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The savings accounts paying the most interest

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07/04/2020
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 – with limited withdrawals

1.31% Virgin Money – minimum deposit £1; apply online; maximum of two withdrawals per year.

Easy access accounts – with unlimited withdrawals

1.3% Marcus – minimum deposit £1; apply online.

1.3% Saga – minimum deposit £1; apply online; rate includes a 0.2% bonus for the first 12 months.

Notice accounts

1.6% Investec 95 Day Notice – minimum deposit £10,000; apply online; withdrawals subject to 95 days’ notice; no earlier access.

1.5% Hampshire Trust Bank 95 Day Notice – minimum deposit £1,000; apply online; withdrawals subject to 95 days’ notice; no earlier access.

1.48% Secure Trust Bank 90 Day Notice – minimum deposit £1,000; apply online; withdrawals subject to 90 days’ notice; no earlier access.

One-year fixed term bonds

1.6% Hampshire Trust Bank – minimum deposit £1,000; apply online; no access within term.

1.6% Vanquis Bank Savings – minimum deposit £1,000; apply online; no access within term.

Two-year fixed term bonds

1.75% BLME – minimum deposit £1,000; apply online; sharia bank so rate is expected profit rate.

1.68% Secure Trust Bank – minimum deposit £1,000; apply online; no access within term.

Three-year fixed term bonds

1.81% Secure Trust Bank – minimum deposit £1,000; apply online; no access within term.

1.8% United Trust Bank – minimum deposit £5,000; apply in branch or by post; no access within term.

Five-year fixed term bonds

2% Gatehouse Bank – minimum deposit £1,000; apply online; no access within term; sharia bank so rate is expected profit rate.

1.9% RCI – minimum deposit £1,000; apply online; no access within term;

Regular savings accounts

3% variable – Kent Reliance; only available in branch; minimum monthly deposit £25; maximum monthly deposit £500.

2.75% – First Direct; open online or by phone; minimum monthly deposit £25; maximum monthly deposit £300; only available to customers who hold a First Direct 1st Account.

Easy Access cash ISAs

1.25% Penrith Building Society – minimum deposit £100; apply in branch or by post.

1.21% Paragon – minimum deposit £1; apply and access online.

One-year fixed term cash ISAs

1.35% Aldermore – minimum deposit £1,000; apply online; withdrawals allowed subject to 90 days’ loss of interest.

1.35% Charter Savings Bank – minimum deposit £5,000; apply online; withdrawals allowed subject to 150 days’ loss of interest.

Two-year fixed term cash ISAs

1.46% Charter Savings Bank – minimum deposit £5,000; apply online; withdrawals allowed subject to 180 days’ loss of interest.

1.45% Aldermore – minimum deposit £1,000; apply online; withdrawals allowed subject to 180 days’ loss of interest.

Three-year fixed term cash ISAs

1.5% Aldermore – minimum deposit £1,000; apply online; withdrawals allowed subject to 270 days’ loss of interest.

1.35% Paragon – minimum deposit £500; apply online or by post; withdrawals allowed subject to 120 days’ loss of interest.

Five-year fixed term cash ISAs

1.61% Shawbrook Bank – minimum deposit £1,000; apply online.

1.5% The Family Building Society – minimum deposit £1,000; apply online, in branch or by post; access on closure only, subject to loss of interest depending on when it is closed.

1.4% Hodge Bank – minimum deposit £1,000; apply online or by post; withdrawals allowed subject to 365 days’ loss of interest.

1.4% Paragon – minimum deposit £500; apply online or by post; withdrawals allowed subject to 365 days’ loss of interest.

‘Act now before further rate cuts’

Anna Bowes, co-founder of website Savings Champion, says: “It’s unsurprising that, following two base rate cuts in March, best buy rates, virtually across the board are lower that they were last month. However, there have been a couple of interesting  anomalies.

“The under-used notice accounts seem to have been the least affected so far, with the average rate on live notice accounts virtually unchanged since the beginning of March, prior to both base rate cuts. In fact the rate of the best 95 days’ notice account available today is better than it was a month ago.

“Fixed rate bonds have also shown resilience and there has been a battle in the short term fixed rate bond tables in particular, which means that the best rates available have a fallen very little – so far.

“Those who would prefer to protect at least some of their cash against the possibility of further rate cuts by opening a fixed rate account, might want to move quickly though, as we don’t know how long these accounts will be available.

“For those looking to open their cash ISA now that we are into the new tax year, things are a little more disappointing and cash ISAs best buy rates seem to have been harder hit.”

All rates correct as of 06/04/20

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

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