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This week’s top savings rates

This week’s top savings rates
Matt Browning
Written By:
Matt Browning

There are a batch of fresh names at the top of the savings charts this week, with Metro Bank beating the rest for one-year fixed bonds.

Despite leading the way last week, Paragon Bank is no longer the best rate for savers looking for an easy-access account.

Meanwhile, Beverley Building Society has entered the best buy table for savers requiring 90 days’ notice.

Using data from Moneyfacts, here are the accounts savers need to consider this week.

Easy access savings account

Metro Bank’s Instant Access Savings Account is priced at 5.22% AER (this includes a bonus 3.46% rate)  for the first 12 months on opening. This will only be applied when £500 enters the account, which can be opened either online or in branch.

Ulster Bank is not far behind with its Loyalty Saver account which boasts 5.20% AER on balances of £5,000 or more. Any savings under that amount will receive a 2.25% AER and you just need £1 to start saving.

Four providers are offering the best third-place deal for savers this week. Close Brothers Savings’ online-only Easy Access Account (Issue 1), Beehive Money’s Limited Issue Easy Access Issue 2, Hampshire Bank’s Online Easy Access Account (Issue 5) and Earl Shilton Building Society’s Bonus One Account all come with a 5.15% AER, with varying levels of deposit required.

Fixed-rate bonds

For a one-year fix, Metro Bank has a market-leading deal priced at 5.80% AER paid monthly or on anniversary. A maximum of £2m can be invested and the account needs to be opened in branch or online. If you don’t already have a Metro Bank account, the provider’s Instance Access Account will be automatically added upon opening.

The best two-year fix deal comes from Union Bank of India (UK) Ltd with a 5.70% AER. Its Fixed Rate Deposit deal can be opened online or in a branch and needs a minimum of £1,000 deposited to commence saving.

Three-year fixes are topped by Bank of London and the Middle East (BLME) and Gatehouse Bank, thanks to the 5.35% rate on offer. The BLME deal is an expected profit rate and both accounts are available to open online.

JN Bank has the best five-year term on the market with a 5.35% AER on its Fixed Term Savings Account. This can be managed on the phone or online and needs a £1,000 to get started.

Notice accounts

For another week, FirstSave’s 5.00% AER deal on its FirstSave 30 Day Notice Account (Oct 23) is the cream of the notice account crop.

The deal requires a minimum deposit of £100, investments will receive interest on anniversary but with a larger £5,000 deposit, interest can be received monthly.

You’ll need to give 30 days’ notice before making a withdrawal, but earlier access can be made, subject to a penalty of the same length of time.

West Brom BS tops the charts for 60-day notice offers, with its WeBSave 60-Day Notice Account paying 5.25% AER on either a monthly or yearly basis. This account is online only and can be opened with just £1.

Beverley Building Society has entered the charts for 90-day Notice Accounts. Its account can be managed online or by post and is priced at 5.50% AER but savers will need to deposit £5,000 on opening.