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CASH ISAs
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Marcus by Goldman Sachs® has launched a one-year fixed rate bond this week. 1 Year Fixed Rate Saver pays 1.45% gross on maturity. This bond does not require a minimum opening deposit, but a UK mobile number is needed. It allows further additions for 14 days from account opening. Earlier access is permitted but subject to 90 days’ loss of interest. It must be opened
online but can then be
managed by phone and online.

Robin Squirrel

Notice account launched

This week, Hampshire Trust Bank launched a 95-day notice account. 95 Day Notice (Issue 1) pays 1.40% gross on anniversary on an opening minimum deposit of £1,000. This account allows further additions via a nominated bank account. Withdrawals are also permitted subject to 95 days’ notice and again via a nominated bank account. This account can only be opened online but can then be managed by post, by phone and online.

At the same time, Hampshire Trust Bank launched an 18-month fixed rate bond. 18 Month Bond (Issue 3) pays 1.60% gross on anniversary. It requires a minimum deposit of £1,000 to open. This bond allows further additions for 14 days from account opening. It does not permit withdrawals. The bond must be opened online, but can then be managed by post, by phone and online.

New 18-month bond

This week Shawbrook Bank launched an 18-month fixed rate bond. 18 Month Fixed Rate Bond Issue 18 pays 1.50% gross on anniversary on a minimum opening deposit of £1,000. This bond allows further additions while the issue remains open. Withdrawals are not permitted. It must be opened online but can then be managed online and by phone. For income-seekers, there is a version of this bond that pays interest monthly at a slightly lower gross rate.

Bonds rates rise

Bank of London and The Middle East (BLME) increased the rates on a range of bonds this week, resulting in many offering highly competitive rates for their terms. The six-month version of its Premier Deposit Account pays an expected profit rate of 1.40% gross on maturity, the one-year option pays an expected profit rate of 1.60% gross on maturity, the 18-month option pays an expected profit rate of 1.65% gross on anniversary, and the two, three and four-year options all pay an expected profit rate of 1.75% gross on anniversary. All these bonds require a minimum opening deposit of £1,000 and a BLME transfer account to hold funds pending investment. They do not allow further additions or withdrawals. These bonds can only be opened online and then only managed by post.

ISA rates increase

This week, Ford Money has increased the rates on its one and two-year fixed rate ISAs. Fixed Cash ISA 1 Year pays 1.25% gross and Fixed Cash ISA 2 Year pays 1.35% gross. Both ISAs pay interest on anniversary. They require a minimum opening deposit of £500. Further additions are allowed on both ISAs for 14 days from account opening. Earlier access is permitted subject to 90 days’ loss of interest on the one-year option and 180 days’ loss of interest on the two-year option. Both ISAs allow transfers in. Transfers out are subject to the same interest-loss penalty as earlier access. These ISAs can be opened by

Looking for an Easy Access Cash ISA? See Latest Top Rates in left hand column
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 on the market with no opening restrictions this week is from HSBC. My Savings is an instant access account for those aged between seven and 17 years and pays a variable rate of 2.96% gross monthly, although it should be noted that 0.75% gross is paid on balances of £3,001 and over. It requires an opening minimum balance of £10. The account must be opened in branch, but can then also be operated by phone, online and via its mobile app. Unlimited further additions and withdrawals are allowed, although a parent/guardian’s signature is required for withdrawals of £50 and over for those under the age of 11. As an extra incentive, a free moneybox is available when you open this account.

phone or online and then managed online. For those looking to supplement their income, there are versions of both ISAs that pay interest monthly at a slightly lower gross rate.

At the same time, Ford Money increased the rates on its one and two-year fixed rate bonds Fixed Saver 1 Year pays 1.45% gross and Fixed Saver 2 Year pays 1.55% gross. Both pay interest on anniversary and require a minimum opening deposit of £500. Both bonds allow further additions within 14 days of account opening. Withdrawals are not allowed. These bonds can be opened by phone or online and then managed online. For income-seekers, there are versions of both bonds that pay interest monthly at slightly lower gross rates.

One-year bond launched

QIB (UK) has increased the rate on its one-year fixed rate bond this week. Raisin UK – 1 Year Fixed Term Deposit pays 1.40% gross on maturity. This bond requires a minimum opening deposit of £1,000 and comes with the incentive of Raisin UK offering a bonus of up to £100 when you open a savings account via its website. It does not allow further additions or withdrawals. This bond must be opened online, but can then be managed by post, phone and online.

