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This week, Hodge Bank increased the rate on its 18-month fixed bond with the rate becoming more competitive as a result. Raisin UK – 18 Month Fixed Term Deposit pays 1.75% on maturity on an opening minimum deposit of £1,000. This bond does not allow further additions or withdrawals. It can be opened online only, but then managed by post and by phone as well. The bond also benefits from Raisin UK
offering a bonus of up to £100
when a savings account is
opened via its website.

Robin Squirrel

New three-year bond

Coventry Building Society launched a new three-year fixed rate bond this week. Fixed Bond (214) 31.12.2022 pays 1.50% yearly on an opening minimum deposit of just £1. 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. The bond can be both opened and managed in branch, by post, by phone and online. For those looking to supplement their income, there is also a version of this bond that pays interest monthly at a slightly lower gross rate.

Issue numbers changed

This week Newcastle Building Society changed the issue numbers on its one, two, three and five-year fixed rate bonds. One Year Fixed Rate Bond (Issue 28) pays 1.40%, Two Year Fixed Rate Bond (Issue 44) pays 1.45%, Three Year Fixed Rate Bond (Issue 12) pays 1.55% and Five Year Fixed Rate Bond (Issue 35) pays 1.65%. All bonds pay interest yearly and require a minimum opening deposit of £500. The bonds allow further additions while the issue remains open, but withdrawals are not permitted, except on the five-year version, where withdrawals can be made on up to 2% of the investment amount without notice or penalty. They can be opened in branch or online and then managed by both of these channels, as well as by post and by phone. For income-seekers, there are versions of all bonds that pay interest monthly.

At the same time, Newcastle Building Society changed issue numbers on its one, two, three and five-year fixed rate ISAs. One Year Fixed Rate ISA (Issue 28) pays 1.40%, Two Year Fixed Rate ISA (Issue 44) pays 1.45%, Three Year Fixed Rate ISA (Issue 12) pays 1.55% and Five Year Fixed Rate ISA (Issue 35) pays 1.65%. All ISAs pay interest yearly and require a minimum opening deposit of £500. The ISAs allow further additions while the issue remains open. Earlier access is permitted but subject to 90 days’ loss of interest on the one-year version, 120 days’ loss of interest on the two-year option, and 180 days’ and 365 days’ loss of interest on the three and five-year versions respectively. All versions of the ISAs allow transfers in, while transfers out are subject to the same interest loss penalty as early access. These ISAs can be opened in branch or online and then managed in branch, by post, by phone and online. For those looking to supplement their income, there are versions of all the ISAs that pay interest monthly at a reduced rate.

New Lifetime ISA

A new Lifetime ISA (LISA) was launched this week by Paragon Bank. Cash Lifetime ISA pays 1.15% on anniversary on an opening minimum deposit of just £1. This LISA allows further additions via a nominated bank account, while withdrawals are subject to a 25% charge. Transfers are only allowed from Lifetime Cash ISAs. It has the standard LISA terms and conditions, including benefiting from a 25% Government bonus. This LISA can only be opened online and then managed by post, by phone and online.

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 Al Rayan Bank. 90 Day Notice Account pays an expected profit rate of 1.50% monthly from a minimum opening deposit of £250. It allows further additions and withdrawals are also permitted but subject to 90 days’ notice. The account can be both opened and managed in branch, by post, by phone, online and via its mobile app.

Fixed rate bond launched

Vernon Building Society launched a one-year fixed rate bond this week. Fixed Rate Bond to 31.12.20 pays 1.00% on maturity on an opening minimum deposit of £1,000. Savers should be aware that this bond is only available to those who live within a 25- mile radius of Stockport. This bond allows further additions within 14 days from account opening, while withdrawals are not permitted. The bond can only be opened and managed in branch. For those looking to supplement their income, there is a version of the bond that pays interest monthly at the same rate, but requires a higher minimum investment of £5,000.

Easy access rate rise

This week Tesco Bank increased the rate on one of its easy access accounts. Internet Saver now pays 1.21% on an opening minimum deposit of just £1. This account allows unlimited further additions, while withdrawals are permitted to a maximum limit of £10,000 to non-Tesco Bank accounts and a £100,000 limit to Tesco Bank accounts. The account must be opened online but can then also be managed via its mobile app.

ISA issue change

Virgin Money changed the issue numbers on its one and three-year fixed rate ISAs. 1 Year Fixed Rate Cash E-ISA Issue 406 pays 1.40% and 3 Year Fixed Rate Cash E-ISA Issue 407 pays 1.61%. Both ISAs pay interest yearly and require an opening minimum deposit of just £1. The ISAs allow further additions within 30 days of account opening. Earlier access is permitted but subject to 60 days’ loss of interest on the one-year version and 120 days’ loss of interest on the two-year version. Both ISAs allow transfers in, while transfers out are permitted but subject to the same interest loss penalty as early access. The ISAs can only be opened and managed online. For income-seekers, there are versions of both ISAs that pay interest monthly at a slightly lower rate.

