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The Best Savings Rates This Week 25 06 21
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Competition In Short Term Bond Chart Increases
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“The house-buying frenzy has brought fresh hope for savers. Banks need more cash to back their mortgage lending, so they have been forced to boost savings rates,” she said.
However, these (slightly) better rates are mainly confined to fixed-rate savings accounts, where you typically have to tie up your money for a year or more.
The uncertainty created by the coronavirus pandemic means many savers want their spare cash sitting in accounts they can access very quickly, and with billions of pounds flowing into these, there is little incentive for banks to offer better returns on them.
This may help to explain why, according to the data provider Moneyfacts, the average easy access account rate remains at a record low of 0.16% – down from 0.4% a year ago and 0.62% in May 2019.
The best rate in the fixed rate savings chart overall came from Gatehouse Bank, with its Fixed Term Green Saver paying an expected profit rate of 1.40% gross on anniversary on a five-year term. This account requires a £1,000 minimum deposit to open. It has the incentive of Gatehouse Bank planting a tree in a UK woodland when the account is opened and funded. It must be opened and managed online.
New to the top of the three year fixed rate bond chart this week was Zopa’s 3 Year Fixed Term Savings account, which pays 0.99% gross monthly, although savers should note that interest is only available on maturity. To open this account, a £1,000 minimum deposit is needed. It must be opened online and can then be managed online and via mobile app.
Topping the notice chart this week with an account available to new customers was Moneycorp Bank, which pays 0.65% gross monthly on its 90 Day Notice Account. This account requires a £10,000 minimum deposit to open and, as well as this, savers must have or open a Deposit Account with Moneycorp Bank for transactional purposes. Further additions are allowed while the issue remains open from a minimum of £10,000. Withdrawals can be made subject to 90 days’ notice. This account must be opened and managed online.
Hanley Economic Building Society had the next-best rate with its Notice 90 account paying 0.55% gross yearly from £25,000, while a higher rate of 0.65% is paid on deposits of £50,000 and a lower rate of 0.35% is paid on deposits at £100. This account, however, has localised opening restrictions. Savers interest in this account can find out more by visiting our notice account chart.
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