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The savings accounts paying the most interest

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02/11/2020
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

0.80% Leeds Building Society Double Access Saver – minimum deposit £5,000; apply by post and in branch, access in branch, online, post and telephone. Two withdrawals per calendar year, subject to £5,000 minimum balance being maintained (including closure). Subsequent withdrawals subject to 30 days’ loss of interest on the amount.

0.80% Yorkshire Building Society Annual Access Account (issue 5) – minimum deposit £100; apply and access by branch and post, additional access online. One withdrawal per calendar year allowed.

0.75% Gatehouse Bank Easy Access Account – minimum deposit £1,000; apply and access online. Sharia bank so rate is expected profit rate. Profit must be paid to a nominated account, it cannot be added to the account.

0.75% Atom Bank Instant Saver – minimum deposit £1; apply and access via app.

0.70% Kent Reliance Easy Access Savings Account (Issue 40) – minimum deposit £1,000; apply and access online, by post or in branch.

Notice accounts

1% UBL 35 Day Notice Account – minimum deposit £1; apply and access in branch and by post. Withdrawals subject to 35 days’ notice only; no earlier access allowed.

1% UBL 90 Day Notice Account – minimum deposit £1; apply and access in branch and by post. Withdrawals subject to 90 days’ notice only; no earlier access allowed.

0.90% Al Rayan Bank 60 Day Notice Account – minimum deposit £250; apply and access online, post, phone and branch; withdrawals subject to 60 days’ notice; no earlier access. Sharia bank so rate is expected profit rate.

0.90% BLME 90 Day Notice Account (Issue 4) – minimum deposit £10,000; apply online and by email; withdrawals subject to 90 days’ notice; no earlier access. Sharia bank so rate is expected profit rate.

0.90% Close Brothers Savings 95 Day Notice Account (Issue 7) – minimum deposit £10,000; apply online; access online, post and phone; withdrawals subject to 95 days’ notice; no earlier access.

One-year fixed term bonds

1.08% Al Rayan Bank 12 Month Fixed Term Deposit – minimum deposit £5,000; apply online, by phone or in branch; no access within term. Sharia bank so rate is expected profit rate.

1% BLME 1 Year Premier Deposit – minimum deposit £1,000; apply online; no access within term. Sharia bank so rate is expected profit rate.

0.95% OakNorth Bank 12 Months Fixed Term Savings Account – minimum deposit £1; apply online. No access within the term.

Two-year fixed term bonds

1.25% Al Rayan Bank 24 Month Fixed Term Deposit – minimum deposit £5,000; apply online, by phone and in branch; no access within term. Sharia bank so rate is expected profit rate.

1.20% BLME 2 Years Premier Deposit Account, 2 Years Fixed Term Deposit – minimum deposit £1,000; apply online; no access within the term. Sharia bank so rate is expected profit rate.

1.20% Tandem 2 Year Fixed Saver – minimum deposit £1,000; apply online; no access within the term.

Three-year fixed term bonds

1.41% Al Rayan Bank 36 Fixed Term Deposit – minimum deposit £5,000; apply online, phone and in branch; no access within the term. Sharia bank so rate is expected profit rate.

1.40% BLME 3 Year Premier Deposit Account – minimum deposit £1,000; apply online; no access within the term. Sharia bank so rate is expected profit rate.

1.40% UBL UK 3 Year Fixed Term Deposit – minimum deposit £2,000; apply in branch and by post; withdrawals allowed at provider’s discretion, subject to 270 days’ loss of interest.

Five-year fixed term bonds

1.55% BLME 5 Year Premier Deposit Account – minimum deposit £1,000; apply online; no access within the term. Sharia bank so rate is expected profit rate.

1.50% UBL UK 5 Year Fixed Term Deposit – minimum deposit £2,000; apply in branch or by post; withdrawals allowed at provider’s discretion, subject to 365 days’ loss of interest.

1.41% Ikano Bank Fixed 5 Year Saver Account – minimum deposit £1,000; apply online; no access within the term. Deposits held with Ikano Bank are covered up to the value of £85,000 by the Swedish Deposit Insurance Scheme, which is the Swedish equivalent of the UK Financial Services Compensation Scheme (FSCS).

Easy Access cash ISAs

0.80% Leeds Building Society Double Access ISA – minimum deposit £5,000; apply by post or in branch; access online, branch, post or phone. Two withdrawals permitted per calendar year subject to the minimum £5,000 deposit being held (including account closure). Subsequent withdrawals subject to 30 days’ loss of interest on the withdrawn/transferred amount. Transfers in allowed. This is not a flexible ISA nor a portfolio ISA.

0.72% The Family Building Society Market Tracker Cash ISA (2) – minimum deposit £500; apply online, by post or in branch, access online, branch, post or phone. Rate will be 0.05% higher than Market Tracker Saver Account, which tracks the top 20 accounts on the market. Transfers in are not allowed.  This is not a flexible ISA noR a portfolio ISA.

0.70% Yorkshire Building Society Six Access e-Saver ISA Issue 2 – minimum deposit £10,000; apply and access online. Allows withdrawals on six days a year plus closure. Account pays 0.50% AER on balances between £1,000 and £10,000, 0.70% on balances between £10,000 and £50,000 and 0.74% on balances above £50,000. This is a flexible ISA. This is not a portfolio ISA.

