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JN Bank increased the rate on its three-year fixed rate bond this week, resulting in it offering a highly competitive rate for its term. Fixed Term Savings Account pays 1.36% gross on anniversary on a £1,000 minimum opening deposit. This bond allows four additional deposits after initial funding within 14 days of opening. Withdrawals are not permitted. It must be opened
and managed online.

Robin Squirrel

Bonds rates rise

United Trust Bank increased the rates on its one-year, 15-month, two and three-year fixed rate bonds this week. UTB 1 Year Bond pays 0.90% gross, UTB 15 Month Bond pays 1.05% gross, UTB 2 Year Bond pays 1.25% gross and UTB 3 Year Bond pays 1.35% gross. All bonds pay interest on anniversary and require a £5,000 minimum deposit to open. Further additions and withdrawals are not permitted. These bonds must be opened online but can then be managed by post, by phone and online.

Easy access account rate rise

This week, Investec Bank Plc increased the rate on its easy access savings account, resulting in it paying a competitive rate in the chart. Online Flexi Saver pays 0.58% gross monthly on a £5,000 minimum opening deposit. This account allows further additions and withdrawals. It must be opened and managed online.

At the same time, Investec Bank Plc increased the rate on its one-year fixed rate bond. Fixed Rate Saver pays 1.05% gross on maturity on a £5,000 minimum opening deposit. The bond allows further additions within seven days of account opening. Withdrawals are not permitted. It can only be opened and managed online.

New one-year bond enters chart

This week, Hampshire Trust Bank launched a one-year fixed rate bond. 1 Year Bond (Issue 44) pays 1.00% gross on maturity and requires a £1 minimum deposit to open. This account allows further additions for 14 days from account opening. Withdrawals cannot be made. It must be opened online but can then be managed by post, by phone and online.

At the same time, Hampshire Trust Bank increased the rate on its 18-month, two and three-year fixed rate bonds. 18 Month Bond (Issue 10) pays 1.10% gross, 2 Year Bond (Issue 57) pays 1.20% gross and 3 Year Bond (Issue 50) pays 1.30% gross. All bonds pay interest on anniversary and require a £1 minimum deposit to open. They allow further additions for 14 days from account opening. Withdrawals are not permitted. These bonds can only be opened online but can be managed by post, by phone and online.

Hampshire Trust Bank also increased the rate on its 95-day notice account this week. 95 Day Notice (Issue 11) pays 0.85% gross on anniversary on a £1 minimum opening deposit. This account allows further additions and withdrawals can be made subject to 95

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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 Cambridge & Counties Bank. 95 Day Business, Trust and Charity Notice Issue 9 pays 0.75% gross yearly or monthly on an opening minimum deposit of £10,000. This account allows further additions via a nominated business current account. Withdrawals can be made subject to 95 days’ notice. The account must be opened by post but can then be managed by post, by phone and online.

days’ notice. All transactions must be made via a nominated account. The account can only be opened online, but it can be managed by post, by phone and online.

Three-month bond launched

Bank of London and The Middle East (BLME) launched a three-month fixed rate bond this week. Premier Deposit Account pays an expected profit rate of 0.70% gross on maturity on a £1,000 minimum opening deposit. To open this bond a BLME transfer account is needed to hold funds pending investment. It does not allow further additions or withdrawals. The bond must be opened online and managed by post.

At the same time, BLME increased the rates on its six-month, two, three and four-year fixed rate bonds. The six-month version of its Premier Deposit Account pays an expected profit rate of 0.80% gross on maturity, the two-year version pays an expected profit rate of 1.25% gross on anniversary, the three-year version pays an expected profit rate of 1.30% gross on anniversary and the four-year version pays an expected profit rate of 1.35% gross on anniversary. All bonds require a £1,000 minimum deposit to open, as well as a BLME transfer account to hold funds pending investment. Further additions and withdrawals cannot be made. These bonds can only be opened online and must be managed by post.

BLME also increased the rate on its 90-day notice account this week. 90 Day Notice Account (Issue 5) pays an expected profit rate of 0.80% gross quarterly on a £10,000 minimum opening deposit. This account allows further additions. Withdrawals from a minimum of £1,000 are permitted subject to 90 days’ notice. The account must be opened and managed online.

