.... Please wait, updating! ....
CASH ISAs
AER £1K £5K
Easy Access - - Search
Notice Variable - - Search
1 Year Fixed - - Search
2 Year Fixed - - Search
3 Year Fixed - - Search
4 Year Fixed - - Search
5 Year Fixed - - Search
Lifetime ISAs - - Search
VARIABLE RATES
AER £10K £50K
Easy Access - - Search
Less than 1 Month - - Search
Less than 3 Months - - Search
3 Months + - - Search
FIXED RATES
AER £10K £50K
Less than 1 Year - - Search
1 Year - - Search
2 Year - - Search
3 Year - - Search
4 Year - - Search
5 Year + - - Search
OFFSHORE ACCOUNTS
AER £10K £50K
Variable - - Search
Fixed - - Search
BUSINESSES Charities, Clubs,
Pension Funds, Client A/cs etc
AER £10K £50K
Variable - - Search
Fixed - - Search
REGULAR SAVINGS
AER £25pm £100pm
Variable - - Search
Fixed - - Search
ISA - - Search
CHILDRENS ACCOUNTS
AER £100 £1K
Variable - - Search
Fixed - - Search
JISA - - Search

Yorkshire Building Society launched two easy access savings accounts this week. Rainy Day Account and Online Rainy Day Account both pay 0.45% gross on anniversary on a £10 minimum opening deposit. These accounts allow further additions. Withdrawals are restricted to one withdrawal day per year. Rainy Day Account can be opened in branch or by post and then managed in branch, by post and online; meanwhile
Online Rainy Day Account can
only be opened and managed
online.

Robin Squirrel

Bonds rates rise

This week, Bank of London and The Middle East (BLME) increased the rates on its one-year, 18-month, two, three, four, five and seven-year fixed rate bonds. The one-year version of Premier Deposit Account pays an expected profit rate of 1.35% gross, the 18-month version pays an expected profit rate of 1.45% gross, the two-year option pays an expected profit rate of 1.60% gross, both the three and four-year options pays an expected profit rate of 1.65% gross, and the five and seven-year versions pay an expected profit rate of 1.70% gross. The one-year bond pays expected profit on maturity, while the 18-month, two, three, four, five and seven-year bonds pay expected profit on anniversary. These accounts require a £1,000 minimum deposit to open and a BLME transfer account to hold funds pending investment is needed. They do not allow further additions and withdrawals cannot be made. These bonds must be opened online and then can only be managed by post.

Rates increased on fixed bonds

Aldermore increased the rates on its one, two, three, four and five-year fixed rate bonds this week. 1 Year Fixed Rate Account pays 1.27% gross on maturity, 2 Year Fixed Rate Account pays 1.30% gross on anniversary, 3 Year Fixed Rate Account pays 1.35% gross on anniversary, 4 Year Fixed Rate Account pays 1.45% gross on anniversary and 5 Year Fixed Rate Account pays 1.50% gross on anniversary. A minimum deposit of £1,000 is needed to open these bonds. They allow further additions for 14 days from account opening. Withdrawals are not permitted. These bonds must be opened and managed online.

For those looking to supplement their incomes there are versions of these bonds that pay interest monthly at a slightly lower gross rate of 1.26% on the one-year version, 1.29% on the two-year version, 1.34% on the three-year option, 1.44% on the four-year version and 1.49% on the five-year option.

One-year bond rate rise

This week, Investec Bank plc increased the rate on its one-year fixed rate bond which is available through the Raisin UK platform. Raisin UK – 1 Year Fixed Term Deposit pays 1.23% gross on maturity on a £1,000 minimum deposit. This bond benefits from Raisin UK offering a welcome bonus of £50 that can be claimed when savers open their first savings

Be ScamSmart

Savers Friend In Focus

Junior ISA

Junior ISAs (JISAs) are a great way for parents, family and friends to save for a child’s future tax-free. Up to £9,000 can be contributed to a JISA in the current tax year and it is also possible to transfer a Child Trust Fund into a JISA.

The top-paying cash JISA on the market this week is from Bath Building Society with its Junior Cash ISA paying 2.50% gross yearly. To open this JISA, a minimum deposit of £1 is needed. It is available to those aged 17 and under.

Further additions up to the maximum JISA allowance for the tax year are permitted. Withdrawals are not allowed. There is no penalty for transfers out and transfers in are accepted. This JISA can be opened in branch, by post and online and then managed in branch and by post.

account via its website (terms and conditions apply). The bond does not permit further additions or withdrawals. It must be opened online but can be managed by post, by phone and online.

Rates increase on range of 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 1.30% gross, Raisin UK – 2 Year Fixed Term Deposit pays 1.70% gross, Raisin UK – 3 Year Fixed Term Deposit pays 1.75% gross and Raisin UK – 5 Year Fixed Term Deposit pays 1.80% gross. All bonds pay interest on maturity and require a £1,000 minimum deposit to open. Further additions and withdrawals are not permitted. The bonds must be opened online and can then be managed by post, by phone and online. They are only available through the Raisin UK platform and benefit from Raisin UK offering a welcome bonus of £50 that can be claimed when savers open their first savings account via the Raisin UK website (terms and conditions apply).

New three-year ISAs

This week, Yorkshire Building Society launched two new three-year fixed rate ISAs. Fixed Rate Cash ISA until 31 October 2024 and Fixed Rate Cash e-ISA until 31 October 2024 both pay 0.55% gross yearly. These 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 180 days’ loss of interest. Transfers in are accepted. Transfers out are subject to the same interest-loss penalty as earlier access. Fixed Rate Cash ISA until 31 October 2024 can be opened in branch or by post and then managed in branch, by post and online. The e-ISA option can only be opened and managed online.

