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Ford Money has launched a one-year fixed rate bond this week that pays a competitive rate for its terms. Fixed Saver 1 Year pays 0.80% gross on anniversary on a £500 opening minimum deposit. This bond allows further additions within 14 days of the account opening. Withdrawals are not permitted. It can be opened by phone or online but can only be managed online.

For those looking to supplement their income, there is a version of this bond that pays interest
monthly at the same gross
rate.

Robin Squirrel

New easy access account

This week, Aldermore launched an easy access account. Double Access Account Issue 1 pays 0.60% gross on anniversary on a £1,000 opening minimum deposit. This account allows unlimited further additions. Withdrawals are permitted but a lower rate is paid if more than two withdrawals are made per annum. The account must be opened and managed online. For income-seekers, there is a version of this account that pays interest monthly at the same gross rate.

Three-year ISA launched

Coventry Building Society launched a three-year fixed rate ISA this week. Fixed Rate ISA (125) 31.05.2024 pays 0.70% gross yearly. This ISA requires a minimum opening deposit of just £1. Further additions are allowed 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 180 days’ loss of interest. Transfers in are accepted. Transfers out are allowed but are subject to the same interest-loss penalty as earlier access. The ISA can be both opened and managed in branch, by post, by phone and online.

At the same time, Coventry Building Society launched a three-year fixed rate bond. Fixed Rate Bond (230) 30.04.2024 pays 0.80% gross yearly on a £1 opening minimum deposit. This bond allows further additions within 14 days of account opening or while the issue remains open, whichever period is longer. Withdrawals are not permitted. It can be both opened and 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.

New two-year bond

This week, Principality Building Society launched a two-year fixed rate bond. 2 Year Fixed Rate Bond Issue 354 pays 0.60% gross on anniversary. This bond requires a £500 minimum deposit to open. It allows further additions while the issue remains open. Withdrawals are not permitted. It can be both opened and 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.

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Savers Friend In Focus

Children’s accounts

Encouraging children to save from an early age is a good idea and most providers offer accounts aimed specifically at children.

The top-paying children’s account that is open to all currently on the market comes from HSBC. MySavings is an instant access account for those aged between seven and 17 years and pays a variable rate of 2.47% gross monthly, although it should be noted that 0.25% gross is paid on balances of £3,001 and over.

This account requires an opening minimum deposit of £10. It must be opened in branch, but can then be managed in branch, by phone, online and via mobile app. Unlimited further additions are allowed. Withdrawals are permitted but a parent/guardian’s signature is required for withdrawals of £50 or over for under 11’s.

As an extra incentive, a free moneybox is available when you open this account.

At the same time, Principality Building Society launched a one-year fixed rate ISA. 1 Year Fixed Rate Cash ISA Issue 234 pays 0.50% gross on maturity on a £500 opening minimum deposit. This ISA allows further additions while the issue remains open. Earlier access is permitted on closure only and subject to a 90 days’ loss of interest penalty. Transfers in are accepted. Transfers out are allowed but are subject to the same interest-loss penalty as earlier access. This ISA can be both opened and managed in branch, by post and online. For income-seekers, there is a version of this ISA that pays interest monthly at the same gross rate.

35-day notice account launched

Family Building Society launched a 35-day notice account this week. 35 Day Notice Saver (2) pays 0.45% gross yearly on a £1,000 opening deposit or 0.55% on deposits of £50,000. Further additions are allowed. Withdrawals from a minimum of £100 are permitted subject to 35 days’ notice. The account can be opened in branch, by post, or online and then managed in branch, by post, by phone and online.

At the same time, Family Building Society launched an easy access savings account. Online Saver (3) pays 0.36% gross yearly on a £100 opening minimum deposit. Further additions are allowed. Withdrawals from a minimum of £100 are permitted. The account must be opened and managed online.

Range of fixed rate bonds launched

This week, ICICI Bank UK launched a nine-month, one, two, three, and five-year fixed rate bond. Raisin UK – 9 Month Fixed Term Deposit pays 0.40% gross, Raisin UK – 1 Year Fixed Term Deposit pays 0.50% gross, Raisin UK – 2 Year Fixed Term Deposit pays 0.50% gross, Raisin UK – 3 Year Fixed Term Deposit pays 0.50% gross, and Raisin UK – 5 Year Fixed Term Deposit pays 0.51% gross. All bonds pay interest on maturity and require a £1,000 minimum deposit to open. In addition to this, when a first savings account is opened via the Raisin UK website, savers are offered a bonus or Amazon Gift Card of up to £50. Once opened, these bonds do not allow further additions or withdrawals. They must be opened online but can then be managed by post, by phone and online.