Bonds rates rise

This week, Habib Bank Zurich plc increased the rates on its 12 and 36-month fixed rate bonds. The 12-month version of its HBZ Sirat eDeposit (Islamic Fixed Term Account) pays an expected profit rate of 1.10% gross on maturity and its HBZ Fixed Rate eDeposit pays 1.05% gross on maturity. Meanwhile, the 36-month version of its HBZ Sirat eDeposit (Islamic Fixed Term Account) pays an expected profit rate of 1.20% gross on maturity and its HBZ Fixed Rate eDeposit pays 1.15% gross on maturity. All bonds require a £5,000 minimum deposit to open. They allow further additions within 30 days of account opening. Withdrawals are not permitted. These bonds must be opened online and can only be managed by post.

Rates increase on fixed rate bonds

Isbank increased the rates on its one, two, three and five-year fixed rate bonds this week. Raisin UK – 1 Year Fixed Term Deposit pays 0.83% gross, Raisin UK – 2 Year Fixed Term Deposit pays 1.02% gross, Raisin UK – 3 Year Fixed Term Deposit and Raisin UK – 5 Year Fixed Term Deposit both pay 1.20% gross. All bonds pay interest on maturity and require a £1,000 minimum deposit to open. These bonds benefit from Raisin UK offering a welcome bonus of up to £50 that can be claimed when a savings account is opened via its website for the first time (terms and conditions apply). These bonds do not permit further additions or withdrawals. They must be opened online, but can then be managed by post, by phone and online.

Notice account rate rise

This week, OakNorth Bank increased the rate on its 120-day notice account. 120 Day Notice Deposit Account pays 0.81% gross monthly and requires a £1 minimum deposit to open. This account allows further additions. Withdrawals from a minimum of £1,000 can be made subject to 120 days’ notice. The account can be opened and managed online or via mobile app.

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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.

If I want to transfer my ISA, do I just tell my existing provider where I want it to go? And how long is it likely to take?

To get started, you actually need to contact the provider you want to transfer to. They will then ask you to complete some forms, but will then take control of the transfer process from there.

As to how long it will take, HMRC says that cash ISA to cash ISA transfers must be completed within 15 business days of the instruction being received by the new ISA provider. If, for whatever reason, it isn’t completed within this time, you would be entitled a refund of lost interest. It is possible to transfer between cash and stocks & shares ISAs, including funds from previous tax years. However, when searching for a new ISA, it should be noted that not all providers accept transfers in, and not all will accept transfers in from stocks & shares 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 0.18%
Notice 0.44%
Cash ISA 0.50%
1 Year Fixed Rate Bond 0.61%
2 Year Fixed Rate Bond 0.68%
3 Year Fixed Rate Bond 0.91%
4 Year Fixed Rate Bond 1.08%
5 Year Fixed Rate Bond 1.13%
03 August 2021

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Wizard Squirrel

Alternative sources of income

Equity release activity returns to pre-pandemic level

Equity release can be a good way for older homeowners, particularly those who are retired, to boost their incomes and the latest figures released by the Equity Release Council shows that a growing number of people are looking to borrow via equity release.

The figures found that between April and June 20,352 new and returning customers borrowed via equity release, resulting in equity release activity returning to its pre-pandemic level. Along with the increase in homeowners looking to take equity release, the market has also become more competitive with rates falling and plans offering more flexibility.

While the market has grown and become more flexible in recent years, equity release will have a long-term impact on finances and, as such, those considering equity release should speak to an independent financial advisor first to ensure it is the right option for them.

For those interested in equity release, keeping costs down will help to mitigate the long-term impact it has on finances.

How to reduce the cost of equity release
A key way of reducing the cost of equity release is choosing a plan with a low interest rate. Fortunately for borrowers, equity release rates have been falling this year and plans are now offering rates from as low as 2.98% AER.

Along with falling rates, many equity release plans now offer more flexibility for borrowers. For example, it is now common for plans to allow homeowners to take drawdown on their equity release, meaning that they can gradually release the money from their home over their lifetime. Interest is only payable on the amount of equity that is actually released, so the borrower only starts to incur interest charges on the money released.

Equity release plans are now often offering borrowers the ability to repay part of the interest each year or make partial repayments on the amount borrowed. For homeowners who are able to make these repayments, choosing a plan with this flexibility helps to reduce the final amount that has to be repaid when the property is sold, allowing the homeowner to leave a larger inheritance to their loved ones.

A good way for those considering taking equity release to choose the most cost effective plan is by using an equity release broker. A broker will be able to take into account the homeowner’s individual circumstances and will be able to highlight the plans that offer the lowest rate, charge the lowest fees and include the most relevant flexibility for the borrower.

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