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This week, Secure Trust Bank increased the rate on its 90-day notice account. 90 Day Notice Account pays 1.15% gross quarterly on a £1,000 opening minimum deposit. This account allows unlimited further additions, but each deposit into the account must be a minimum of £1,000. Withdrawals are restricted to four interest withdrawals per annum and three capital withdrawals per annum subject to 90 days’ notice. It must be opened online, but can then be
managed online and by phone.

Robin Squirrel

New five-year bond

Newcastle Building Society launched a five-year fixed rate bond this week. Five Year Fixed Rate Bond (Issue 39) pays 1.00% gross yearly on a £500 opening minimum deposit. It allows further additions while the issue remains open. Penalty-free withdrawals on up to 25% of capital are permitted but no further withdrawals after this are allowed. This bond can be opened in branch or online and then managed in branch, by post, by phone and online. For those looking to supplement their income, there is a version of this bond that pays interest monthly at the same gross rate.

As the same time, Newcastle Building Society launched a five-year fixed rate ISA. Five Year Fixed Rate ISA (Issue 39) pays 1.00% gross yearly on a £500 opening minimum deposit. This ISA allows further additions while the issue remains open. Earlier access is permitted subject to 365 days’ loss of interest. Transfers in are accepted. Transfers out are allowed subject to the same interest-loss penalty as earlier access. This ISA can be opened in branch or online, and then managed in branch, by post, by phone and online. For income-seekers, there is a version of this ISA that pays interest monthly at the same gross rate.

Fixed-rate ISAs launched

This week, Coventry Building Society launched a one and three-year fixed rate ISA. Fixed Rate ISA (114) 30.11.2021 pays 0.77% gross yearly and Fixed Rate ISA (115) 30.11.2023 pays 0.90% gross yearly. Both ISAs require an opening minimum deposit of just £1. Both ISAs allow further additions within 14 days of account opening or while the issue remains open, whichever period is longer. Earlier access is permitted on closure only and subject to 120 days’ loss of interest on the one-year option and 180 days’ loss of interest on the three-year option. Transfers in are accepted on the same conditions as further additions. Transfers out are permitted subject to the same interest-loss penalty as early access. These ISAs can be both opened and managed by post, by phone and online.

At the same time, Coventry Building Society increased the rate on its two-year fixed rate ISA. Fixed Rate ISA (113) 30.11.2022 pays 0.85% gross yearly on a £1 opening minimum deposit. This ISA allows further additions within 14 days of account opening or while the issue remains open, whichever period is longer. Earlier access is permitted on closure only

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Savers Friend In Focus

Business 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 top-paying variable rate business savings account on the market this week is from Allica Bank. 95-Day Notice Business Savings Account (Issue 1) pays 1.10% gross on anniversary on an opening balance of £1,000. This account is only available to limited companies. Once opened, further additions are allowed. Withdrawals can be made subject to 95 days’ notice.

It must be opened online and can only be managed by phone. There is also a version of this account that pays interest monthly at a slightly lower gross rate.

and subject to 180 days’ loss of interest. Transfers in are accepted on the same conditions as further additions. Transfers out are permitted subject to the same interest-loss penalty as earlier access. This ISA can be both opened and managed in branch, by post, by phone and online.

New one-year bond

This week, Principality Building Society launched a one-year fixed rate bond. 1 Year Fixed Rate Bond Issue 346 pays 0.60% gross on maturity on a £500 opening minimum deposit. This bond allows further additions while the issue remains open. Withdrawals are not permitted. It can be opened in branch or online and then managed in branch, by post and online. For those looking to supplement their income, there is a version of this bond that pays interest monthly at the same gross rate.

Range of notice accounts launched

Chorley Building Society launched a 30, 60 and 90-day notice account this week. 30 Day Notice Account Issue 2 pays 0.70% gross yearly, 60 Day Notice Account Issue 3 pays 0.75% gross yearly and 90 Day Notice Account Issue 3 pays 0.80% gross yearly. All accounts require a £1 minimum deposit to open. They allow further additions while the issue remains open. Withdrawals are permitted but subject to 30 days’ notice on the 30-day option, 60 days’ notice on the 60-day option, and 90 days’ notice on the 90-day option. These accounts can be both opened and managed in branch and by post, but can only be opened with new money to the institution.

New easy access account

This week, Leeds Building Society launched an easy access account. Limited Issue Online Access Account (Issue 14) pays 0.50% gross on maturity on a £1,000 opening minimum deposit. This account matures on the 3.10.21, after which it becomes an instant access maturity account. Further additions are allowed while the issue remains open. Withdrawals are permitted via a nominated account. This account must be opened and managed online.