At the same time, Yorkshire Building Society launched one and three-year fixed rate bonds. Fixed Rate Bond until 31 October 2022 and Fixed Rate eBond until 31 October 2022 both pay 0.50% gross on maturity. Fixed Rate Bond until 31 October 2024 and Fixed Rate eBond until 31 October 2024 both pay 0.60% gross yearly. All bonds require a £1,000 minimum deposit to open. They allow further additions while the issue remains open. Withdrawals are not permitted. Fixed Rate Bond until 31 October 2022 and Fixed Rate Bond until 31 October 2024 can be opened in branch or by post and then managed in branch, by post and online. The eBond options can only be opened and managed online.

Chart-topping ISA

UBL UK increased the rate on its five-year fixed rate ISA this week, resulting in it paying the top rate for its term. 5 Year Fixed Rate Cash ISA pays 1.56% gross on maturity, 1.51% gross on anniversary and 1.50% gross quarterly or monthly. All options require a £2,000 minimum deposit to open. They do not allow further additions. Earlier access is permitted on closure only and subject to 365 days’ loss of interest. Transfers in from cash ISAs are accepted. Transfers out are subject to the same interest-loss penalty as earlier access. All options of the ISA can be opened in branch, by post, online or via mobile app and then managed in branch, by post, by phone, online and via mobile app.

Notice accounts rates rise

This week, OakNorth Bank increased the rates on its 90 and 120-day notice accounts 90 Days Notice Deposit Account pays 1.01% gross monthly and 120 Day Notice Deposit Account pays 1.06% gross monthly. Both accounts require a £1 minimum deposit to open and allow further additions. Withdrawals are permitted but subject to 90 days’ notice on the 90-day version and 120 days’ notice on the 120-day version, earlier access is not allowed. The accounts can be opened and managed online and via mobile app.

Bank and Building Society Reviews

Visit our Review Pages to read the savings experiences of others and share your own

The reviews are the opinions of our readers and not of Savers Friend.

How safe are your savings?

Our guide to Depositor Protection tells you what guarantees apply if your bank or building society goes bust, while our guide to Who Owns Whom? tells you where your bank or building society is licenced.

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 ISAs seem to be paying less than similar length fixed rate bonds?

There are a couple of reasons for the difference between rates. The first is that the best bond rates are typically being offered by challenger banks, who are new to the market and trying to establish themselves. As new entrants, these providers don’t usually offer ISA products straight away, as these typically involve more administration. If you were to look at just the banks that do offer both bonds and ISAs, it would become apparent that both rates tend to be pretty much on a par with each other.

This leads onto the second potential reason why ISA rates are lower, which is that by having to allow transfers out, banks must price into their ISA rates the chance that they may lose the money from their coffers before the term ends. With fixed rate bonds, providers can mitigate against this by adding restrictions that prevent early access to funds.

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 0.53%
Cash ISA 0.56%
1 Year Fixed Rate Bond 0.74%
2 Year Fixed Rate Bond 0.81%
3 Year Fixed Rate Bond 1.05%
4 Year Fixed Rate Bond 1.16%
5 Year Fixed Rate Bond 1.24%
21 September 2021

Subscribe for free

To receive Savers Friend every week, please sign up for your free subscription

Wizard Squirrel

Alternative sources of income

Personal pension age set to rise to 57

Workers looking to take full or part-time retirement in their 50s and who are planning on using their personal pension to supplement their income should keep in mind that the minimum age in which they can take drawdown from a personal pension in the UK is rising to 57 on 6 April 2028.

At the moment, pension savers can access their personal pension from the age of 55, but a decision to increase the minimum personal pension age was made due to increasing life expectancies and to keep it 10 years prior to the State Pension Age. There are, however, a number of exceptions where existing pension schemes have a protected retirement age.

Commenting on the increasing pension age, Yvonne Braun, director of Long-Term Savings Policy at the Association of British Insurers said: “People are living and working for longer so it is right the minimum age you can access your pension will rise to 57 in seven years’ time, in step with the state pension age rising to 67. Unfortunately, the Government’s proposed implementation maximises the complexity of this change and would create enormous confusion for pension savers.

“Millions would still be able to access their pension at age 55, making the change pointless. Most savers will also have multiple pots at different ages, complicating their retirement planning. The ability to access a protected pension age of 55 may drive advisers to recommend switching to their clients, creating arbitrary market distortions. Savers may also leave employer schemes with a Normal Minimum Pension Age of 57 to access their pension earlier elsewhere, losing the employer contribution.”

The rise in when savers can access their personal pensions will affect those aged 48 and under who are saving into a pension, including defined contribution schemes, workplace schemes and private pensions. Those aged 48 or under and who are still planning to take full or part-time retirement at 55 will need to find alternative sources of income to bridge the two-year gap. Some options including using investment returns, such as from a stocks and shares ISA, or releasing equity from property, for example by down-sizing or taking equity release.

It may be worthwhile speaking to an independent financial advisor when planning for retirement as they will be able the highlight the best options for your personal circumstances.

© 2021 Moneyfacts.co.uk Limited. All Rights Reserved. Use of this Web site constitutes acceptance of the Company's General Terms of Use & Privacy Policy. Moneyfacts.co.uk Limited is registered in England and Wales, company no. 6615303. Registered office: Moneyfacts House, 66-70 Thorpe Road, Norwich NR1 1BJ. Authorised and Regulated by the Financial Conduct Authority. Shown on the Financial Services Register register number 486048. Moneyfacts and MONEY £ ACTS are Registered Trademarks.

Cookies

Savers Friend will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy

Saversfriend.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Savers Friend. Emails sent by Saversfriend.co.uk will always be from news@moneyfacts-news.co.uk.
Be ScamSmart

×