Overall the best savings rate for the first six months of 2019 could be found in the long-term fixed rate bond saving chart. Accounts in this chart regularly offer the highest saving rates as they require savers to lock their money into the account for a period of five years or more, usually not allowing any access to funds during this time. Saying this, although offering a lower rate, short-term bonds have been competitive this year too and instead require savers to lock their money away for a period of just one or two years.
Although offering rates below inflation, notice accounts have still been competitive this year and are a great option for savers happy to lock their money away with some access to funds, once giving the required notice period beforehand. As expected, easy access savings accounts offered the lowest rates overall, but in return for lower rates savers are often able to have more flexibility with their money and are allowed to make additional deposits and withdraw funds when they need.
These are the best fixed rate bonds in 2019 so far, but savers should be aware that some of these accounts are no longer available.
|One year||Bank of London and The Middle East||Premier Deposit Account||2.20%|
|18 months||Al Rayan Bank||Fixed Term Deposit||2.32%|
|Two years||Gatehouse Bank||Raisin UK Fixed Deposit||2.45%|
|Three years||Agribank via Raisin UK||3 Year Fixed Term Deposit||2.64%|
|Five years||Agribank via Raisin UK||5 Year Fixed Term Deposit||3.05%|
|Seven years||Secure Trust Bank||7 Year Fixed Rate Bond||2.76%|
During the first six months of 2019, Agribank via Raisin UK offered the overall top rate in the savings chart of 3.05% on its 5 Year Fixed Term Deposit that required a £10,000 deposit. Unfortunately, this rate is no longer available and the next best alternative in the five-year fixed rate bond chart comes from Gatehouse Bank, which continues to offer an expected profit rate of 2.75% on its Fixed Term Deposit account. This five-year bond requires a significantly lower opening deposit of £1,000. It can only be opened and managed online and doesn’t allow further additions or withdrawals.
Agribank via Raisin also offered the top rate so far this year in the three-year fixed rate bond chart with its 3 Year Fixed Term Deposit offering 2.64% on a £10,000 opening deposit. Again, this account is no longer available, but a good alternative for savers is Gatehouse Bank’s Fixed Term Deposit paying an expected profit rate of 2.55% on a £1,000 deposit. This is also an online-only account that does not allow further additions or withdrawals.
Another account that offered a high rate this year was Secure Trust Bank, which paid 2.76% on its 7 Year Fixed Rate Bond that required a £1,000 deposit. While this rate is no longer available, PCF Bank offers a similar rate of 2.75% AER on 7 Year Term Deposit Issue 10. This seven-year bond also requires a £1,000 deposit and allows further additions for 14 days from account opening, but withdrawals are not permitted. This account can be opened online or by post then managed by phone as well. Another account that also offers 2.75% (expected profit rate) is Bank of London and The Middle East’s (BLME) Premier Deposit Account. This is a seven-year bond that requires a £1,000 deposit and does not allow further additions or withdrawals. It must be opened online and then managed by post. Savers are also required to have or open a BLME transfer account to hold funds pending investment.
In the two-term fixed rate bond chart Gatehouse Bank offered the best rate this year with its Raisin UK Fixed Deposit with an expected profit rate of 2.45% from a £1,000 deposit. This rate has dropped out of the chart, but Al Rayan Bank is offering a competitive alternative with its Fixed Term Deposit account that offers an expected profit rate of 2.42% on a £1,000 deposit. Profits can be taken quarterly on this 24-month bond, which does not allow further additions or withdrawals. It can be both opened and managed online, in branch, by post, by phone and via its mobile app.
The best rate overall for an 18-month bond is still available and is offered by Al Rayan Bank, which offers an expected profit rate of 2.32% on its Fixed Term Deposit. This account requires a minimum deposit of £1,000 and pays profits quarterly. Further additions and withdrawals are not allowed and, as with the two-year version, it can be both opened and managed online, in branch, by post, by phone and via its mobile app.
One-year bonds are the shortest bond terms available and BLME offered the best rate this year of 2.20% (expected profit rate) on a £1,000 deposit on its Premier Deposit Account. This account is still available and must be opened online and then managed by post. It does not allow further additions or withdrawals. Savers are also required to have or open a BLME transfer account to hold funds pending investment.
These are the best notice accounts in 2019 so far, but savers should be aware that this account is no longer available.
|90 days||Secure Trust Bank||90 Day Notice Account||1.92%|
The top rate in the notice accounts chart was from Secure Trust Bank, which offered 1.92% on its 90 Day Notice Account for a £1,000 deposit. While this account has recently dropped out of the chart, an alternative with a slightly longer notice term is available from Gatehouse Bank, which pays an expected profit rate of 1.87% on its 120 Day Notice Account. This account requires an opening deposit of £1,000 and allows further additions, while withdrawals are permitted subject to 120 days’ notice. It can only be opened and managed online.
These are the best easy access accounts in 2019 so far, but savers should be aware that these accounts are no longer available.
|None||ICICI Bank UK||HiSAVE Bonus Saver Account||1.55% (with bonus)|
|None||Family Building Society||Premium Saver||1.51% (without bonus)|
ICICI Bank UK topped the easy access savings with bonus chart in 2019 with its HiSAVE Bonus Saver Account, which offered 1.55% on a £1 deposit. While this rate is no longer available, Marcus by Goldman Sachs®, which has dominated the chart so far this year, offers a good alternative with its Online Savings Account paying 1.50%. This rate includes a 0.15% bonus for 12 months and is paid on a £1 deposit. The account doesn’t require a minimum opening deposit, but a UK mobile is needed to open the account, which must be opened online but can then be managed by phone as well. Unlimited further additions and withdrawals are allowed.
Offering the best easy access without bonus rate in 2019 so far was Family Building Society, which paid 1.51% on its Premier Saver account. Although this rate is no longer available, an alternative from Virgin Money pays a slightly lower rate of 1.50% on its Double Take E-Saver Issue 10. This account requires a £1 opening deposit and allows unlimited further additions, but withdrawals are restricted to two per calendar year including closure of the account. It can only be opened and managed online.
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.