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The savings accounts paying the most interest

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Written by: Emma Lunn
02/03/2021
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.

The savings accounts paying the most interest

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

0.5% Marcus Online Savings Account – minimum deposit £1. Apply and access online.

0.50% Nationwide Building Society 1 Year Triple Access Online Saver 10 – minimum deposit £1; apply and access online. Three easy access withdrawals are allowed per year without losing interest. If you make four or more withdrawals, the rate drops to 0.01% for the rest of the account year. Account has a 12 month term. On maturity, the account will revert to a Triple Access Online Saver.

0.50% Yorkshire Building Society Annual Access Account Issue 7 – minimum deposit £100. Apply in branch or by post. Access in branch, by post and online. The Annual Access Account allows withdrawals from your account, without losing any interest, on any one day per year based on the anniversary of account opening.

0.45% UBL UK Online Easy Access Account – minimum deposit £500. Apply in branch or by post. Access online only. Maximum of one easy access withdrawal per month. Additional withdrawals are allowed, subject to a £1 charge.

0.45% Monmouthshire Building Society Escalator Instant – minimum deposit £25,000. Apply and access by post, online and in branch. A maximum of 150 withdrawals without notice or charge are allowed per account year. Account pays 0.25% on balances between £100 and £5,000, 0.35% on balances between £5,000 and £25,000 and 0.45% on balances above £25,000.

Notice accounts

0.65% Moneycorp Bank 90 Day Notice Account (Issue 1) – minimum deposit £10,000; apply and access online. Withdrawals subject to 90 days’ notice only; no earlier access is allowed. Interest is paid monthly.

In order to open this account, you are required to open an International Payments Account. This is used to fund the account and transfer monies. Deposits held with Moneycorp Bank are covered up to the value of €100,000 by the Gibraltar Deposit Guarantee Scheme (GDGS), which is the equivalent of the UK Financial Services Compensation Scheme (FSCS).

0.60% Moneybox (provided by Investec) 95 Day Notice Savings Account – minimum deposit £1; apply and access via the moneybox app. Withdrawals are subject to 95 days’ notice only; no earlier access allowed. Interest is calculated daily and paid into your account each month. This account is provided by Investec.

0.58% OakNorth Bank 120 Days Notice Deposit Account – minimum deposit £1. Apply and access online. Withdrawals are subject to 120 days’ notice only; no earlier access is allowed.

0.56% OakNorth Bank 90 Days Notice Deposit Account – minimum deposit £1. Apply and access online. Withdrawals are subject to 90 days’ notice only; no earlier access is allowed.

0.52% Oxbury Bank Personal 95 Day Notice Account: 0.52% Variable Rate – Issue 3 – minimum deposit £1,000. Apply online and access online or via the Oxbury Banking App. Withdrawals are subject to 95 days’ notice only; no earlier access is allowed.

One-year fixed term bonds

0.86% Al Rayan Bank 12 Month Fixed Term Deposit – minimum deposit £5,000. Apply and access online, by post, telephone and in branch. In order to comply with Sharia Law the rates listed are an expected profit rate. Expected profit can either be paid to a nominated account on a quarterly basis, or reinvested on a quarterly basis into the Fixed Term Deposit for the remainder of the term, compounding the profit.

0.65% Raisin UK – provided by QIB (UK) PLC) – minimum deposit £1,000. Apply and access online. The rate is not guaranteed, in order to comply with Sharia Law the rate displayed is an expected profit rate. This account is available exclusively through the Raisin UK Savings Marketplace and you may be eligible to receive a cash bonus.

0.58% OakNorth Bank 12 Months Fixed Term Savings Account – minimum deposit £1. Apply and access online.  No access within the term.

Two-year fixed term bonds

0.85% Raisin UK – provided by QIB (UK) PLC) 2 years Fixed Term Deposit – minimum deposit £1,000. Apply and access online. The rate is not guaranteed, in order to comply with Sharia Law the rate displayed is an expected profit rate. This account is available exclusively through the Raisin UK Savings Marketplace and you may be eligible to receive a cash bonus.

0.8% Al Rayan Bank 24 Month Fixed Term Deposit – minimum deposit £5,000. Apply and access online, by post, telephone and in branch. In order to comply with Sharia Law the rates listed are an expected profit rate. Expected profit can either be paid to a nominated account on a quarterly basis, or reinvested on a quarterly basis into the Fixed Term Deposit for the remainder of the term, compounding the profit.

0.75% Oxbury Bank Personal 2 Year Bond Account: 0.75% Fixed Rate – Issue 1 – minimum deposit £1,000. Apply online and access online or via the Oxbury Banking App. No access within the term.

Three-year fixed term bonds

1.25% Gatehouse Bank 3 year fixed term deposit – minimum deposit £1,000. Apply online. No access within the term. In order to comply with Sharia Law the rate listed is an expected profit rate.

1% Bank of London and the Middle East (BLME) 3 Years Premier Deposit Account deposit – minimum deposit £1,000. Apply online and access via email. No access within the term. In order to comply with Sharia Law the rate listed is an expected profit rate.

0.9% Oxbury Bank Personal 3 Year Bond Account: 0.90% Fixed Rate – Issue 2 – minimum deposit £1,000. Apply online and access online or via the Oxbury Banking App. No access within the term.

Five-year fixed term bonds

1.40% Gatehouse Bank 5 year fixed term Green Saver – minimum deposit £1,000. Apply online. No access within the term. In order to comply with Sharia Law the rate listed is an expected profit rate.