0.65% Ford Money Flexible Cash ISA – minimum deposit £1; apply online and by phone, access online. Transfers in allowed. This is a flexible ISA and a portfolio ISA so you can open more than one type of cash ISA with the provider (e.g. fixed and variable) in the same tax year. Interest is paid annually or monthly.

0.60% Kent Reliance Easy Access Cash ISA (Issue 24) – minimum deposit £1,000; apply and access online. Transfers in allowed. This is not a flexible ISA. This is a portfolio ISA – so you can open more than one type of cash ISA with the provider (e.g. fixed and variable) in the same tax year. Interest is paid annually or monthly.

One-year fixed term cash ISAs

0.80% Loughborough Building Society 1 Year Fixed Rate Cash ISA (Issue 11) – minimum deposit £10,000; apply by post or in branch. Access on closure only, subject to 90 days’ loss of interest. The maturity date is 31/12/2021. Transfers in are allowed. This is not a flexible ISA nor a portfolio ISA.

0.75% Yorkshire Building Society 1 Year Fixed Rate Cash ISA until November 2021 – minimum deposit £100; apply by post or in branch. Access on closure only, subject to 60 days’ loss of interest. The maturity date is 30/11/2021. Transfers in are allowed. This is not a flexible ISA, nor a portfolio ISA.

0.75% Principality Building Society 1 Year Fixed Rate Cash ISA Issue 231 – minimum deposit £500; apply online or in branch; access on closure only, subject to 90 days’ loss of interest; transfers in accepted. This is not a flexible ISA nor a portfolio ISA.

Two-year fixed term cash ISAs

0.85% Leeds Building Society 2 Year Fixed Rate Cash ISA (Issue 136) – minimum deposit £100; apply online in branch or by post. The maturity date is 30/11/2022. Withdrawals allowed subject to 150 days’ loss of interest; transfers accepted. This is not a flexible ISA nor a portfolio ISA.

0.80% Kent Reliance Two Year Fixed Rate Cash ISA (Issue 39)  – minimum deposit £1,000; apply online in branch or by post; withdrawals allowed subject to reduction in interest of 180 days. Transfers in are allowed. This is not a flexible ISA. This is a portfolio ISA – so you can open more than one type of cash ISA with the provider (e.g. fixed and variable) in the same tax year.

0.80% Ford Money Fixed Cash ISA 2 Year – minimum deposit £500; apply online or by phone; withdrawals allowed, subject to 90 days’ loss of interest; transfers accepted. This is a flexible ISA. This is a portfolio ISA – so you can open more than one type of cash ISA with the provider (e.g. fixed and variable) in the same tax year.

Three-year fixed term cash ISAs

1.10% UBL UK 3 Year Fixed Rate Cash ISA – minimum deposit £2,000; apply in branch or by post. Access on closure or full transfer only, subject to 270 days’ loss of profit; transfers accepted. This is not a flexible ISA nor a portfolio ISA. Interest is paid on maturity, annually, quarterly or monthly. Interest must be paid to a nominated account, it cannot be added to the account unless it is paid on maturity.

1% Ford Money Fixed Cash ISA 2 Year – minimum deposit £500; apply online or by phone. Withdrawals allowed subject to 90 days’ loss of interest; transfers in are allowed. This is a flexible ISA. This is a portfolio ISA – so you can open more than one type of cash ISA with the provider (e.g. fixed and variable) in the same tax year.

1% United Trust Bank Cash ISA 3 Year Bond – minimum deposit £15,000; apply by post; withdrawals allowed, subject to a penalty that is based on the following calculation: amount of the withdrawal, multiplied by the number of days left until maturity, multiplied by the interest rate, divided by 365. Interest can be withdrawn annually without penalty. Transfers in are allowed. This is not a flexible ISA nor a portfolio ISA.

Five-year fixed term cash ISAs

1.40% UBL UK 5 Year Fixed Rate Cash ISA – minimum deposit £2,000; apply in branch or by post; access on closure or full transfer only, subject to 365 days’ loss of interest. Transfers in allowed. This is not a flexible ISA nor a portfolio ISA. Interest is paid on maturity, annually, quarterly or monthly. Interest must be paid to a nominated account, it cannot be added to the account unless it is paid on maturity.

1.25% Hodge Bank 5 Year fixed Rate Cash ISA – minimum deposit £1,000; apply online, by post or phone; access on closure only, subject to  180 days’ loss of interest. Maturity date is 30/11/2025. Transfers in are allowed. This is not a flexible ISA nor a portfolio ISA.

1.25% United Trust Bank Cash ISA 5 Year Bond – minimum deposit £15,000; apply by post. Withdrawals allowed, subject to a penalty based on the following calculation: amount of the withdrawal, multiplied by the number of days left until maturity, multiplied by the interest rate, divided by 365. Interest can be withdrawn annually without penalty. Transfers in are allowed. This is not a flexible ISA nor a portfolio ISA.

‘Best buy rates continue to fall’

Anna Bowes, co-founder of website Savings Champion, says: “Unfortunately, with the ongoing prospect of negative interest rates ever looming, and with NS&I’s impending rate cuts, best buy savings rates have continued to fall across the board.

“Only UBL UK has stayed firm with its notice accounts, fixed rate bonds and ISAs all remaining in place and as a result these accounts are included in, or topping many of the best buy tables.

“Those who are worried about rates falling even further may wish to consider tying up at least some of their cash to protect against this possibility.”

All rates correct as of 02/11/20.

The Raisin UK savings marketplace features attractive savings products from a range of partner banks. Click here to learn more

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