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A new highly competitive easy access account was launched by Coventry Building Society this week. Triple Access Saver pays 1.46% yearly, including a bonus of 0.31% until 31.3.21, on an opening minimum deposit of just £1. This account allows unlimited further additions, while withdrawals are restricted to three penalty-free withdrawals per annum with further withdrawals subject to 50 days’ loss of interest. This account can be both opened and managed online, in branch, by phone and by post. For those looking to supplement their income, there
is also a version that pays
interest monthly at a slightly
lower rate.

Robin Squirrel

ISA rate rise

OakNorth increased the rate on its one-year fixed rate ISA this week. 12 Month Fixed Rate Cash ISA now pays 1.51% monthly on an opening minimum deposit of just £1. This ISA allows further additions up to 2019/20 tax year allowance, while early access is permitted but subject to 90 days’ loss of interest. Transfers in are allowed and transfers out are also subject to 90 days’ loss of interest. This ISA must be opened online but can then be managed by phone as well.

New bond enters chart

This week, Hampshire Trust Bank launched a one-year fixed rate bond. 1 Year Bond (Issue 30) pays 1.70% on maturity on an opening minimum deposit of £1,000. This bond allows further additions for 14 days from account opening, but as is normal with fixed rate bonds, it does not permit withdrawals. It can be opened by post or online, then managed by both of these channels as well as by phone.

New easy access savings account launched

Barclays Bank has launched a new easy access savings account this week. Blue Rewards Saver pays 0.50% monthly on an opening minimum deposit of £1. This account allows unlimited further additions but a lower rate is paid if a withdrawal is made in the month. It is only available to existing customers who are a member of Barclays Blue Rewards. The account can be both opened and managed in branch, by phone, online, and via its mobile app.

Range of notice accounts launched

A range of notice accounts have been launched by Chorley Building Society this week. 30 Day Notice Account pays 1.10% yearly, 60 Day Notice Account Issue 2 pays 1.20% yearly and 90 Day Notice Account Issue 2 pays 1.30% yearly. All these accounts require an opening minimum deposit of £1 and must be opened with new money to the institution. Further additions are allowed on all accounts while the issue remains open. Withdrawals are permitted but subject to 30 days’ notice on the 30-day account, and 60 days’ and 90 days’ notice on the 60-day and 90-day versions respectively. These accounts can be both opened and managed in branch and by post.

New ISA and bond enter charts

Skipton Building Society has launched a fixed rate ISA and a fixed rate bond this week. Both 15 Month Fixed Rate ISA Issue 100 and 15 Month Fixed Rate Bond Issue 100 pay 1.46% on anniversary on a £25,000 deposit. Both accounts allow further additions within seven days of account opening or while the issue remains open. Earlier access is

Looking for an Easy Access Cash ISA? See Latest Top Rates in left hand column
Savers Friend In Focus

Business savings account

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

The top-paying variable rate business account on the market this week is from Redwood Bank. 95 Day Business Savings Account (Issue 4), which can be opened by post or online and then managed by phone as well, pays 1.75% on anniversary from a minimum investment of £10,000. It allows further deposits via a nominated account and withdrawals are also permitted.

not permitted on the bond, but the ISA allows earlier access on closure on 135 days’ loss of interest. The ISA also allows transfers in and transfers out are permitted subject to 135 days’ loss of interest. The ISA can only be opened and managed in branch and by post, while the bond can be opened and managed in branch, by post and by phone. As well as this, for those who prefer to bank online, there are versions of both the ISA and bond that can only be opened and managed online.

At the same time, Skipton Building Society changed issue numbers and increased rates on selected bonds this week. 2 Year Fixed Rate Bond Issue 100 and 2 Year Fixed Rate E-Bond Issue 100 pay 1.35% on a £500 deposit, which then increases to 1.40% on a £20,000 deposit. In addition to this, 3 Year Fixed Rate Bond Issue 100 and 3 Year Fixed Rate E-Bond Issue 100 pay 1.40% on a £500 deposit and 1.45% on a £20,000 deposit, while 5 Year Fixed Rate Bond Issue 100 and 5 Year Fixed Rate E-Bond Issue 100 pay 1.45% on a £500 deposit, increasing to 1.50% on a £20,000 deposit. All bonds pay interest on anniversary. Further additions for all bonds are allowed within seven days of account opening or while the issue remains open, but withdrawals are not permitted. The two-year, three-year and five-year fixed rate bonds can be both opened and managed in branch, by post and by phone; while the two-year, three-year and five-year E-bonds can only be opened and managed online. For income-seekers, there are also versions of all the bonds that pay interest monthly at a slightly lower rate.

