The best savings rates this week 9.4.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 09/04/2020

While the economy continues to be disrupted due to the Coronavirus pandemic there is some good news for savers this week as the savings charts still offer competitive rates. Savers should be aware that many banks and building societies have been impacted by the movement restrictions implemented to held control the virus, as such many are only offering essential services within their branches, which means that savings accounts may not be available to open in branch at the moment. As well as this, customers may find phone lines are busier than usual, which could also have an impact when trying to open a new savings account.

The best fixed rate bonds savings rates

Provider Account Term Rate AER
Gatehouse Bank Fixed Term Deposit Five years 2.00% (expected profit rate)

Investec Bank plc

United Trust Bank

Vanquis Bank

3 Year Fixed Term Deposit
UTB 3 Year Bond

Vanquis Bank Savings

Three years

Three years

Three years

1.80%

1.80%

1.80%

Bank of London and The Middle East Premier Deposit Account Two years 1.75% (expected profit rate)

Bank of London and The Middle East

Hampshire Trust Bank

Vanquis Bank

Premier Deposit Account

1 Year Bond (Issue 33)

Vanquis Bank Savings

One year


One year

One year

1.60% (expected profit rate)

1.60%

1.60%

The best paying fixed rate bond this week came from Gatehouse Bank which pays an expected profit rate of 2.00% gross on anniversary on its Fixed Term Deposit. This account requires a £1,000 minimum deposit to open. It can only be opened and managed online.

Three providers offered the best three-year fixed rate bond this week. Investec Bank plc pays 1.80% gross on anniversary on its 3 Year Fixed Term Deposit. This account requires a minimum deposit of £25,000 to open and an Easy Access Account for transactional purposes is needed. It can only be opened online, but can be managed online, by phone and via mobile app. There is a version of this account that pays interest monthly at a slightly lower gross rate. United Trust Bank pays 1.80% gross on anniversary on its UTB 3 Year Bond, which requires a £5,000 minimum deposit to open. This account must be opened online and can then be managed by post and by phone. Vanquis Bank also pays 1.80% gross on anniversary on its Vanquis Bank Savings. To open this account a minimum deposit of £1,000 is needed. It can only be opened online, but can then be managed online, by post and by phone. There is also a version of this account that pays interest monthly at a slightly lower gross rate.

The best paying two-year fixed rate bond this week came from Bank of London and The Middle East (BLME). The two-year version of its Premier Deposit Account pays an expected profit rate of 1.75% gross on anniversary. It requires a £1,000 minimum deposit to open and a BLME transfer account to hold funds pending investment is needed. This account can only be opened online and then managed by post.

Three providers offered the highest one-year fixed rate bond rate of 1.60% this week. BLME pays an expected profit rate of 1.60% gross on maturity on the one-year version of its Premier Deposit Account. To open this account a £1,000 minimum deposit is needed, as is a BLME transfer account to hold funds pending investment. This account must be opened online and then managed by post. Hampshire Trust Bank pays 1.60% gross on maturity on its 1 Year Bond (Issue 33). This account requires a minimum deposit of £1,000 to open. It must be opened online but can then be managed online, by post and by phone. Vanquis Bank also pays 1.60% gross on anniversary on its Vanquis Bank Savings, which also requires an opening deposit of £1,000. This account can only be opened online but can be managed online, by post and by phone. There is also a version of this account that pays interest monthly at a slightly lower gross rate.

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
Ford Money Flexible Saver None 1.35%
Marcus by Goldman Sachs®
SAGA
Online Savings Account
Saga Easy Access Savings Account

None

None

1.30%

1.30%, including a 0.20% bonus for 12 months

Aldermore Easy Access Issue 11 None 1.25%

Continuing to top the easy access savings account chart this week was Ford Money which pays 1.35% gross on anniversary. This account is only available to existing Ford Money customers. It requires a minimum deposit of £1 to open. Unlimited further additions and withdrawals are allowed. This account can be opened online and by phone but must be managed online. There is also a version of this account that pays interest monthly at a slightly lower gross rate.

Two providers offered the second-best easy access account rate this week. Both Marcus by Goldman Sachs® and SAGA pay 1.29% gross monthly. Marcus by Goldman Sachs® pays this rate on its Online Savings Account. This account does not require a minimum deposit to open but a UK mobile number is needed. SAGA pays 1.29% gross monthly, which includes a 0.20% bonus for 12 months, on its Saga Easy Access Savings Account. This account requires a minimum deposit of £1 to open. Both these accounts allow unlimited further additions and withdrawals. They can only be opened online but can then be managed online and by phone.

Aldermore had the third best easy access account rate this week with its Easy Access Issue 11 paying 1.25% gross on anniversary. This account requires a minimum deposit of £1,000 to open. It allows unlimited further additions and withdrawals. The account can only be opened and managed online. There is a version of this account that pays interest monthly at a slightly lower gross rate.

Easy access accounts

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

The best notice accounts rates

Provider Account Notice Rate AER

ICICI Bank UK

 

Investec Bank plc

Raisin UK – 95 Day Notice Account
HiSAVE Notice Savings Account
Notice Plus

95 days

95 days

95 days

1.60%

1.60%

1.60%

ICICI Bank UK Raisin UK – 45 Day Notice Account
HiSAVE Notice Savings Account

45 days

45 days

1.40%

1.40%

Secure Trust Bank 30 Day Notice Account 30 days 1.31%

This week two providers offered the best notice account rate of 1.59% gross. ICICI Bank UK pays 1.59% gross monthly on its Raisin UK – 95 Day Notice Account and its HiSAVE Notice Savings Account. Raisin UK – 95 Day Notice Account requires a minimum deposit of £1,000 to open and allows unlimited further additions. Withdrawals must be of full account balance and subject to 95 days’ notice and account closure. Partial withdrawals are not allowed. This account must be opened online but can then be managed online, by post and by phone. HiSAVE Notice Savings Account requires a minimum deposit of just £1 to open. It allows unlimited further additions. Withdrawals are allowed but subject to 95 days’ notice and must be made via a linked ICICI Bank current account. It can be opened and managed online, in branch and by phone. Investec Bank plc pays 1.59% gross on its Notice Plus, which requires a minimum deposit of £10,000 to open. This account allows unlimited further additions and withdrawals can be made subject to 95 days’ notice. A loyalty rate of 0.05% is added if notice is not placed for 90 days. It can only be opened online but can then be managed online, by phone and via mobile app.

ICICI Bank had the best rate in the up to 60 days’ notice chart this week. Both its Raisin UK – 45 Day Notice Account and its HiSAVE Notice Savings Account pay 1.39% gross monthly. Raisin UK – 45 Day Notice Account requires a minimum deposit of £1,000 to open and allows unlimited further additions. It only permits withdrawals of the full account balance and subject to 45 days’ notice and account closer. Partial withdrawals are not allowed with this account. It can only be opened online, but can be managed online, by post and by phone. HiSAVE Notice Savings Account requires a minimum deposit of £1 to open and accepts unlimited further additions. It also allows withdrawals subject to 45 days’ notice, but withdrawals must be made via a linked ICICI Bank current account. It can be opened and managed online, in branch and by phone.

Secure Trust Bank had the top paying account in the up to 30 days’ notice chart this week. Its 30-Day Notice Account pays 1.30% gross quarterly and requires a minimum deposit of £1,000 to open. This account allows unlimited further additions. Withdrawals are restricted to four interest withdrawals per annum and three capital withdrawals per annum on 30 days’ notice. This account can be opened online and then managed online and by phone.

Notice accounts

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

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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