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The savings accounts paying the most interest

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07/01/2021
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.

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

0.55% Investec Online Flexi Saver – minimum deposit £1,000; apply and access online.

0.50% Atom Bank Instant Saver – minimum deposit £1; apply and access via its app.

0.50% Aldermore Easy Access Account (Issue 14) – minimum deposit £1,000; apply and access online.

0.50% Monmouthshire Building Society Premium Instant Account (Issue 1) – minimum deposit £25,000; apply and access online, by post and in branch. A maximum of 150 easy access withdrawals are allowed per year.

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.

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).

0.63% Charter Savings Bank 120 Day Notice (Issue 18) – minimum deposit £5,000; apply and access online and by post. Withdrawals subject to 120 days’ notice only; no earlier access is allowed.

0.61% Charter Savings Bank 95 Day Notice (Issue 33) – minimum deposit £5,000; apply and access online and by post. Withdrawals subject to 95 days’ notice only; no earlier access is allowed.

0.60% Hodge Bank 90 Day Notice Account – minimum deposit £1,000; apply online and by post. Access by post, telephone & email. Withdrawals subject to 90 days’ notice only; no earlier access is allowed.

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.

One-year fixed term bonds

1% Raisin UK – provided by Ahli United Bank (UK) PLC) 1 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.

0.90% Raisin UK – provided by QIB (UK) PLC) 1 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.

0.60% Saffron Building Society One Year Fixed Rate Bond – minimum deposit £500; apply and access online, by post and in branch. Access on closure only, subject to 180 days’ loss of interest.

Two-year fixed term bonds

1.04% Raisin UK – provided by Ahli United Bank (UK) PLC) 2 years 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% Raisin UK – provided by QIB (UK) PLC) 2 Years 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.

0.80% Loughborough Building Society Two Year Fixed Rate Bond (Issue 96) – minimum deposit £5,000; apply by post and in branch. No access within the term.

Three-year fixed term bonds

1% Vanquis Savings Bank 3 Year Fixed Rate Bond – minimum deposit £1,000; apply online, no access within the term.

1% United Trust Bank 3 Year Bond – minimum deposit £5,000; apply online; no access within the term.

1% Arbuthnot Direct 3 Year Fixed Term Deposit – minimum deposit £10,000; apply online; no access within the term.

Five-year fixed term bonds

1.25% UBL UK 5 Year Fixed Term Deposit – minimum deposit £2,000; apply by post and in branch. No access within the term. Withdrawals are allowed at the provider’s discretion, subject to 365 days’ loss of interest. Interest is paid on maturity, annually 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% Shawbrook Bank 5 Year Fixed Rate Bond (Issue 33) – minimum deposit £1,000; apply online. No access within the term.

1.25% Vanquis Savings Bank 5 Year Fixed Rate Bond – 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.

0.56% Charter Savings Bank Easy Access Cash ISA (Issue 19) – minimum deposit £5,000; apply and access online. Transfers in are allowed. 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 (e.g. fixed and variable) in the same tax year.

0.50% Furness Building Society Everyday Cash IS (Issue 2) – 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% Coventry Building Society Easy Access ISA (10) – minimum deposit £1; apply online, by post or in branch. Access online, by post, telephone or in branch. Transfers in are allowed. Transfers in are allowed. This is 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.

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.

0.61% Charter Savings Bank 1 Year Fixed Rate Cash ISA – minimum deposit £5,000; apply online. Withdrawals are allowed, subject to 150 days’ loss of interest. Transfers in are allowed. 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 (e.g. fixed and variable) in the same tax year.

0.60% Furness Building Society 1 Year Fixed Rate Cash ISA (Issue 164) – minimum deposit £1,000; apply by post or in branch. Access on closure only, subject to 180 days loss of interest. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

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.

0.72% Charter Savings Bank 2 Year Fixed Rate Cash ISA – minimum deposit £5,000; apply 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 – so you can open more than one type of cash ISA with the provider (e.g. fixed and variable) in the same tax year.

0.70% 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.

Three-year fixed term cash ISAs

0.75 The West Brom Building Society 3 Year Fixed Rate ISA – minimum deposit £1,000; apply in branch or by post. Withdrawals are allowed, subject to 90 days’ notice or loss of interest. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA. The maturity date is 31/12/2023.

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.

0.70% 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. 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.

Five-year fixed term cash ISAs

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% Furness Building Society 5 Year fixed Rate Cash ISA (Issue 167) – minimum deposit £1,000; apply in branch or by post. Access on closure only, subject to 180 days loss of interest. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

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.

‘Rate cuts have slowed’

Anna Bowes, co-founder of website Savings Champion, says: “The festive period seems to have slowed the rate at which best buy rates have been falling – although overall the direction has still been down. That said, there are a couple of bright spots compared to last month. The best easy access ISA has not changed – Al Rayan is still offering 0.60% and in fact this is now a higher rate than the best non ISA easy access account.

“In addition, a new provider via Raisin UK, Ahli United Bank (UK) Plc, means that the best 1 and 2 year fixed term bonds currently available are higher than they were at the beginning of December. Ahli United Bank (UK) Plc is a Sharia provider and once again illustrates that it’s important not to dismiss these providers as they can regularly be found offering top rates.”

All rates correct as of 07/01/21.

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

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