Bonds increase

This week Vanquis Bank increased the rates on its one, two, three, four and five-year fixed rate bonds. The one-year version of Vanquis Bank Savings pays 1.60% gross, the two-year version pays 1.65% gross, the three-year option pays 1.80% gross, the four-year version pays 1.70% gross and the five-year version pays 1.85% gross. All these bonds pay interest on anniversary and require a minimum deposit of £1,000 to open. They do not allow further additions or withdrawals. These bonds can only be opened online, but can then be managed by post, by phone and online.

For those looking to supplement their income, all these bonds have a version that pays interest monthly at a slightly lower gross rate.

Bonds rates increase

Mansfield Building Society launched new two and three-year fixed rate bonds this week. 2 Year Fixed Rate Bond (53rd Issue) pays 0.75% gross and 3 Year Fixed Rate Bond (41st Issue) pays 0.85% gross. Both bonds pay interest yearly and require an opening minimum deposit of £500. These bonds are restricted to locals living in the Nottinghamshire, Derbyshire or South Yorkshire areas. Further additions are allowed while the issue remains open. Withdrawals are not permitted. These bonds can be both opened and managed in branch and by post. For income-seekers, there are versions of both bonds that pay interest monthly at the same gross rate.

New notice accounts

This week, Secure Trust Bank launched new 30 and 90-day notice accounts. 30 Day Notice Account pays 1.30% gross quarterly and 90 Day Notice Account pays 1.47% gross quarterly. Both accounts require a minimum opening deposit of £1,000. They both allow further additions subject to a minimum addition amount of £1,000. Withdrawals are restricted to four interest withdrawals per annum and three capital withdrawals per annum subject to 30 days’ notice on the 30-day option and 90 days’ notice on the 90-day option. These accounts must be opened online but can then be managed by phone and online.

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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.

Is it possible to invest in stocks & shares with a Lifetime ISA? And can you transfer to different providers, as with normal ISAs?

The answer to both questions is yes. With a Lifetime ISA, you can invest in either cash or stocks & shares, although it’s worth noting that there are only five cash Lifetime ISAs currently available.

While savers can have more than one Lifetime ISA, it is not possible to open more than one in the same year. So, you could open a cash Lifetime ISA one year, and a stocks & shares one the next year.

Transfers between providers are also possible, so you can switch to accounts that perhaps offer better rates, more fund choice or lower charges.

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 0.52%
Notice 1.02%
Cash ISA 0.98%
1 Year Fixed Rate Bond 1.11%
2 Year Fixed Rate Bond 1.17%
3 Year Fixed Rate Bond 1.29%
4 Year Fixed Rate Bond 1.41%
5 Year Fixed Rate Bond 1.47%
31 March 2020

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Wizard Squirrel

Alternative sources of income

ISA customers warned there is less than a week left until the new tax year

ISA customers wanting to make full use of their 2019/20 tax allowance are being warned that there is less than a week left until the new tax year.

Those saving into an ISA have a £20,000 limit for the 2019/20 tax year and time is running out for those who want to ensure that they deposit the maximum amount they can before the new tax year starts on 6 April 2020.

Normally at this time, ISA season would be in full swing, with many providers offering their most competitive rates in the hope of attracting new customers. However, the impact on the Covid-19 outbreak on the economy led to the Bank of England making two base rate cuts in consecutive weeks, which has resulted in base rate standing at 0.10%, its lowest level in history. As a result of this, many providers have been reducing ISA rates and there has been very little competition in the market this month.

In fact, our research has found that average rates on easy access, notice, one, two and five-year fixed rate ISAs have all fallen since the start of the month. The average easy access rate has fallen by 0.03% since the 2 March, standing at 0.83% on the 30 March and the average notice ISA rate has fallen by 0.04% standing at 1.09% on the 30 March. In addition to this, the average one, two and five-year fixed rate ISAs have fallen by 0.09%, 0.12% and 0.18% respectively over the same period, with the one-year standing at 1.05% on the 30 March, the two-year at 1.06% and the five-year at 1.29%. Saying this, while average rates have been falling, there are still a number of competitive rates available in all these ISA charts.

Commenting on the current ISA market, Eleanor Williams, finance expert at Moneyfacts.co.uk, said: “Although rates have been falling this last month, for those willing to shop around and keep a close eye on the top rate tables, there are still some competitive options available.

“Savers may want to consider some of the challenger banks and less familiar brand names or, if they are able to play a long game and are happy to lock their funds away into a fixed rate ISA for a period of time, then these are an option to secure the highest available returns.”

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