This week also saw Skipton Building Society change issue numbers and increase rates on selected fixed rate ISAs. 2 Year Fixed Rate ISA Issue 100 and 2 Year Online Fixed Rate ISA Issue 100 both pay 1.30% on a £500 deposit, which then increases to 1.35% on a £20,000 deposit. The building society’s 3 Year Fixed Rate ISA Issue 100 and 3 Year Online Fixed Rate ISA Issue 100 both pay 1.35% on a £500 deposit and 1.40% on a £20,000 deposit, while 5 Year Fixed Rate ISA Issue 100 and 5 Year Online Fixed Rate ISA Issue 100 both pay 1.40% on a £500 deposit and 1.45% on a £20,000 deposit. All ISAs pay interest on anniversary. The ISAs allow further additions within seven days of account opening or while the issue remains open. Earlier access is permitted on closure only and subject to 180 days’ loss of interest on the two-year versions, 240 days’ loss of interest on the three-year options and 365 days’ loss of interest on the five-year versions. Transfers in are allowed, while transfers out are subject to the same loss of interest penalty as withdrawals. The two-year, three-year and five-year fixed rate ISAs can be both opened and managed in branch and by post; while the two-year, three-year and five-year online ISAs can only be opened and managed online.

Easy access savings account enters chart

This week, Al Rayan Bank launched an easy access savings account. Everyday Saver (Issue 2) pays an expected profit rate of 1.00% monthly on an opening minimum deposit of £500. This account allows unlimited further additions and withdrawals. It can be both opened and managed in branch, by post, by phone, online and via its mobile app. This bank operates under Islamic finance principles.

Bond issue numbers changed

Virgin Money has changed the issue numbers on selected fixed rate bonds this week. 1 Year Fixed Rate Bond Issue 438 pays 1.20% yearly, 2 Year Fixed Rate Bond Issue 439 pays 1.35% yearly and 3 Year Fixed Rate Bond Issue 440 pays 1.50% yearly. All these bonds require an opening minimum deposit of just £1. Further additions on all bonds are allowed while the issue remains open but withdrawals are not permitted. They can be opened in branch, by post or by phone and then managed in branch and by post.

At the same time, Virgin Money has changed the issue number on its regular savings account this week. Regular Saver Issue 19 pays 3.00% yearly on an opening deposit of £1. This account requires a minimum monthly deposit of £1 to a maximum of £250. It allows unlimited withdrawals and can only be opened in branch but then managed by post as well.

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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 cash ISAs seem to pay noticeably 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 0.64%
Notice 1.11%
Cash ISA 1.19%
1 Year Fixed Rate Bond 1.29%
2 Year Fixed Rate Bond 1.39%
3 Year Fixed Rate Bond 1.56%
4 Year Fixed Rate Bond 1.80%
5 Year Fixed Rate Bond 1.88%
8 October 2019

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Wizard Squirrel

Alternative sources of income

Growth in investments into ethical funds

We are currently in the middle of Good Money Week, an annual campaign designed to highlight awareness of sustainable, responsible and ethical finance, making it the perfect week in which to re-evaluate where your money is being invested. According to the Investment Association, funds badged as ‘ethical’ now stand at £20bn of assets. Although those wanting to invest in an ethical fund can also do so by depositing into an ethical savings account, many of which offer highly competitive rates. For instance, Gatehouse Bank currently pays a highly competitive 1.40% as an expected profit rate on its easy access account. Commenting on ethical savings accounts, Rachel Springall, finance expert at Moneyfacts.co.uk, said: “The urge to invest more ethically could come to mind if savers are getting little return for their loyalty from a big high street bank, which consequently leads them to seek an alternative. Thankfully, there are ethical brands out there to consider, and in fact the leading ethical easy access deal is currently offered by an Islamic bank.

“Investing ethically can be as simple as switching to a brand that has ethical principles, where savers can feel like they are making a difference but are also given a fair return on their hard-earned cash. Big banks just don’t need savers’ cash, so it’s not surprising to find that they are paying abysmal rates. HSBC pays just 0.15% on its Flexible Saver, but Gatehouse Bank pays 1.40% as an expected profit rate on its Easy Access Account. Even the highest new customer rate from a big bank is just 0.40% from Santander on its eSaver (Issue 15).

“While Islamic banks don’t pay interest, they do pay an expected profit rate, and this can be comparable to other savings accounts. Where an Islamic bank is covered by the Financial Services Compensation Scheme and regulated by the Financial Conduct Authority, savers can be safe in the knowledge that they have the same level of protection as with any other provider under the same scheme. Islamic banks also offer decent returns on notice accounts too, where savers can get a little more than on an easy access deal.

“During a period of economic uncertainty, savers may well be rethinking how they invest and want to know whether they are banking with a brand that is giving back to the community. Triodos Bank for example gives back via community projects and lent £38.4m in 2018 to support 255 sustainable properties and projects. Its Easy Access account may pay less than 1%, but it still beats the rates offered to new customers from the biggest high street banks.”

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