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The savings accounts paying the most interest

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02/09/2020
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

1.16% NS&I Income Bonds – minimum deposit £500; apply online, by post or by phone. Interest paid out monthly – can’t be compounded.

1% NS&I Direct Saver – minimum deposit £1; apply and access online or by phone.

0.80% NS&I Investment Account – minimum deposit £20; apply and access by post.

0.80% Principality Building Society Bonus Saver – minimum deposit £1; apply online. Rate includes a 0.40% bonus for the first 12 months.

0.80% Paragon Triple Access Saving Account (Issue 1) – minimum deposit £10,000; apply online. If more than three withdrawals are made in a 12-month period, the rate payable will drop to 0.25% from the date of the 4th withdrawal, with the 12 month period resetting on the anniversary of the account opening date.

Notice accounts

1.10% BLME 90 Day Notice Account (Issue 3) – minimum deposit £10,000; apply and access online; withdrawals subject to 90 days’ notice; no earlier access; sharia bank so rate is expected profit rate.

1.10% Allica Bank 95 Day Notice Personal Savings Account (Issue 1)  – minimum deposit £1,000; apply and access online; withdrawals subject to 95 days’ notice; no earlier access.

1.10% Paragon 120 Day Notice Savings Account (Issue 19) – minimum deposit £500; apply and access online; withdrawals subject to 120 days’ notice; no earlier access.

1.05% United Trust Bank 100 Day Notice Account (Issue 3) – minimum deposit £5,000; apply and access online; withdrawals subject to 100 days’ notice; no earlier access.

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

One-year fixed term bonds

1.20% Paragon 1 Year Fixed Rate Savings Account – minimum deposit £1,000; apply online or by post; no access within term.

1.20% United Trust Bank 1 Year Bond – minimum deposit £5,000; apply online; no access within term.

1.16% Allica Bank 12-Month Fixed-Term Savings Account (Issue 7)- minimum deposit £1,000; apply online. No access within the term.

Two-year fixed term bonds

1.31% Charter Savings Bank 2 Year Fixed Rate Bond – minimum deposit £5,000; apply online or by post; no access within term.

1.30% Paragon 2 Year Fixed Rate Savings Account – minimum deposit £1,000; apply online or by post. No access within the term.

1.30% United Trust Bank 2 Year Bond – minimum deposit £5,000; apply online; no access within the term.

Three-year fixed term bonds

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.

1.35% Paragon 3 Year Fixed Rate Savings Account – minimum deposit £1,000; apply online or by post; no access within the term.

1.35% United Trust Bank 3 Year Bond – minimum deposit £5,000; apply online; no access within the term.

Five-year fixed term bonds

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

1.40% Paragon 5 Year Fixed Rate Savings Account – minimum deposit £1,000; apply online or by post; no access within the term.

1.40% United Trust Bank 5 Year Bond – minimum deposit £5,000; apply online; no access within the term.

Easy Access cash ISAs

0.90% Cynergy Bank Online ISA (Issue 4) – minimum deposit £1; apply and access online; transfers in allowed. This is not a flexible ISA nor a portfolio ISA.

0.90% NS&I Direct ISA – minimum deposit £1; apply and access online or by phone; transfers in not accepted. This is not a flexible ISA nor a portfolio ISA.

0.80% Paragon Triple Access Cash ISA (Issue 1) – minimum deposit £1; apply and access online; if more than three withdrawals are made in a 12-month period, the rate payable will drop to 0.25% from the date of the 4th withdrawal, with the 12 month period resetting on the anniversary of the account opening date; transfers in are allowed; this is a flexible ISA; this is not a portfolio ISA.

0.65% Leeds Building Society Limited Issue Online Access ISA (Issue 26) – minimum deposit £1,000; apply and access online; transfers in allowed. This is not a flexible ISA nor a portfolio ISA. The maturity date is 03/10/2021. On maturity, the account is transferred to the Maturity Access ISA.

