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The savings accounts paying the most interest

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01/06/2020
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 unlimited withdrawals

1.16% NS&I – minimum deposit £500; apply online, by post or by phone.

1.13%% The Family Building Society – minimum deposit £1; apply online, by post or in branch; maximum of 20 easy access withdrawals permitted per calendar year.

Notice accounts

1.2% Market Harborough Building Society 75 Day Notice – minimum deposit £20,000; apply online; withdrawals subject to 75 days’ notice; no earlier access.

1.2% Shawbrook Bank 120 Day Notice – minimum deposit £1; apply online; withdrawals subject to 120 days’ notice; no earlier access.

1.1% BLME 90 Day Notice – minimum deposit £10,000; apply online, in branch or by post; withdrawals subject to 90 days’ notice; no earlier access; sharia bank so rate is expected profit rate.

One-year fixed term bonds

1.35% BLME – minimum deposit £1,000; apply online; no access within term; sharia bank so rate is expected profit rate.

1.3% Atom Bank – minimum deposit £50; apply via Atom app; no access within term.

Two-year fixed term bonds

1.5% BLME – minimum deposit £1,000; apply online; sharia bank so rate is expected profit rate.

1.45% RCI Bank – minimum deposit £1,000; apply online; no access within the term.

Three-year fixed term bonds

1.65% BLME – minimum deposit £1,000; apply online; no access within term; sharia bank so rate is expected profit rate.

1.55% RCI Bank – minimum deposit £1,000; apply online; no access within term.

Five-year fixed term bonds

1.8% RCI Bank – minimum deposit £1,000; apply online; no access within term.

1.75% BLME – minimum deposit £1,000; apply online; no access within term; sharia bank so rate is expected profit rate.

Easy Access cash ISAs

1.10% Al Rayan Bank – minimum deposit £50; apply online; sharia bank so rate is expected profit rate.

1.05% Cynergy Bank – minimum deposit £1; apply and access online.

One-year fixed term cash ISAs

1.2% Al Rayan – minimum deposit £1,000; apply online or by phone; withdrawals 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.

1.05% Virgin Money – minimum deposit £1; apply online, in branch or by post; withdrawals allowed subject to 60 days’ loss of interest.

Two-year fixed term cash ISAs

1.4% Al Rayan Bank – minimum deposit £1,000; apply online; withdrawals 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.

1.05% Kent Reliance – minimum deposit £1,000; apply online, in branch or by phone; withdrawals allowed subject to 180 days’ loss of interest.

Three-year fixed term cash ISAs

1.15% Virgin Money – minimum deposit £1; apply online, in branch or by post; withdrawals allowed subject to 120 days’ loss of interest.

1.10% Paragon – minimum deposit £500; apply online or by post; withdrawals allowed subject to 270 days’ loss of interest.

Five-year fixed term cash ISAs

1.3% Cambridge Building Society – minimum deposit £500; apply in branch, by post or by phone; withdrawals allowed, subject to 240 days’ loss of interest.

1.3% Shawbrook Bank – minimum deposit £1,000; apply online; withdrawals allowed subject to 360 days’ loss of interest.

‘Best buy rates have continued to fall’

Anna Bowes, co-founder of website Savings Champion, says: “Best buy rates have continued to fall over the past month although longer term fixed rate bonds have fallen the least – with the best five year bond now paying 1.80% AER – down from 1.90% at the beginning of May. The best one year bond, on the other hand, has fallen from 1.60% to 1.35% AER over the same period.

“After a slow start, best buy notice accounts have now started to tumble more quickly and have been the hardest hit over the last month, with the average of the top 5 falling to 1.12% from 1.39%. The best notice account currently available is a 120 day notice account paying 1.20% – just a little less than the easy access NS&I Income Bonds, which is paying 1.15% monthly gross.”

All rates correct as of 01/06/20

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

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