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Leeds Building Society moved the end dates and increased the rates on its easy access savings account and easy access ISA this week. Limited Issue Online Access Account (Issue 24) and Limited Issue Online Access ISA (Issue 38) both pay 0.60% gross on maturity on a £1,000 minimum opening deposit. The accounts now mature on 30 November 2022, when the easy access savings account reverts to an instant access maturity account and the easy access ISA account reverts to an Instant Access Cash ISA maturity account. They both allow further additions while the issue remains open. Withdrawals can be made via a nominated account. The ISA accepts transfers in and there is no penalty for transfers
out. Both must be opened and managed online.

Robin Squirrel

ISA rates rise

This week, Yorkshire Building Society moved the end dates and increased the rates on its one, two and three-year fixed rate ISAs. Fixed Rate Cash ISA until 30 November 2022 and Fixed Rate Cash e-ISA until 30 November 2022 pay 0.55% gross on maturity, Fixed Rate Cash ISA until 30 November 2023 and Fixed Rate Cash e-ISA until 30 November 2023 pay 0.65% gross yearly, and Fixed Rate Cash ISA until 30 November 2024 and Fixed Rate Cash e-ISA until 30 November 2024 pay 0.70% gross yearly. All ISAs require a £100 minimum deposit to open. They allow further additions while the issue remains open. Earlier access is permitted on closure only and subject to 60 days’ loss of interest on the one-year versions, 120 days’ loss of interest on the two-year versions and 180 days’ loss of interest on the three-year versions. The ISAs accept transfers in. Transfers out are subject to the same interest-loss penalty as early access. The Fixed Rate Cash ISAs can be opened in branch or by post and then managed in branch, by post and online; meanwhile the e-ISAs can only be opened and managed online.

At the same time, Yorkshire Building Society increased the rates and moved the end dates on its one two and three-year fixed rate bonds. Fixed Rate Bond until 30 November 2022 and Fixed Rate eBond until 30 November 2022 pay 0.61% gross on maturity, Fixed Rate Monthly Income Bond until 31 May 2023 pays 0.63% gross monthly, Fixed Rate Bond until 30 November 2023 and Fixed Rate eBond until 30 November 2023 pay 0.70% gross yearly, and Fixed Rate Bond until 30 November 2024 and Fixed Rate eBond until 30 November 2024 pay 0.75% gross yearly. A minimum opening deposit of £1,000 is needed to open these bonds. Further additions are allowed while the issue remains open. Withdrawals are not permitted. The Fixed Rate Bonds and Fixed Rate Monthly Income Bond can be opened in branch or by post and then managed in branch, by post and online, while the eBonds can only be opened and managed online.

Easy access account re-launched

This week, Investec Bank plc re-launched its easy access savings account, which is operated via the Raisin UK platform. Raisin UK – Easy Access Account pays 0.27%

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Savers Friend In Focus

Business savings accounts

If you run a business and are looking for a home for your spare funds, many providers offer savings accounts that are open to non-personal customers.

The most competitive variable rate business savings account on the market this week is from Redwood Bank. 95 Day Business Savings Account (Issue 11) pays 0.90% gross on anniversary or monthly on an opening minimum deposit of £10,000. This account allows further additions and withdrawals via a nominated account. It can be opened by post or online and then managed by post, by phone and online.

gross monthly on a £1,000 minimum opening deposit. This account benefits from Raisin UK paying a welcome bonus of £50 that can be claimed when a saver opens their first savings account with a minimum of £10,000 via the Raisin UK website (terms and conditions apply). Further additions and withdrawals can be made, but all transactions must be made from a minimum of £500. The account can only be opened online, but can then be managed by post, by phone and online.

Three-year bond enters chart

Leeds Building Society launched a three-year fixed rate bond this week. 3 Year Fixed Rate Bond (Issue 467) pays 1.15% gross yearly until 1 December 2024 on a £100 minimum opening deposit. This bond allows further additions until 30 November 2021. Withdrawals are not permitted. It can be opened in branch, by post or online and then managed in branch and by post.

At the same time, Leeds Building Society changed the issue numbers, moved the end dates and increased the rates on its one, two, four and five-year fixed rate bonds. 1 Year Fixed Rate Bond (Issue 465) pays 0.75% gross on maturity until 30 November 2022, 2 Year Fixed Rate Bond (Issue 466) pays 0.95% gross yearly until 3 December 2023, 4 Year Income Bond (Issue 77) pays 1.20% gross monthly until 30 November 2025 and 5 Year Fixed Rate Bond (Issue 468) pays 1.35% gross yearly until 30 November 2026. All bonds require a £100 minimum deposit to open. Further additions are permitted until 30 November 2021. Withdrawals are not allowed. All bonds can be opened in branch, by post or online and then managed in branch and by post.