1.25% United Bank UK 5 Year Fixed Term Deposit – minimum deposit £2,000. Apply and access in branch or post. No access within the term.

1.25% Shawbrook Bank 5 Year Fixed Rate Bond (Issue 33) – minimum deposit £1,000; apply online. No access within the term.

Easy Access cash ISAs

0.60% Al Rayan Bank Instant Access Cash ISA (Issue 2) – minimum deposit £50; apply and access online, by post, telephone and in branch. In order to comply with Sharia Law the rates listed are an expected profit rate. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA. Expected profit is paid monthly.

0.50% Cynergy Bank Online ISA (Issue 9) – minimum deposit £1. Apply and access online. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

0.40% Shawbrook Bank Easy Access Cash ISA Account (Issue 15) – minimum deposit £1,000; apply and access online. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

0.40% Teachers Building Society Cash ISA (Issue 6) – minimum deposit £100. Apply and access online or by post. Transfers in are not allowed. This is not a flexible ISA. This is not a portfolio ISA.

0.4% Charter Savings BankEasy Access Cash ISA – Issue 20 – minimum deposit £5,000. Apply and access online.  Transfers in are allowed. This is not a flexible ISA. This is a portfolio ISA.

One-year fixed term cash ISAs

0.65% Al Rayan Bank 12 Month Fixed Term Deposit Cash ISA (Issue 11) – minimum deposit £1,000; apply and access online, by post, telephone and in branch. Withdrawals are allowed, subject to the expected profit rate reducing to a rate equal to the lowest savings account currently available from Al Rayan Bank on the last 90 days’ of profit. Sharia Bank so rate is expected profit rate. On maturity, the account is transferred to the Instant Access Cash ISA. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA. Expected profit is paid quarterly or on maturity.

0.5% West Brom Building Society 1 Year Fixed Rate ISA – minimum deposit £1,000. Apply and access in branch or via post. Withdrawals are allowed, subject to 90 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA. The maturity date is 28/02/2022.

0.5% Leeds Building Society 1 Year Fixed Rate Cash ISA (Issue 146) – minimum deposit £1,00. Apply online, in branch or via post and access in branch or via post. Withdrawals are allowed, subject to 60 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.  The maturity date is 03/04/2022.

Two-year fixed term cash ISAs

0.75% Al Rayan Bank 24 Month Fixed Term Deposit Cash ISA – minimum deposit £1,000; apply and access online, by post, telephone and in branch. Withdrawals are allowed, subject to the expected profit rate reducing to a rate equal to the lowest savings account currently available from Al Rayan Bank on the last 90 days’ of profit. Sharia Bank so rate is expected profit rate. On maturity, the account is transferred to the Instant Access Cash ISA. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA. Expected profit is paid quarterly or on maturity.

0.62% Close Brothers Savings 2 Year Fixed Rate Cash ISA – minimum deposit £10,000; apply online and by post. Access on closure only, subject to 150 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

0.61% Charter Savings Bank 2 Year Fixed Rate Cash ISA – minimum deposit £5,000. Apply and access online. Withdrawals are allowed, subject to 180 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA. This is a portfolio ISA.

Three-year fixed term cash ISAs

0.80% Gatehouse Bank 3 Year Fixed Term Cash ISA – minimum deposit £1,000; Apply online. Withdrawals within the term will be subject to a reduction in profit of 270 days. The rate is not guaranteed, in order to comply with Sharia Law the rates listed are an expected profit rate. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

0.75% Close Brothers Savings 3 Year Fixed Rate Cash ISA – minimum deposit £10,000; apply online and by post. Access on closure only, subject to 270 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

0.75% Shawbrook Bank 3 Year Fixed Rate Cash ISA Bond (Issue 24) – minimum deposit £1,000; apply online. Withdrawals are allowed, subject to 270 days’ loss of interest. On maturity, the account is transferred to the Cash ISA Matured Funds account. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

Five-year fixed term cash ISAs

1.15% Gatehouse Bank 5 Year Fixed Term Cash ISA – minimum deposit £1,000. Apply online. Withdrawals within the term will be subject to a reduction in profit of 365 days. The rate is not guaranteed, in order to comply with Sharia Law the rates listed are an expected profit rate. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

1.15% 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 are allowed. This is not a flexible ISA. This is not 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.

1.10% Shawbrook Bank 5 Year Fixed Rate Cash ISA Bond Issue 25 – minimum deposit £1,000. Apply online. Withdrawals are allowed, subject to 360 days’ loss of interest. On maturity, the account is transferred to the Cash ISA Matured Funds account. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

Falling rates

Anna Bowes, Co-founder of SavingsChampion.co.uk, said: “It seems beyond belief that there is any room for rates to fall further, but fall they have. And you now need to tie your cash up for at least three years in order to earn more than 1% AER.

“Sharia providers are dominant once again, especially in the fixed term market – however Al Rayan Bank is also offering the top easy access cash ISA – which at 0.60% is paying more than the best non ISA easy access accounts.

“Al Rayan is also prolific in the short-term fixed term bond and ISA tables – and Gatehouse Bank is paying the very best fixed term rate on the market with its 5 Year Fixed Term Green Saver paying an Expected Profit Rate of 1.40% AER – although even this has dropped slightly as the previous issue was paying 1.50% AER. As the name suggests, this account has a green twist to it and Gatehouse Bank will plant a tree in a UK woodland, for every account that is opened and funded. Bottom line, for the very best rates available, Sharia accounts are well worth a look.”

 

All rates correct as of 01/03/21.

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

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