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CASH ISAs
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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
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FIXED RATES
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OFFSHORE ACCOUNTS
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BUSINESSES Charities, Clubs,
Pension Funds, Client A/cs etc
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REGULAR SAVINGS
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CHILDRENS ACCOUNTS
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JISA - - Search

This week, Hinckley & Rugby Building Society launched a five-year fixed rate bond. 5 Year Fixed Rate Bond Issue 11 pays 1.30% gross yearly on a £5,000 opening minimum deposit. This bond reverts to an Easy Access Bank Base Rate Tracker at maturity. It does not allow further additions or withdrawals. The
bond can be both opened and managed in branch and by
post.

Robin Squirrel

New 12-month bonds

This week, Bath Building Society launched two 12-month fixed rate bonds. 12 Month Fixed Rate Loyalty Bond (Issue 1) pays 1.10% gross and Fixed Rate Bond (Issue 25) pays 0.90% gross. Both bonds pay interest on maturity and require a minimum deposit of £500 to open. 12 Month Fixed Rate Loyalty Bond (Issue 1) is only available to existing customers who have held a Bath Building Society product for a minimum of five years. Both bonds do not allow further additions. They permit earlier access on closure only and subject to 90 days’ loss of interest. Both bonds can be opened in branch or by post and then managed online.

Notice account rate rise

Allica Bank increased the rate on its 95-day notice account this week. 95-Day Notice Personal Savings Account (Issue 1) pays 1.10% gross on anniversary on a £1,000 opening deposit. This account allows unlimited further additions. Withdrawals are permitted subject to 95 days’ notice. It must be opened online and can only be managed by phone.

For those looking to supplement their income, there is a version of this account that pays interest monthly at a slightly lower gross rate.

Five-year ISAs launched

Furness Building Society launched two five-year fixed rate ISAs this week. Fixed Rate Cash ISA (Issue 166) and Fixed Rate eSavings Cash ISA (Issue 16) pay 1.30% gross on anniversary on a £1,000 minimum opening deposit. These ISAs do not allow further additions. They permit earlier access on closure only subject to 180 days’ loss of interest. Transfers in from cash ISAs are accepted. Transfers out are allowed but subject to the same interest-loss penalty as earlier access. Fixed Rate Cash ISA (Issue 166) can be both opened and managed in branch and by post. Fixed Rate eSavings Cash ISA (Issue 16) must be opened and managed online.

New short-term bond

This week, Santander launched a one-year fixed rate bond. 1 Year Fixed Rate Bond pays 0.20% gross yearly on a £500 opening deposit. This bond does not allow further additions or withdrawals. It can be opened in branch, online or via mobile app and then managed in branch and by phone.

For income-seekers, there is a version of this bond that pays interest monthly at the same gross rate.

Short-term ISAs launched

Kent Reliance launched a one and two-year fixed rate ISA this week. Cash ISA 1 Year Fixed Rate – Issue 38 pays 0.60% gross on maturity and Cash ISA 2 Fixed Rate – Issue

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

Savers Friend In Focus

Junior ISAs

Junior ISAs (JISA) are a great way for parents, family and friends to save for a child’s future tax-free. Up to £4,368 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 National Savings & Investments (NS&I), with its Junior ISA paying 3.25% gross yearly from an opening balance of just £1.

This JISA is available to those up to the age of 18. It allows further additions up to the maximum JISA allowance for the tax year, but withdrawals are not permitted. There is no penalty for transfers out and transfers in from other providers are welcome.

This JISA is 100% backed by HM Treasury. It can only be opened and managed online.

37 pays 0.70% gross yearly. Both ISAs require a minimum deposit of £1,000 to open. Further additions are allowed via cash at branch, cheque, bank transfer or debit card. Earlier access is permitted subject to 180 days’ loss of interest and the withdrawal method is dependent on how the ISA is opened. Transfers in are accepted but transfer requests must be made within 30 days of account opening. Transfers out are allowed but subject to the same interest-loss penalty as earlier access. These ISAs can be opened in branch, by post or online and then managed in branch, by post, by phone and online.

For those looking to supplement their incomes, there are versions of both ISAs that pay interest monthly at the same gross rate.

One-year bonds launched

Yorkshire Building Society launched two one-year fixed rate bonds this week. Fixed Rate Bond to 31.7.21 and Fixed Rate eBond to 31.7.21 pay 0.70% gross on maturity. Both bonds require a minimum deposit of £1,000 to open. They allow further additions while the issue remains open. Withdrawals are not permitted. Fixed Rate Bond to 31.7.21 can be opened in branch or by post and then managed in branch, by post and online. Fixed Rate eBond to 31.7.21 can only be opened and managed online.