This week, Leeds Building Society changed the issue numbers, moved the end dates and increased the rates on its one, two, three and five-year fixed rate ISAs. 1 Year Fixed Rate Cash ISA (Issue 156) pays 0.75% gross on maturity until 30 November 2022, 2 Year Fixed Rate Cash ISA (Issue 151) pays 0.95% gross yearly until 3 December 2023, 3 Year Fixed Rate Cash ISA (Issue 111) pays 1.15% gross yearly until 1 December 2024, and 5 Year Fixed Rate Cash ISA (Issue 125) pays 1.35% gross yearly until 30 November 2026. All ISAs require a £100 minimum deposit to open. Further additions are permitted until 30 November 2021. Earlier access is allowed but subject to 60 days’ loss of interest on the one-year version, 150 days’ loss of interest on the two-year version, 240 days’ loss of interest on the three-year option and 365 days’ loss of interest on the five-year option. Transfers in are permitted. Transfers out are subject to the same interest-loss penalty as early access. These ISAs can be opened in branch, by post or online and then managed in branch or by post.

Easy access account rate rise

Sainsbury’s Bank changed the issue number and increased the rate on its easy access savings account this week. Defined Access Saver – Issue 25 pays 0.20% gross on deposits at £1, 0.40% gross on deposits at £1,000 and a lower rate of 0.20% gross on deposits at £500,001 and over. Interest is paid on anniversary. This account allows further additions via online banking or phone. Withdrawals are permitted, but a lower rate of 0.10% is paid if more than three withdrawals are made per annum. The account must be opened online, but can then be managed by phone and online.

Fixed rate bonds rates rise

JN Bank increased the rates on its one, four and five-year fixed rate bonds this week. The one-year version of its Fixed Term Savings Account pays 0.60% gross, the four-year version pays 1.90% gross and the five-year version pays 1.95% gross. The one-year option requires a £100 minimum deposit to open, while the four and five-year options require a £1,000 minimum deposit to open. Up to 11 additional deposits of £1,000 or over are permitted after initial funding for 14 days from account opening. Withdrawals are not allowed. These bonds must 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.

I’m aware that the Financial Services Compensation Scheme (FSCS) covers deposits of up to £85,000, including interest, but I was wondering how this applies to banks such as Al Rayan that operate according to Sharia’a principles and pay expected profit rather than interest. Would the FSCS cover this ‘profit’ in the event of such a bank failing?

The FSCS offers financial protection in the event of a bank or building society failing. Under current rules, £85,000 is covered per person, per banking licence, which means that if you held no more than this amount with any provider, you’d be guaranteed to get your full balance returned to you if a bank went bust. This includes your initial deposit, as well as any accrued interest, provided the full amount doesn’t exceed the £85,000 limit.

This applies to banks operating under Islamic finance principles as well, whereby an expected profit rate is paid rather than interest. At its most basic of levels, the FSCS protection limit doesn’t differentiate between the initial savings pot and the interest/profit – provided the total amount is within the limit, everything’s covered. So, yes, the FSCS would cover any profit accrued in the event of a Sharia’a-compliant bank failing, but those savers with high balances would be wise to ensure that any interest or profit earned doesn’t send them over the limit.

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 0.19%
Notice 0.53%
Cash ISA 0.58%
1 Year Fixed Rate Bond 0.78%
2 Year Fixed Rate Bond 0.86%
3 Year Fixed Rate Bond 1.08%
4 Year Fixed Rate Bond 1.26%
5 Year Fixed Rate Bond 1.27%
12 October 2021

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Wizard Squirrel

Alternative sources of income

First-time investors purchasing gold as economic uncertainty continues

There has been a 719% increase in first-time investors purchasing physical gold bars and coins from The Pure Gold Company over a seven-day period this month, which the company believes is down to continued economic uncertainty, as well as recent lifetstyle changes. The Pure Gold Company also reveals that there has been an increase in investors selling gold investments, which is often due to financial changes created by the pandemic.

“The end of furlough, an on-going petrol crisis, HGV driver shortage and intermittent empty shelves are stoking fear of more chronic trade disruptions,” said Josh Saul, CEO of The Pure Gold Company. “Inflation is already above the Bank of England target and set to rise further, while the end of the furlough scheme could push unemployment levels up again. Our clients are looking for a safe-haven asset that will protect their wealth amid growing uncertainty.

“While some investors are buying into gold, we’ve also seen a 257% increase in clients selling physical gold bought over the last few years. They’re looking to provide liquidity for debt and bills that their depleted incomes won’t satisfy. Depending on how long they have held their gold for, some are enjoying growth of up to 50%, while others selling within a shorter time frame haven’t fared as well.

“Gold should be viewed as a long-term investment, where it rides out the inflationary pressures and economic peaks and troughs. But equally it is extremely liquid and, with a Buy Back Guarantee, can be quickly and easily converted into cash.

“One consequence of the pandemic lockdowns was a surge in divorces, and The Pure Gold Company has seen a 73% rise in recently divorced clients purchasing gold and silver since March 2020. Many have said that they want to ultimately purchase a house and start over but, until they are ready, they will not leave cash in the bank earning nothing. Nor do they want to expose it to the stock market, and instead choose to invest in precious metals.

“Our clients are not investing or purchasing gold for short-term growth. What they seek is an insurance policy that protects some of their wealth by providing a predictable hedge against the value of declining assets or depreciating currency as uncertainty increases. Clients are empowered with a Buy Back Guarantee and know they can convert their gold to cash within minutes. This allows them to view gold as a safer alternative to cash but without the inflationary pressures that loom ahead.”

More information about investing in gold can be found reading our how to invest in gold guide.

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