You are here: Home - Saving & Banking - News -

The savings accounts paying the most interest

0
Written by:
06/11/2019
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

1.45% Marcus – minimum deposit £1; apply and access online; rate includes a 0.10% bonus for the first 12 months.

1.45% Cynergy Bank – minimum deposit £1; apply and access online; rate includes a 0.70% bonus for the first 12 months.

Easy access accounts – with limited withdrawals

1.46% Coventry Building Society – minimum deposit £1; apply and access online; maximum of three penalty-free withdrawals per year; rate includes a 0.31% bonus until 31 March 2021.

1.45% Virgin Money – minimum deposit £1; apply and access online; maximum of two penalty-free withdrawals per year.

Notice accounts

1.82% Gatehouse Bank 120 Day Notice – minimum deposit £1,000; apply and access online; withdrawals subject to 120 days’ notice; no earlier access; sharia bank so rate is expected profit rate.

1.80% Investec 95 Day Notice – minimum deposit £10,000; apply online or by post; withdrawals subject to 95 days’ notice; no earlier access.

1.75% Gatehouse Bank 95 Day Notice – minimum deposit £1,000; apply by post; withdrawals subject to 95 days’ notice; no earlier access; sharia bank so rate is expected profit rate.

1.72% Close Brothers Savings 95 Day Notice – minimum deposit £1,000; apply by post; withdrawals subject to 95 days’ notice; no earlier access.

One-year fixed term bonds

1.85% BLME – minimum deposit £1,000; apply online; sharia bank so rate is expected profit rate.

1.80% Metro Bank – minimum deposit £500; apply online or in branch.

Two-year fixed term bonds

2.15% Al Rayan – minimum deposit £1,000; apply online, in branch, by post or by phone; sharia bank so rate is expected profit rate.

1.85% Zenith Bank UK – minimum deposit £1,000; apply online; rate only available via Raisin platform.

Three-year fixed term bonds

2.30% Al Rayan – minimum deposit £1,000; apply online, in branch, by post or by phone; sharia bank so rate is expected profit rate.

2.00% Ikano Bank – minimum deposit £1,000; apply online.

Five-year fixed term bonds

2.36% United Bank UK – minimum deposit £2,000; apply in branch or by post.

2.30% Gatehouse Bank – minimum deposit £1,000; apply online; sharia bank so rate is expected profit rate.

Regular savings accounts

5% Marks & Spencer Bank Monthly Saver – 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

1.45% Virgin Money – minimum deposit £1; apply and access online; maximum of two easy access withdrawals per year.

1.40% Leeds Building Society – minimum deposit £1,000; apply and access online; maturity date is 03/01/2021. On maturity, the account is transferred to the provider’s Maturity Access ISA.

1.35% Al Rayan – minimum deposit £50; apply online, in branch, by post or by phone; sharia bank so rate is expected profit rate.

One-year fixed term cash ISAs

1.60% Al Rayan Bank – minimum deposit £1,000; apply online, in branch or by phone; withdrawals allowed subject to the expected profit rate reducing to a rate equal to the lowest savings account available on the last 90 days’ of profit; sharia bank so rate is expected profit rate.

1.51% OakNorth – minimum deposit £1; apply online; withdrawals allowed subject to 90 days’ loss of interest.

Two-year fixed term cash ISAs

1.80% Al Rayan Bank – minimum deposit £1,000; apply online, in branch, by post or by phone; withdrawals allowed subject to the expected profit rate reducing to a rate equal to the lowest savings account available on the last 90 days’ of profit; sharia bank so rate is expected profit rate.

1.62% Charter Savings Bank – minimum deposit £5,000; apply online; withdrawals allowed subject to 180 days’ loss of interest.

Three-year fixed term cash ISAs

1.72% Charter Savings Bank – minimum deposit £5,000; apply online; withdrawals allowed subject to 210 days’ loss of interest.

1.71% Virgin Money – minimum deposit £1; apply online, in branch or by post; access on closure, subject to 120 days’ loss of interest.

Five-year fixed term cash ISAs

2.01% United Bank UK – minimum deposit £2,000; apply in branch or by post; access on closure, subject to 365 days’ loss of interest.

1.81% Charter Savings Bank – minimum deposit £5,000; apply online; withdrawals allowed subject to 270 days’ loss of interest.

Sharia banks cutting rates

Anna Bowes, co-founder of Savings Champion, says: “Short term fixed term bonds continue to tumble – even the Sharia accounts are shrinking. Although Metro Bank launched a competitive 12-month fixed rate bond last week, (1.80% AER), with rate cuts on fixed term bonds from Al Rayan and BLME this week, there are now no 12 month bonds that are paying 2% or more.

“The Sharia providers still dominate the short term best buys though, with Al Rayan and BLME jostling for the top spot – but their lead has contracted.”

All rates correct as of 06/11/19

 

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Bristol votes to ban diesel cars

Bristol City Council plans to ban diesel cars from entering parts of the city centre in a bid to cut...

Close