Bonds rates rise

This week, Allica Bank changed the issue numbers and increased the rates on its 12 and 24-month fixed rate bonds. Fixed-Term Personal Savings Account (Issue 4) pays 1.05% gross on maturity and Fixed-Term Personal Savings Account (Issue 2) pays 1.20% gross on anniversary. Both bonds require a minimum deposit of £1,000 to open. They allow further additions within 14 days of account opening. Withdrawals are not permitted. These bonds can only be opened and managed online.

Easy access account issue changed

Nationwide Building Society changed the issue number on its easy access savings account this week. 1 Year Triple Access Online Saver 9 pays 0.25% gross on anniversary on a £1 minimum opening deposit. This account reverts to a Triple Access Online Saver after 12 months. It allows unlimited further additions. Withdrawals are permitted but a lower rate is paid for the remainder of the term if more than three withdrawals are made per annum. This account can be both opened and managed online and via mobile app.

At the same time, Nationwide Building Society changed the issue number on its easy access ISA. 1 Year Triple Access Online ISA 9 pays 0.25% gross on a £1 minimum deposit. This ISA reverts to a Triple Access Online ISA after 12 months. It allows further additions. Withdrawals are permitted but a lower rate is paid for the remainder of the term if more than three withdrawals are made per annum. Transfers in are accepted. There is no penalty for transfers out. This ISA can be both opened and managed online and via mobile app.

Fixed rate bonds launched

This week, Kent Reliance launched a one and two-year fixed rate bond. 1 Year Fixed Rate Bond – Issue 69 pays 0.65% gross on maturity and 2 Year Fixed Rate Bond – Issue 65 pays 0.75% gross yearly. Both bonds require a minimum deposit of £1,000 to open. They do not allow further additions. Earlier access is permitted on 180 days’ loss of interest and withdrawal method is dependent on how the bond is opened. These bonds can be opened in branch, by post or online and then managed in branch, by post, by phone and online.

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.

How can I quickly tell whether a bank is a UK bank or a foreign bank, and whether they are covered by depositor protection?

In the guides section on Savers Friend, there is a guide entitled ‘Who owns whom?’, which lists all the banks and building societies and provides the information you are looking for, including the country where their banking licence is held, the compensation scheme they fall under, and the other banks and building societies that operate under the same banking licence.

In the charts, it is also possible to see information regarding depositor protection by hovering over the umbrella icon or clicking ‘i’ under the ‘Further info’ heading. All accounts on Savers Friend offer savers some protection, either from the UK-based Financial Services Compensation Scheme (FSCS) or through an overseas protection scheme.

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 0.24%
Notice 0.56%
Cash ISA 0.56%
1 Year Fixed Rate Bond 0.69%
2 Year Fixed Rate Bond 0.77%
3 Year Fixed Rate Bond 0.92%
4 Year Fixed Rate Bond 1.03%
5 Year Fixed Rate Bond 1.11%
07 July 2020

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Wizard Squirrel

Alternative sources of income

Savers can withdraw from LISAs at a lower withdrawal charge

Savers with a Lifetime ISA (LISA) wanting to withdraw funds from their account are currently able to do so at a reduced withdrawal charge than would normally be incurred on LISAs.

In order to provide extra financial support to young savers during the Coronavirus pandemic, the Government reduced the early withdrawal penalty on LISAs from 25% to 20% on 6 March 2020 and this reduction remains in effect until 5 April 2021.

The reduction in the withdrawal charge means that savers can currently withdraw funds from their LISAs for use for something other than buying their first property and will only forgo their Government bonus and not incur an additional penalty.

LISAs were first introduced into the savings market as an alternative to Help to Buy ISAs, which were withdrawn from the market last November. LISAs are only available those aged between 18-39 and have the incentive of a 25% Government bonus being added per year on deposits to a maximum of £4,000. One of the biggest drawbacks for many savers is that the money in a LISA can normally only be used for buy a first home or for retirement, and if money is withdrawn for any other reason, the 25% withdrawal charge can result in savers losing a significant amount of their savings.

As the only savings account to offer first-time buyers a 25% Government bonus, it is an attached product, but just four providers currently offer LISAs, with the top-paying accounts offering 1.25% gross yearly. But if the Government permanently reduces the withdrawal charge on LISAs, it is hoped that these products will become more popular with savers and providers alike. As Eleanor Williams, finance expert at Moneyfacts.co.uk, explained: “The purpose of a LISA account was to encourage people to save towards the long-term goals of property ownership and/or retirement. However, those savers who have found that they may need to change or delay their plans due to the recent crisis now have the option to withdraw their LISA funds at a reduced charge.

“For those without flexible access to funds, such as with an easy access savings account, and who may have seen their household income adversely impacted, this may be seen as a lifeline that could help those in need of increased cashflow. However, savers should check all the terms and conditions of their current LISA before proceeding and may need to weigh up carefully whether now is the time to draw from their savings pot.”

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