds (with a lower annual platform fee of 0.25%). Cynergy Bank pays 0.70% gross on anniversary, including a 0.40% bonus for 12 months, on its Online Easy Access Account (Issue 43). This account requires a minimum deposit of just £1 to open. It allows further additions and withdrawals can be made via a nominated account. It must be opened and managed online, although a Cynergy Bank Authenticator App or Digipass is required to use online banking.

The second best rate in our easy access savings account chart this week comes from Shawbrook Bank, which pays 0.67% gross on anniversary or monthly on its Easy Access – Issue 28. This account requires a £1,000 minimum deposit to open. It allows both further additions and It must be opened online but can then be managed online and by phone.

The third best easy access savings account rate is Paragon Bank’s Triple Access Account (Issue 5), which pays 0.65% gross on anniversary or monthly. A £1 minimum deposit is needed to open this account. Further additions are allowed via a nominated account, and three withdrawals are permitted per 12 month period. If more than three withdrawals are made in a 12 month period the rate paid drops to 0.25% gross. It can be opened and managed online only.

Compare the best easy access accounts

The best notice account rates

Provider Account Notice Rate AER  

Oxbury Bank


Secure Trust Bank

Personal 120 Day Notice Account - Issue 3
120 Day Notice Account

120 days


120 days

1.10%


1.10%

Find out more


Find out more

Secure Trust Bank 60 Day Notice Account 60 days 0.85% Find out more

Charter Savings Bank

 

Secure Trust Bank

30 Day Notice – Issue 15

 

30 Day Notice Account

30 days

 

30 days

0.70%

 

0.70%

Find out more

 

Find out more

 

Both Oxbury Bank and Secure Trust Bank pay the top notice account rate this week. Oxbury Bank pays 1.10% gross monthly on its Personal 120 Day Notice Account – Issue 3, which requires a £1,000 minimum deposit to open. Further additions and withdrawals are allowed via a nominated account, with all withdrawals subject to providing 120 days’ notice. It must be opened online but can then be managed online and via mobile app. The Oxbury App is required to use online banking. Secure Trust Bank pays 1.10% gross quarterly on its 120 Day Notice Account. A £1,000 minimum deposit is needed to open this account, , all of which must be from a minimum of £1,000. Withdrawals are restricted to four interest and three capital withdrawals per annum on 120 days’ notice. The account can only be opened online but can then be managed online and by phone.

Savers looking for a notice account with a medium-length notice period will find that in our up to 60 days notice account chart, Secure Trust Bank has the top rate, paying 0.85% gross quarterly on its 60 Day Notice Account. This account requires a £1,000 minimum deposit to open. Similar to the 120 day version, withdrawals are restricted to four interest and three capital withdrawals per annum on 60 days’ notice. The account must be opened online but can be managed online and by phone. 

Both Charter Savings Bank and Secure Trust Bank pay the best rate for savers looking for a short-length notice period. Charter Savings Bank’s 30 Day Notice – Issue 15 pays 0.70% gross on anniversary or monthly and requires a £5,000 minimum deposit to open. Further additions can be made via a nominated account and withdrawals can be made on 30 days’ notice. The account must be opened and managed online. Charter Savings Bank also offers a version of this account at the same rate that can be opened online or by post, and then managed by post only. Secure Trust Bank’s 30 Day Notice Account pays 0.70% gross quarterly, and as with the 120 day and 60 day versions, a minimum of £1,000 is required to open this account, which allows and four interest and three capital withdrawals per annum on 30 days’ notice. This account can be opened online and must be managed online and by phone.

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. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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