0.65% Yorkshire Building Society Internet Saver ISA Plus (Issue 6) – minimum deposit £10,000; apply and access online; access via full transfer to another ISA provider only, subject to 90 days’ loss of interest. This is not a flexible ISA nor a portfolio ISA.

One-year fixed term cash ISAs

0.85% Hampshire Trust Bank 1 Year ISA Bond (Issue 17) – minimum deposit £1; apply online or by post; withdrawals subject to reduction in profit of 90 days. Sharia bank so rate is expected profit rate. Transfers in are allowed. This is not a flexible ISA nor a portfolio ISA.

0.85% Paragon 1 Year Fixed Rate Cash ISA – minimum deposit £500; apply online or by post; withdrawals subject to a reduction in profit of 90 days; transfers in are allowed. This is a flexible ISA and a portfolio ISA so you can open more than one type of cash ISA with the provider (eg fixed and variable) in the same tax year.

0.80% Charter Savings Bank  1 Year Fixed Rate Cash ISA – minimum deposit £5,000; apply online; access on closure only, subject to 150 days’ loss of interest; transfers in accepted. 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 (eg fixed and variable) in the same tax year.

Two-year fixed term cash ISAs

0.92% Charter Savings Bank 2 Year Fixed Rate Cash ISA – minimum deposit £5,000; apply online. Withdrawals allowed subject to 180 days’ loss of interest; transfers accepted. 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 (eg fixed and variable) in the same tax year.

0.90% Hampshire Trust Bank 2 Year ISA Bond (Issue 16) – minimum deposit £1; apply online or by post; withdrawals subject to reduction in profit of 180 days. Sharia bank so rate is expected profit rate. Transfers in are allowed. This is not a flexible ISA nor a portfolio ISA. Interest is paid annually.

0.90% Paragon 2 Year Fixed Rate Cash ISA – minimum deposit £500; apply online or by post; withdrawals allowed, subject to 180 days’ loss of interest; transfers accepted. 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.

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 out only, subject to 270 days’ loss of interest. Transfers in are 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 can’t be added to the account unless it is paid on maturity.

1% Charter Savings Bank 3 Year Fixed Rate Cash ISA – minimum deposit £5,000; apply online. Withdrawals allowed subject to 210 days’ loss of interest; transfers accepted. 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 (eg fixed and variable) in the same tax year. Interest is paid monthly or annually.

1% United Trust Bank Cash ISA 3 Year Bond – minimum deposit £15,000; apply by post; withdrawals 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. Interest is paid annually.

1% Aldermore 3 Year Fixed Rate Cash ISA – minimum deposit £1,000; apply online. Withdrawals subject to 180 days’ loss of interest. On maturity, your money can be returned to your nominated account, transferred to any other Personal Savings accounts held with Aldermore that allow deposits or transferred to another ISA provider. 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. Interest is paid annually or monthly.

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 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.

1.25% 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. This is not a portfolio ISA. Interest is paid annually.

1.21% Charter Savings Bank 5 Year Fixed Rate Cash ISA – minimum deposit £5,000; apply online. Withdrawals allowed subject to 270 days’ loss of interest; transfers accepted. 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 (eg fixed and variable) in the same tax year. Interest is paid monthly or annually.

‘Rate increases across the board’

Anna Bowes, co-founder of website Savings Champion, says: “After months of bad news, it’s great to see that the best buy rates seem to have ceased dropping – at least for the time being. In fact we’ve seen increases pretty much across the board.

“Fixed rate Cash ISAs have been the top performers over the last month, with the best 5 year cash ISA increasing from 1.21% in August, to 1.40% AER today – an increase of almost 16%.

“Charter Savings Bank, Paragon and UBL UK have been among the most active providers, reinforcing the value of the challenger banks. With more new banks waiting to get their banking licences, hopefully this will keep the momentum going, offering some hope to beleaguered savers.”

All rates correct as of 02/09/20.

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

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