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The savings accounts paying the most interest

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Written by:
07/05/2019
If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal is a good place to start.

Leaving your money languishing in an account paying next-to-nothing means you’re missing out on valuable interest.

Here, we list the top-paying, open-to-all accounts on the market:

Easy access accounts – with unlimited withdrawals

1.5% Marcus – minimum deposit £1; apply and access online; rate includes a 0.15% bonus for the first 12 months.

1.46% Tesco Bank – minimum deposit £1; apply online; rate includes a 0.91% bonus for the first 12 months.

Easy access accounts – with limited withdrawals

1.5% Virgin Money – minimum deposit £1; apply and access online; maximum of two penalty-free withdrawals per year.

1.45% Sainsbury’s Bank – minimum deposit £1,000; apply and access online or by phone; maximum of three penalty-free withdrawals per year.

Notice accounts

1.91% Hampshire Trust Bank 90 Day Notice – minimum deposit £1,000; apply and access online or by post; no early access; withdrawals subject to 90 days’ notice.

1.90% Secure Trust Bank 90 Day Notice – minimum deposit £1,000; no early access; maximum of three withdrawals per year subject to 90 days’ notice.

1.61% Charter Savings Bank 60 Day Notice – minimum deposit £5,000; no early access; withdrawals subject to 60 days’ notice.

1.60% Secure Trust Bank 60 Day Notice – minimum deposit £1,000; maximum of three withdrawals per year subject to 60 days’ notice.

One-year fixed term bonds

2.20% BLME – minimum deposit £1,000; apply online; sharia bank so rate is expected profit rate.

2.03% Atom Bank – minimum deposit £50; apply via app.

2.00% Metro Bank – minimum deposit £500; apply online or in branch; customers must have a Metro current account or instant access savings account.

Two-year fixed term bonds

2.40% Al Rayan – minimum deposit £1,000; apply online, in branch, by post or by phone; sharia bank so rate is expected profit rate.

2.30% Atom Bank – minimum deposit £50; apply via app.

Three-year fixed term bonds

2.55% Gatehouse Bank – minimum deposit £1,000; sharia bank so rate is expected profit rate.

2.40% United Trust Bank – minimum deposit £5,000; apply online.

Five-year fixed term bonds

2.75% Gatehouse Bank – minimum deposit £1,000; apply by online; sharia bank so rate is expected profit rate.

2.60% Secure Trust Bank – minimum deposit £1,000; apply online.

Regular savings accounts

First Direct Regular Saver: 5% – minimum deposit £25 a month, maximum deposit £300 a month; must have a First Direct 1st Account; account reverts to the Savings Account or Everyday e-Saver after 12 months.

Marks & Spencer Bank Monthly Saver: 5% – minimum deposit £25 a month, maximum deposit £250 a month; must have an M&S current account; the account reverts to the Everyday Savings Account or Current Account after the first 12 months.

Easy Access cash ISAs

1.48% Skipton Building Society – minimum deposit £1; apply and access online; rate includes a 0.48% bonus for the first 16 months.

1.47% Coventry Building Society – minimum deposit £1; apply and access online; rate includes a 0.32% bonus until 31 August 2020.

1.47% Virgin Money – minimum deposit £1; apply and access online; maximum of two easy access withdrawals per year.

One-year fixed term cash ISAs

1.62% Charter Savings Bank – minimum deposit £5,000; apply online; withdrawals allowed subject to 150 days’ loss of interest.

1.60% Aldermore – minimum deposit £1,000; apply online; withdrawals allowed subject to 90 days’ loss of interest.

Two-year fixed term cash ISAs

1.82% Virgin Money – minimum deposit £1; apply online; withdrawals allowed subject to 90 days’ loss of interest.

1.82% Charter Savings Bank – minimum deposit £5,000; apply online; withdrawals allowed subject to 180 days’ loss of interest.

Three-year fixed term cash ISAs

1.96% Shawbrook Bank – minimum deposit £1,000; apply online; withdrawals allowed subject to 270 days’ loss of interest.

1.96% Charter Savings Bank – minimum deposit £5,000; apply online; withdrawals allowed subject to 210 days’ loss of interest.

Five-year fixed term cash ISAs

2.30% Shawbrook Bank – minimum deposit £1,000; apply online; withdrawals allowed subject to 360 days’ loss of interest.

2.11% Dudley Building Society – minimum deposit £100; apply in branch or by post; access via transfers out only, subject to 180 days’ loss of interest.

Less competition now ISA season is over

Tom Adams, head of research at independent savings advice site, Savings Champion, says: “Much of the activity among savings providers over the last few weeks appears to have been signalling the end of this year’s ISA season – the time of the year where providers aim to entice savers in with eye-catching cash ISA deals.

“This has been particularly apparent in the fixed rate cash ISA arena, with high profile market-leading accounts from the likes of Charter Savings Bank, Kent Reliance and even Dudley Building Society all falling by the wayside in recent weeks.

“It is also fair to say that a distinct lack of improved offerings entering the fixed rate ISA market also suggests that ISA season has run its course, with providers seemingly less interested in competing in this area of the market.”

However, the exception appears to be in the easy access cash ISA space where a small skirmish has taken place at the top of the best buys.

Adams adds: “Virgin Money, Coventry Building Society and, most recently, Skipton Building Society have all upped their game over the last fortnight to aim for top spot.

“This means that there continues to be little difference in rates between the top-paying easy access standard accounts and cash ISAs, which is better news for those looking to make the most of their tax-free cash ISA allowance.”

 

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