Easy access ISA launched

Skipton Building Society launched an easy access ISA this week. Online Bonus Cash ISA Issue 12 pays 0.95% gross on anniversary, which includes a 0.50% bonus for six months, on a £1 opening minimum deposit. An additional interest payment is made at the end of the bonus term. Unlimited further additions are allowed, and withdrawals can be made at any time. Transfers in are accepted. There is no penalty for transfers out. This ISA can only be opened and managed online.

At the same time, Skipton Building Society launched an easy access account. Online Bonus Saver Issue 6 pays 0.95% gross on anniversary, which includes a 0.50% bonus for six months. An additional interest payment is made at the end of the bonus term. This account requires a £1 minimum deposit to open. Unlimited further additions are allowed. Withdrawals are permitted at any time. This account must be opened and managed online.

New notice ISA

This week, Paragon Bank launched a 40-day notice ISA. 40 Day Notice Cash ISA (Issue 1) pays 0.55% gross on anniversary on a £500 opening minimum deposit. This ISA allows unlimited further additions via a nominated account. Withdrawals are permitted subject to 40 days’ notice, if notice is not given, earlier access is allowed subject to a 40-day loss of interest penalty. Transfers in are accepted. Transfers out are permitted subject to 40 days’ notice or 40 days’ loss of interest. This ISA must be opened and managed online. For those looking to supplement their income, there is a version of this ISA that pays interest monthly at the same gross rate.

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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.

Why is it that some cash ISAs seem to pay less than what is paid on fixed rate bonds? Surely they should be the same, with the benefit of being tax-free intended to go to the saver, not the bank?

There are a few reasons why bonds usually pay more than cash ISAs with the same term. Firstly, fixed rate ISAs have to allow access to funds and transfers out, while fixed rate bonds do not – the uncertainty that this creates for ISA providers in terms of knowing how long they will have use of the funds may be reflected in the lower rate of interest. Secondly, the need for more complex systems in order to facilitate transfers out could also mean that an ISA is simply a more expensive product to administrate. Thirdly, many of the providers at the top of the bond charts are newer banks who are fighting to establish themselves by offering highly competitive rates, but these do not offer cash ISAs.

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 0.23%
Notice 0.53%
Cash ISA 0.54%
1 Year Fixed Rate Bond 0.66%
2 Year Fixed Rate Bond 0.73%
3 Year Fixed Rate Bond 0.88%
4 Year Fixed Rate Bond 0.96%
5 Year Fixed Rate Bond 1.03%
11 August 2020

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Wizard Squirrel

Alternative sources of income

Gold price rises above $2,000 for first time

The price of gold has risen above $2,000 (£1,527) an ounce for the first time, as investors turn to the precious metal during these uncertain economic times.

While the stock markets have been volatile since the Coronavirus pandemic began impacting the world’s economies, the price of gold has remained strong and has increased by more than 30% this year. Along with the soaring price of gold, other precious metals, including silver, have also seen significant rises this year.

Investing in gold has traditionally been more attractive during times of economic uncertainty and with investors’ fears of the impact of the Coronavirus pandemic on economies, along with tensions between the US and China, gold could be seen as a good option when looking to diversify investment portfolios.

“Coronavirus concerns are being played out against a backdrop of recessionary fears and compounded by geopolitical worries over the US/China conflict and Brexit uncertainty,” explains Josh Saul, CEO of The Pure Gold Company. “At times like these people seek safety in an asset class that tends to increase while other asset classes fall in value.”

He added: “They are also worried about the wider economic implications of the Coronavirus pandemic, specifically the stimulus packages that have saddled the country with debt for decades to come. Others are concerned about the systemic risks for global, national and personal wealth from increased unemployment as furlough measures taper off, a reduction in GDP and both equity and property crashes.

“Our clients are not purchasing gold purely for growth. It’s a hedge or an insurance policy against risks that more than likely will affect their livelihood. The higher the risk the more expensive the insurance and with gold up by over 30% in the last six months, this is a reliable indicator of how the market perceives the world.

“We’ve also seen a 764% increase in people set to retire in the next 10 years removing exposure to equities in their pensions/SIPP to purchase physical gold in the same vehicle. These investors are concerned that they haven’t got enough time to recover the losses that have been taken from their retirement and are therefore using gold as a means of preserving wealth (at worst) and recovering losses (at best).”

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