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CASH ISAs
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Virgin Money launched a one-year fixed rate cash ISA this week. 1 Year Fixed Rate Cash E-ISA Issue 457 pays 0.35% gross yearly until 24.04.22 on a £1 minimum opening deposit. This ISA allows further additions within 30 days of account opening. Earlier access is permitted subject to 60 days’ loss of interest. It accepts transfers in. Transfers out are subject to the same interest-loss penalty as earlier access. The 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.

Robin Squirrel

New easy access savings account

This week, Paragon Bank launched an easy access savings account. Limited Edition Easy Access Account (Issue 8) pays 0.41% gross on anniversary on a minimum opening deposit of just £1. This account allows further additions via a nominated account. Withdrawals are permitted. It can only be opened and managed online. For income-seekers, there is a version of this account that pays interest monthly at the same gross rate.

At the same time, Paragon Bank launched an easy access ISA. Limited Edition Easy Access ISA (Issue 6) pays 0.41% gross on anniversary on a £1 minimum opening deposit. Further additions can be made via a nominated account. Withdrawals are allowed. The ISA accepts transfers in and there is no penalty for transfers out. The 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.

New fixed rate bonds enter charts

Isbank launched a one, two, three and five-year fixed rate bond this week. Raisin UK – 1 Year Fixed Term Deposit pays 0.60% gross, Raisin UK – 2 Year Fixed Term Deposit pays 0.70% gross, Raisin UK – 3 Year Fixed Term Deposit pays 0.75% gross and Raisin UK – 5 Year Fixed Term Deposit pays 0.85% gross. All bonds pay interest on maturity and require a £1,000 minimum deposit to open. They do not permit further additions or withdrawals. The bonds benefit from Raisin UK offering an incentive of up to £50 welcome bonus or Amazon Gift Card when a saver opens their first savings account via its website. The bonds must be opened online but can then be managed by post, by phone and online.

Chart-topping long-term ISAs launched

This week, Shawbrook Bank launched a one, two, three, five and seven-year fixed rate ISA with the five and seven-year options topping the charts for their terms. 1 Year Fixed Rate Cash ISA Bond Issue 45 pays 0.40% gross, 2 Year Fixed Rate Cash ISA Bond Issue 45 pays 0.50% gross, 3 Year Fixed Rate Cash ISA Bond Issue 25 pays 0.65% gross, 5 Year Fixed Rate Cash ISA Bond Issue 25 pays 1.10% gross and 7 Year Fixed Rate Cash ISA Bond Issue 3 pays 1.25% gross. All ISAs pay interest on anniversary and require a

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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.

One of the most competitive variable rate business savings accounts on the market this week is from Redwood Bank. 95 Day Business Savings Account (Issue 10) pays 0.70% gross on anniversary or monthly on an opening minimum deposit of £10,000. This account allows unlimited further additions and withdrawals, but these must be made via a nominated account. The account can be opened by post or online and then managed by post, by phone and online.

£1,000 minimum deposit to open. Further additions can be made while the issue remains open. Earlier access is permitted but subject to 90 days’ loss of interest on the one-year option, 180 days’ loss of interest on the two-year version, 270 days’ loss of interest on the three-year option, and 360 days’ loss of interest on the five and seven-year options. The ISAs accept transfers in. Transfers out are permitted but subject to the same interest-loss penalty as earlier access. The ISAs must be opened online but can then be managed online and by phone. For income-seekers, there are versions of the one, two and three-year ISAs that pay interest monthly at the same gross rate, as well as versions of the five and seven-year ISAs that pay interest monthly at a slightly lower gross rate of 1.09% and 1.24% respectively.

At the same time, Shawbrook Bank launched an easy access cash ISA. Easy Access Cash ISA – Issue 16 pays 0.30% gross on anniversary on a £1,000 minimum opening deposit. This ISA allows further additions. Withdrawals, from a minimum of £500, can be made via a nominated account. Transfers in are accepted and there is no penalty for transfers out. The ISA can only be opened online but it can then be managed by phone and online. For those looking to supplement their income, there is a version of this ISA that pays interest monthly at the same gross rate.

Chart-topping three-year ISA launched

This week, Close Brothers Savings launched a two, three and five-year fixed rate ISA, with the three-year option topping the chart for its terms. 2 Year Fixed Rate Cash ISA pays 0.57% gross on anniversary, 3 Year Fixed Rate Cash ISA pays 0.70% gross on anniversary, and 5 Year Fixed Rate Cash ISA pays 1.00% gross on anniversary. All ISAs require a £10,000 minimum deposit to open. They allow further additions within 10 days of account opening. Earlier access is permitted on account closure only and is subject to 150 days’ loss of interest on the two-year option, 270 days’ loss of interest on the three-year version and 365 days’ loss of interest on the five-year option. Transfers in are accepted but transfer instructions must be received within 10 days of account opening. Transfers out are subject to the same interest-loss penalty as earlier access. These ISAs must be opened online but can then be managed by post, by phone and online.

