Derin Clark

Derin Clark

Online Reporter
Published: 08/11/2019

Savers continued to face a challenging market this week, especially with Al Rayan Bank dropping rates on a number of its chart-topping fixed rate bonds. Saying this, those looking for an easy access account or notice account will be pleased to see that the top rates have remained available this week.

The best fixed rate bond savings rates

Provider Account Term Rate AER
UBL UK 5 Year Fixed Term Deposit Five years 2.36%
Al Rayan Bank Fixed Term Deposit Three years 2.32% (expected profit rate)
Al Rayan Bank Fixed Term Deposit Two years 2.17% (expected profit rate)
Al Rayan Bank Fixed Term Deposit One year 1.86% (expected profit rate)

This week saw UBL UK remain at the top of the fixed rate bond chart with its 5 Year Fixed Term Deposit paying 2.47% gross on maturity. This account requires a minimum opening deposit of £2,000 and can be both opened and managed in branch and by post. There are two further versions of this account, one that pays interest monthly at a rate of 2.36% gross and one that pays interest monthly at a rate of 2.33% gross.

Despite Al Rayan Bank dropping the rates on a range of its fixed rate bonds this week, it still remained at the top of the three, two, and one year fixed rate charts. The three-year version of its Fixed Term Deposit pays an expected profit rate of 2.30% gross, the two-year version pays an expected profit rate of 2.15% gross and the one-year version pays an expected profit rate of 1.85% gross. All these accounts pay profit quarterly and require a minimum opening deposit of £1,000. They can be both opened and managed online, in branch, by post, by phone and via mobile app.

The best easy access savings rates

Provider Account Term Rate AER
Coventry Building Society Triple Access Saver Instant 1.46% including a 0.31% bonus until 31.03.2021
Marcus by Goldman Sachs® Online Savings Account None 1.45% including a 0.10% bonus for 12 months
Virgin Money Double Take E-Saver Issue 12 None 1.45%
Virgin Money Man Utd Double Take E-Saver Issue 7 None 1.45%

At a time when many savers are looking to deposit their money into an easy access account due to the current economic uncertainty and the fact that providers are dropping rates on savings accounts, savers will be pleased to see that the top rates in the easy access chart have remained the same this week. Coventry Building Society remained at the top of the chart this week with its Triple Access Saver offering 1.46% gross, which includes a 0.31% bonus until 31.03.2021. This account requires a deposit of just £1 to open and pays interest yearly. Unlimited further additions are allowed and three penalty-free withdrawals are permitted per annum, with further withdrawals subject to 50 days’ loss of interest. This account can be opened and managed online, in branch, by post and by phone. There is also a version of this account that pays interest monthly at a slightly lower gross rate of 1.45%.

Virgin Money continued to offer 1.45% gross on both its Double Take E-Saver Issue 12 and Man Utd Double Take E-Saver Issue 7 this week. Both these accounts pay interest yearly and require a minimum opening deposit of £1. These online-only accounts allow further additions but restrict withdrawals to two per calendar year including closure. There are versions of both accounts that pay interest monthly at a slightly lower gross rate of 1.44%.

Marcus by Goldman Sachs® offers 1.44% gross, which is paid monthly and includes a 0.10% bonus for 12 months. This account does not need a deposit to open but a UK mobile number is required. It allows unlimited further additions and withdrawals. This account can be opened online and then managed online and by phone.

The best notice account rates

Provider Account Notice Rate AER
Gatehouse Bank 120 Day Notice Account 120 days 1.82% (expected profit rate)
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 11 60 days 1.55%
Charter Savings Bank 30 Day Notice – Issue 10 30 days 1.51%

Notice accounts have remained highly competitive this week, with the top rates still available on all notice periods. Gatehouse Bank remained at the top of the chart overall with its 120 Day Notice Account offering an expected profit rate of 1.82% gross, which is paid on anniversary. This online-only account requires a minimum opening deposit of £1,000 and allows unlimited further additions. Withdrawals via a nominated account are permitted but are subject to 120 days’ notice. There is a version of this account that pays profit monthly at a slightly lower rate of 1.80% gross.

Bank of London and The Middle East (BLME) also maintained its position at the top of the 90 days chart this week with its 90 Day Notice Account (Issue 1) paying an expected profit rate of 1.70% gross. Profit is paid quarterly, and a £10,000 minimum deposit is required to open this account. Unlimited further additions are allowed, while withdrawals are permitted subject to 90 days’ notice.

Charter Savings Bank stayed top of the 60 day and 30 day notice charts this week with its 60 Day Notice – Issue 11 paying 1.55% gross and its 30 Day Notice – Issue 10 paying 1.51% gross both on anniversary. These accounts both require a minimum opening deposit of £5,000 and allow unlimited further additions. Withdrawals on the 60-day account are subject to 60 days’ notice and on the 30-day account are subject to 30 days’ notice. Both accounts can only be opened and managed online. There are versions of both accounts that pay interest monthly at a rate of 1.54% gross on the 60-day version and 1.50% gross on the 30-day version.

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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