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RCI Bank UK increased the rate on its short-term notice account this week. The RCI Bank E-Volve Savings 14 Day Notice Account pays 1.15% gross on anniversary, or the slightly reduced gross rate of 1.14% monthly, on a £1,000 minimum opening deposit. It allows unlimited further additions via a nominated account and allows withdrawals via a nominated account subject to the 14-day notice period being served. The account must be opened online and can then be managed online and via mobile app. Savers may be pleased to note that all funds deposited in this account will be used exclusively for the purpose of financing electric vehicles, charging points and
future green transportation
projects.

Robin Squirrel

UTB boosts bonds

Increasing the rates on a selection of its fixed rate bonds this week is United Trust Bank. UTB 1 Year Bond pays 2.10% gross, UTB 15 Month Bond pays 2.35% gross, UTB 2 Year Bond pays 2.50% gross, UTB 3 Year Bond pays 2.65% gross, UTB 4 Year Bond pays 2.70% gross and UTB 5 Year Bond pays 2.80% gross. The one-year bond pays interest on maturity, while the other versions pay interest on anniversary. These accounts must be opened online with a minimum deposit of £5,000. Once opened, they can be managed online, by phone and by post. Savers will need to make sure they’re comfortable leaving their initial deposit untouched for the duration of the term, as these bonds do not allow earlier access to funds or further additions.

Those with £15,000 or more to invest may be interested in United Trust Bank’s three, four, five and seven-year fixed rate ISAs, which also saw a rate rise this week. ISA 3 Year Bond pays 2.10% gross on anniversary, ISA 4 Year Bond pays 2.15% gross on anniversary, ISA 5 Year Bond 2.20% gross on anniversary and ISA 7 Year Bond pays 2.30% on anniversary. Savers should note that, although transfers in from other ISAs are accepted, further additions are not permitted once the account is opened. Earlier access to funds and transfers out are allowed, however, this will be subject to an interest penalty. These ISAs can only be opened via post, but can then be managed online, by phone and by post.

Triple Access ISA tops chart

Following a rate increase of 0.20% this week, the 1 Year Triple Access Online ISA 13 from Nationwide Building Society now offers the joint-top rate for an easy access ISA without opening restrictions. This account now pays 1.00% gross on anniversary on a £1 minimum opening deposit. Savers should note that after 12 months this account will revert into a Triple Access Online ISA. It allows further additions and accepts transfers in from other ISAs. Transfers out are also allowed. Although withdrawals are permitted at any time, the rate will reduce to 0.10% gross for the remainder of the term if four or more withdrawals are made in a year. This ISA has the benefit of flexible ISA status, allowing money to be withdrawn and replaced in the same tax year without it counting any further towards your annual ISA allowance. It can be opened and managed online and via mobile app.

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Savers Friend In Focus

Monthly interest

If you are looking to supplement your income using your savings, many banks and building societies offer accounts that pay monthly interest.

The top easy access account that pays interest monthly comes from Chase. The Chase Saver Account pays 1.49% gross monthly and can be opened and managed via mobile app. A minimum deposit is not required to open this account, however, savers will need to either have or open a current account with Chase. This straightforward chart-topping easy access account allows unlimited further additions and withdrawals, which savers will be pleased to note.

Notice this rate rise

This week Paragon Bank raised the rate on its competitive 120-day notice account. Its 120 Day Notice Account (Issue 23) pays 1.30% gross on anniversary and requires a £500 minimum deposit to open. It allows unlimited further additions and withdrawals can be made subject to 120 days’ notice being provided, but all transactions must be made via a nominated account. This account must be opened and managed online. For savers looking to supplement their income, there is a version of this account that pays interest monthly at a slightly lower rate of 1.29% gross.

Short-term bonds bolster positions

This week the short-term fixed rate bonds from Bank of London and the Middle East (BLME) improve their positions within the Savers Friend charts. 3 Month Premier Deposit Account now pays an expected profit rate of 1.15% gross on maturity and 6 Month Premier Deposit Account pays an expected profit rate of 1.50% gross on maturity. To open one of these bonds a £1,000 minimum deposit will be needed, as well as a BLME transfer account to hold funds pending investment. Once opened, these accounts can only be managed by post. As is the case with many fixed rate bonds, earlier access to funds and further additions are not permitted during the term.

Bank beats the competition

Ikano Bank increased the rates on its one, two, three, four and five-year fixed rate bonds by up to 0.54%, resulting in the two, three and four-year bonds topping the charts for their terms. Fixed 1 Year Saver pays 2.20% gross, Fixed 2 Year Saver pays 2.65% gross, Fixed 3 Year Saver pays 2.75% gross, Fixed 4 Year Saver pays 2.75% gross and Fixed 5 Year Saver pays 2.80% gross. These accounts pay interest on anniversary and can be opened online with a minimum deposit of £1,000. Once opened, they can be managed online or by phone. Earlier access to funds is not permitted, however, further additions can be made for 14 days from the account opening. Savers seeking a competitive monthly interest option will be pleased to note that there are versions of these one, two, three, four and five-year bonds that offer monthly interest at the slightly lower gross rates of 2.18%, 2.62%, 2.72%, 2.72% and 2.76% respectively.

New ISAs enter charts

This week Close Brothers Savings added new two and three-year fixed rate cash ISAs to its product range. Its 2 Year Fixed Rate Cash ISA pays 1.95% gross on anniversary and the 3 Year Fixed Rate Cash ISA pays 2.05% gross on anniversary. Both ISAs can only be opened online with a minimum deposit of £10,000. Once opened, they can be managed online, by phone and by post. Further additions can be made for 10 days from the account opening, and transfers in are accepted providing transfer instructions are received within the 10-day funding window. Savers should note that earlier access and transfers out are only permitted on account closure, and are subject to a 150-day loss of interest penalty for the two-year ISA and a 270-day loss of interest for the three-year ISA.

SmartSave launch Fixed Savers

Re-entering the fixed market with the launch of its new two and three-year fixed rate bonds this week is SmartSave. 2 Year Fixed Rate Saver pays 2.51% gross on anniversary and 3 Year Fixed Rate Saver pays 2.61% on anniversary. A £10,000 minimum deposit is needed to open one of these accounts, which allow further additions for 14 days from the account opening. As is common with fixed rate bonds, earlier access to funds is not allowed during the term. They can only be opened and managed online.

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Rachel Thrussell

Ask Rachel

Working in the financial industry for over 30 years, Rachel Thrussell is the leading independent expert on UK savings products. Her views are constantly in demand from both the industry and the press.

Are credit unions a safe place to put your money?

Credit unions are licensed deposit-takers, authorised and regulated by the Financial Conduct Authority, and fall under the remit of the Financial Services Compensation Scheme (FSCS). As a result, credit union savings enjoy exactly the same protection as normal savings accounts and are covered up to the standard limit of £85,000 per individual should the credit union fail.

Credit unions are member-run organisations in which members pool their savings and lend to one another. They use a ‘Common Bond’ to outline the requirements needed to join as a member. Credit unions can pay interest on savings balances held, but many continue to pay a dividend instead, sharing with members the profits (if any) made in the year.

Get your savings questions answered by Rachel by emailing rachel@saversfriend.co.uk We regret we cannot answer emails personally

This week's
average rates

How do your savings compare?
No Notice 0.42%
Notice 0.82%
Cash ISA 1.11%
1 Year Fixed Rate Bond 1.43%
2 Year Fixed Rate Bond 1.60%
3 Year Fixed Rate Bond 1.84%
4 Year Fixed Rate Bond 2.19%
5 Year Fixed Rate Bond 2.06%
17 May 2022

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