Fixed bonds rates rise

Atom Bank increased the rates on its one, two and five-year fixed rate bonds this week. 1 Year Fixed Saver pays 0.59% gross on anniversary, 2 Year Fixed Saver pays 0.72% gross on anniversary, and 5 Year Fixed Saver pays 1.25% gross on anniversary. All bonds require a £50 minimum deposit to open. Further additions are allowed for one week from account opening. Withdrawals are not permitted. These bonds can only be opened and managed via mobile app. For those looking to supplement their incomes, there are versions of the one and two-year bonds that pay interest monthly at the same gross rate and a version of the five-year bond that pays interest monthly at a slightly lower gross rate of 1.24%.

New 15-month bond launched

This week, United Trust Bank launched a 15-month fixed rate bond. UTB 15 Month Bond pays 0.65% gross on anniversary on a £5,000 minimum opening deposit. The bond does not permit further additions or withdrawals. It must be opened online but can then be managed by post, by phone and online.

At the same time, United Trust Bank increased the rate on its two and three-year fixed rate bonds. UTB 2 Year Bond pays 0.75% gross on anniversary and UTB 3 Year Bond pays 0.80% gross on anniversary. Both bonds require a minimum deposit of £5,000 to open. They do not allow further additions or withdrawals. The bonds can only be opened online but can then be managed by post, by phone and 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.

Can you split the permitted ISA allowance over a number of providers or do you have to put your money into the same ISA/provider? I have started a regular ISA saver, but I’m not sure on the rules for opening another account.

You can only put new money into one current tax year cash ISA at any time, meaning you cannot open another cash ISA with a separate provider, unless you decide to transfer your existing regular savings ISA to this new provider. You can have old cash ISAs from previous tax years with different providers, and you are also allowed to open separately with different providers a stocks and shares ISA, a Lifetime ISA and/or an Innovative Finance ISA, provided you don't exceed the total ISA allowance for the tax year of £20,000. It is worth noting that some providers do allow different versions of their cash ISA to effectively count as one, meaning you could hold a fixed, easy access and/or regular saver ISA with them at the same time. Check with your regular saver ISA provider to see if this is something they offer.

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 0.16%
Notice 0.37%
Cash ISA 0.39%
1 Year Fixed Rate Bond 0.43%
2 Year Fixed Rate Bond 0.51%
3 Year Fixed Rate Bond 0.67%
4 Year Fixed Rate Bond 0.72%
5 Year Fixed Rate Bond 0.90%
13 April 2021

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Wizard Squirrel

Alternative sources of income

BTL mortgage rates remain competitively low

Buy-to-let (BTL) remains an attractive way for many investors to boost their income, but when considering a BTL investment, it is important to factor in the costs of mortgage repayments on the property to ensure that you are able to earn a good income from your investment.

At the moment, BTL mortgage rates remain competitive, with low rates available in the two and five-year fixed charts, as well as on 80% loan-to-value (LTV) deals.

To highlight some of the deals available, we’ve selected the lowest rates in the charts so that investors can have an idea of what types of rates are currently available on BTL deals. If you are considering a BTL investment, or want to remortgage your existing BTL mortgage, it may be worth considering speaking to a mortgage broker who will be able to not only highlight the lowest rate but also select the deals that are best suited to your individual needs.

The lowest BTL mortgage rates available
The lowest two-year fixed BTL rate comes from The Mortgage Works, which offers a rate of 1.19% (4.5% APRC) fixed until 31 May 2023, and after this it reverts to 4.74% variable. The deal is available at a 65% LTV and charges a product fee of 2% of the mortgage. It requires a rental income of a minimum of 125% of the mortgage interest.

The Mortgage Works also has the lowest rate in the five-year fixed BTL chart offering a rate of 1.64% (3.8% APRC) fixed until 31 May 2026, and then reverts to 4.74% variable. The deal is available at a 65% LTV. A product fee of 2% of the mortgage is charged. Landlords are required to have a rental income of a minimum of 125% of the mortgage interest for this deal.

The lowest 80% LTV deal comes from Loughborough Building Society offering a discounted variable rate of 3.15% for two years, which then reverts to 5.34%. This deal does not charge a product fee. It is only available to those living in England and Wales and has a maximum loan of £350,000. Landlords must have a rental income from a minimum of 130% of the mortgage interest for this deal.

If you are considering investing in a BTL property, then our guide on five steps to becoming a buy-to-let landlord is worth a read. As well as this, you can compare all the BTL mortgage deals currently available by visiting our BTL charts.

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