At the same time, Virgin Money changed the issue numbers on its one, two and three-year fixed rate bonds. 1 Year Fixed Rate E-Bond Issue 406 pays 1.00%, 2 Year Fixed Rate E-Bond Issue 407 pays 1.20% and 3 Year Fixed Rate E-Bond Issue 408 pays 1.30%. All bonds require an opening minimum deposit of just £1 and pay interest yearly. Further additions are allowed on these bonds while their issues remain open, but withdrawals are not permitted. These bonds can only be opened and managed online. For those looking to supplement their income, all bonds have versions that pay interest monthly at a slightly reduced gross rate.

Bonds rates increase

This week saw Secure Trust Bank increase the rates on its two, three, four and five-year fixed rate bonds. 2 Year Fixed Rate Bond pays 1.86%, 3 Year Fixed Rate Bond pays 2.21%, 4 Year Fixed Rate Bond pays 2.29% and 5 Year Fixed Rate Bond pays 2.37%. All bonds pay interest yearly and require an opening minimum deposit of £1,000. The bonds allow further additions for 30 days from account opening or by 17.01.20, whichever is sooner. Withdrawals are not permitted. They must be opened online but can then be managed by phone and online.

At the same time, Secure Trust Bank increased rates on its two, three, four, and five-year fixed rate ISAs. 2 Year Fixed Rate Cash ISA pays 1.68%, 3 Year Fixed Rate Cash ISA pays 1.77%, 4 Year Fixed Rate Cash ISA pays 1.89% and 5 Year Fixed Rate Cash ISA pays 2.02%. All ISAs pay interest yearly and require a £1,000 minimum opening deposit. Further additions are allowed within 30 days of account opening. Earlier access is permitted but subject to 180 days’ loss of interest on the two-year version, 210 days’ loss of interest on the three-year version, while the four and five-year versions apply 230 and 270-day interest penalties respectively. Transfers in are allowed from cash ISAs on all ISAs, while transfers out are subject to the same interest-loss penalty as early access. The ISAs can only be opened online and but then managed by phone too.

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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 do most of the best bonds that you show seem to disappear almost as soon as they have launched?

It is certainly true that the top-paying bonds are vanishing quickly, sometimes within days of their launch. The reason is that accounts with an attractive rate can expect a massive influx of funds very quickly. As soon as the bank or building society has the quota of money through the door that they have decided they can pay the rate on, the product will be withdrawn. Unfortunately, at the minute, most banks and building societies don’t really need depositor’s money in order to fund their other business activities, such as mortgage lending, hence the relatively low rates and short amount of time the better rates are available.

The lesson to learn is to act fast when an attractive rate becomes available, as it is unlikely to be around for too long!

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 0.60%
Notice 1.11%
Cash ISA 1.14%
1 Year Fixed Rate Bond 1.25%
2 Year Fixed Rate Bond 1.35%
3 Year Fixed Rate Bond 1.49%
4 Year Fixed Rate Bond 1.71%
5 Year Fixed Rate Bond 1.76%
3 December 2019

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Wizard Squirrel

Alternative sources of income

Financial advice can increase wealth by £47,000

A simple way for consumers to increase their wealth could be to take financial advice. New research carried out by researchers at the International Longevity Centre – UK (ILC) found that, holding other factors constant, those who took financial advice from around the turn of the century (2001-2006) were on average £47,706 better off (in pensions and financial assets) a decade later than those who did not.

The research, which was commissioned by Royal London, used detailed analysis of the Government’s Wealth and Assets Survey, which tracked the wealth of thousands of people over two yearly ‘waves’ since 2004-06. It found that taking financial advice increased wealth by an extra £31,000 in pension wealth and over £16,000 in non-pension wealth.

It also found that taking advice helped increase wealth for those of more modest means compared to affluent consumers. The non-affluent group increased their financial wealth (for example shares, ISAs and bank accounts) by 35% by taking financial advice, compared to a 24% uplift by the affluent group. On pension wealth, the non-affluent group increased their wealth by 24%, compared to just 11% by the affluent group.

One reason why taking financial advice led to a greater increase in wealth is that those taking advice were more likely to invest in assets offering greater rewards, though with greater risk.

Commenting on the research, Steve Webb, director of policy at Royal London said: “Many of those who receive financial advice can testify to its value, but it has always been difficult to quantify. This research uses the latest statistical methods to identify a pure ‘advice effect’ and it is strikingly large. If financial advice can add £40,000 to your wealth over a decade compared with not taking advice, it is incumbent on Government, regulators, providers and the advice profession to work together to make sure that more people are sharing in this uplift.”

International Longevity Centre director, David Sinclair added: “The simple fact is that those who take advice are likely to be richer in retirement. But it is still the case that far too many people who take out investments and pensions do not use financial advice. And only a minority of the population has seen a financial adviser. We must now work together to get more people through the “front door” of advice.”

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