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The savings accounts paying the most interest

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Written by:
01/07/2019
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

1.50% Marcus – minimum deposit £1; apply and access online; rate includes a 0.15% bonus for the first 12 months.

1.50% Cynergy Bank – minimum deposit £1; apply and access online; rate includes a 0.50% bonus for the first 12 months.

Easy access accounts – with limited withdrawals

1.50% Virgin Money – minimum deposit £1; apply and access online; maximum of two penalty-free withdrawals per year.

1.44% Sainsbury’s Bank – minimum deposit £1,000; apply and access online or by phone; maximum of three penalty-free withdrawals per year.

Notice accounts

1.92% Secure Trust Bank 90 Day Notice – minimum deposit £1,000; apply and access online or by post; maximum of three withdrawals per year subject to 90 days’ notice; no earlier access.

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

1.70% Secure Trust Bank 60 Day Notice – minimum deposit £1,000; access online or by phone; maximum of three withdrawals per year subject to 60 days’ notice; no earlier access.

1.60% Secure Trust Bank 45 Day Notice – minimum deposit £1,000; apply online or by phone; withdrawals subject to 45 days’ notice; no earlier access.

1.50% Secure Trust Bank 30 Day Notice – minimum deposit £1,000; apply and access online or by phone; withdrawals subject to 30 days’ notice; no earlier access.

One-year fixed term bonds

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

2.01% Chetwood Financial – minimum deposit £10,000; apply online.

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.

2.22% FCMB Bank – minimum deposit £1,000; rate only available via Raisin platform.

Three-year fixed term bonds

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

2.40% ICICI Bank UK – minimum deposit £1,000; rate only available via Raisin platform.

2.37% Paragon – minimum deposit £1,000; 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.

2.65% PCF Bank – minimum deposit £1,000; apply online or by post.

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

1.50% Coventry Building Society – minimum deposit £1; apply and access online; rate includes a 0.35% bonus until 31 August 2020.

1.50% Virgin Money – minimum deposit £1; apply and access online; maximum of two easy access withdrawals per year.

One-year fixed term cash ISAs

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

1.60% Al Rayan – 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.

Two-year fixed term cash ISAs

1.80% AA – minimum deposit £500; access on closure only, subject to 180 days’ loss of interest.

1.76% Charter Savings Bank – minimum deposit £5,000; apply online; withdrawals allowed subject to 180 days’ loss of interest.

Three-year fixed term cash ISAs

1.87% Charter Savings Bank – minimum deposit £5,000; apply online; withdrawals allowed subject to 210 days’ loss of interest.

1.85% Aldermore – minimum deposit £1,000; apply online; withdrawals allowed subject to 180 days’ loss of interest.

Five-year fixed term cash ISAs

2.10% Newcastle Building Society – minimum deposit £500; apply in branch or online; withdrawals allowed subject to 365 days’ loss of interest.

2.03% Principality Building Society – minimum deposit £500; apply in branch or online; withdrawals allowed subject to 360 days’ loss of interest.

Time to consider notice accounts

Anna Bowes, co-founder of Savings Champion says: “With around 82 per cent of all savings being held in easy access accounts, it could be time to consider the lesser utilised notice accounts as competition in the area has seen rate increases.

“Many people leave funds languishing with their high street provider, as they assume that moving it won’t earn much more interest.

“And as the high street providers don’t offer notice accounts, this could explain why many don’t know about or use these useful middle-ground accounts.

“But, with rates as low as 0.15 per cent on the high street, if savers knew they could increase the interest they earn by as much as 1.77 per cent – which equates to an extra £885 a year on a balance of £50,000, surely it’s worth moving funds that aren’t needed immediately.

“Secure Trust Bank is currently dominating the space, paying the best rates on 90 day, 60 day, 45 day and 30 day notice accounts.

“Of course, they could also earn more by simply switching to one of the best-paying easy access accounts – but if they don’t need the access, they could squeeze out even more.”

All rates correct as of 1/7/19

 

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