At the same time, ICICI Bank UK launched an easy access account. Raisin UK – Easy Access Account pays 0.30% gross monthly on a £1,000 opening minimum deposit. Savers opening this account benefit from Raisin UK offering a bonus or Amazon Gift Card of up to £50 when the first Raisin UK savings account is opened via its website. The account allows further additions and withdrawals, but all transactions must be from a minimum of £500. The account can only be opened online but can then be managed by post, by phone and online.

New three-year bond

Arbuthnot Direct launched a three-year fixed rate bond this week. 3 Year Fixed Term Deposit Issue 4 pays 1.00% gross on anniversary on a £10,000 opening minimum deposit. The bond allows further additions within 14 days of account opening. Withdrawals are not permitted. It must be opened and managed online.

Short-term bond launched

This week, Teachers Building Society launched a two-year fixed rate bond. Fixed Rate Bond (Issue 282) pays 0.85% gross yearly on a £500 opening minimum deposit. This bond allows further additions while the issue remains open. Withdrawals are not permitted. It can be both opened and managed by post and online.

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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.

I’m aware that the Financial Services Compensation Scheme (FSCS) covers deposits of up to £85,000, including interest, but I was wondering how this applies to banks such as Al Rayan that operate according to Sharia’a principles and pay expected profit rather than interest. Would the FSCS cover this ‘profit’ in the event of such a bank failing?

The FSCS offers financial protection in the event that a bank or building society were to fail. Under current rules, £85,000 is covered per person, per banking licence, which means that if you held no more than this amount with any provider, you’d be guaranteed to get your full balance returned to you if a bank went bust. This includes your initial deposit, as well as any accrued interest, provided the full amount doesn’t exceed the £85,000 limit.

This applies to banks operating under Islamic finance principles as well. So, yes, the FSCS would cover any profit in the event of a Sharia’a-compliant bank failing.

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 0.19%
Notice 0.48%
Cash ISA 0.49%
1 Year Fixed Rate Bond 0.54%
2 Year Fixed Rate Bond 0.66%
3 Year Fixed Rate Bond 0.76%
4 Year Fixed Rate Bond 0.90%
5 Year Fixed Rate Bond 0.97%
01 December 2020

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Wizard Squirrel

Alternative sources of income

The lowest lifetime mortgage rates available during November

A lifetime mortgage can be a good way for those in retirement to boost their income, especially as rates have been falling for the past few years. To give an insight into what rates to expect when considering a lifetime mortgage, these are the lowest rates available on plans that allow drawdown during November.

The best drawdown rates with a fee
The lowest lifetime mortgage rate on a plan that offers drawdown and charges a fee is 2.7% AER, which is being offered by two plans from Legal & General Home Finance: its Flexible Orange and Optional Payment Orange plans, both of which are available on properties valued at a minimum of £100,000. A minimum advance of £10,000 is required and both plans charge a fee of £599. Interest is not payable on Flexible Orange but partial repayments of up to 10% are permitted without an early repayment charge; conversely, interest is payable on Optional Payment Orange, but partial repayments are not allowed.

Pure Retirement also offers a rate of 2.7% AER on its Classic Lite Plus 2 plan, which is available on properties valued at a minimum of £125,000. Borrowers must take a minimum advance of £10,000. A product fee of £500 is charged and interest is not payable on this plan, while penalty-free partial repayments of up to 10% are permitted.

The best equity release drawdown rates without a fee
The lowest lifetime mortgage rate being offered on an equity release plan charging no fee and offering drawdown comes from LV=, which offers a rate of 2.54% AER on its Lifetime Mortgage Drawdown+ Standard 2 plan at a maximum loan-to-value (LTV) of 30%. A slightly higher LTV (32%) is available at a rate of 2.57%. Both plans are available on properties valued at a minimum of £100,000 and borrowers must take a minimum advance of £10,000. Interest is not payable on either plan, but penalty-free partial repayments of up to 10% are allowed.

More 2 Life offers a rate of 2.66% AER on its Capital Choice Superlite Drawdown 3 plan and a rate of 2.67% AER on its Capital Choice Superlite Drawdown 4 plan. Both plans are available for properties valued from a minimum of £100,000 and borrowers must take a £10,000 minimum advance. Interest is not payable, but partial repayments of up to 10% are allowed without penalty.

There are many more options available, but ultimately, releasing equity from your home has a long-term impact on finances and the inheritance you leave behind. As such, those considering equity release should think about speaking to an independent financial adviser before taking out a plan to ensure it is the right option for your financial circumstances.

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