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The savings accounts paying the most interest

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03/09/2019
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 0.75% bonus for the first 12 months.

Easy access accounts – with limited withdrawals

1.43% Virgin Money – minimum deposit £1; apply and access online; maximum of two penalty-free withdrawals per year.

Notice accounts

1.81% Charter Savings Bank 95 Day Notice – minimum deposit £5,000; apply and access online; withdrawals subject to 95 days’ notice; no earlier access.

1.77% Oaknorth 90 Day Notice – minimum deposit £1; access online; withdrawals subject to 90 days’ notice; no earlier access.

1.51% Shawbrook Bank 45 Day Notice – minimum deposit £1,000; apply online; withdrawals subject to 45 days’ notice; no earlier access.

One-year fixed term bonds

2.10% BLME – minimum deposit £1,000; apply online; sharia bank so rate is expected profit rate.

1.92% Chetwood Financial – minimum deposit £10,000; apply online.

1.91% Charter Savings Bank – minimum deposit £5,000; apply online.

Two-year fixed term bonds

2.35% BLME – minimum deposit £1,000; apply online; 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

2.45% BLME – minimum deposit £1,000; apply online; sharia bank so rate is expected profit rate.

2.10% Paragon – minimum deposit £1,000; apply online.

Five-year fixed term bonds

2.50% BLME – minimum deposit £1,000; apply by online; sharia bank so rate is expected profit rate.

2.35% Shawbrook Bank – minimum deposit £1,000; apply online.

2.35% Masthaven Bank – minimum deposit £500; 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

1.44% Charter Savings Bank – minimum deposit £5,000; apply and access online.

1.43% Shawbrook Bank – minimum deposit £1,000; apply and access online or by phone.

1.43% 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% 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.

1.56% Cynergy Bank – minimum deposit £500; apply online; access on closure only subject to 180 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.

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

Three-year fixed term cash ISAs

1.82% OakNorth – minimum deposit £1; apply online; withdrawals allowed subject to 270 days’ loss of interest.

1.71% Virgin Money – minimum deposit £1; apply in branch or by post; access on closure, subject to 210 days’ loss of interest.

Five-year fixed term cash ISAs

2.00% The Family Building Society – minimum deposit £1,000; apply in branch, by post or online; access on closure, subject to 365 days’ loss of interest in year one, 320 days in year two, 270 days in year three, 225 days in year four and 180 days in year five.

Remember to monitor your rates

Anna Bowes, co-founder of rate monitoring website Savings Champion, says: “Best buy rates have continued to ease downwards, which is disappointing news for savers. That said, easy access accounts continue to offer plenty of options paying above 1.40% – with Marcus by Goldman Sachs and Cynergy Bank both still offering 1.50% AER.

“Marcus has been a continual fixture at or near the top of the best buy tables since launch almost a year ago. Of course in order to make sure that your savings are always earning the best rates of interest, it’s important to regularly review them, as often, especially on easy access accounts, there will be bonuses that will end which will see the rate of interest fall, or restrictions on the number of withdrawals that can be made.

All rates correct as of 3/9/19

 

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