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A new two-year fixed rate bond was launched by FCMB Bank (UK) this week. Raisin UK – 2 Year Fixed Term Deposit pays 2.12% on maturity on a minimum deposit of £1,000. As well as this, Raisin UK is offering a bonus of up to £100 when a savings account is opened via its website. Once opened, this bond does not allow further additions or withdrawals. The bond can only be opened
online but then managed by
post and phone as well.

Robin Squirrel

Fixed rate bonds launched

This week Nottingham Building Society launched a range of fixed rate bonds. Fixed Rate Account – Issue 182, a one-year bond, pays 1.20% yearly; Fixed Rate Account – Issue 183, a two-year bond, pays 1.25% yearly; Fixed Rate Account – Issue 184, a three-year bond, pays 1.35% yearly; and Fixed Rate Account – Issue 185, a five-year bond, pays 1.45% yearly. All these bonds require a minimum opening deposit of £500 and allow further additions while the issue remains open, but withdrawals are not permitted. These bonds can only be opened and managed online.

At the same time Nottingham Building Society launched a range of fixed rate ISAs. Fixed Rate ISA – Issue 45, a one-year ISA, pays 1.15% yearly; Fixed Rate ISA – Issue 46, a two-year ISA, pays 1.25% yearly; and Fixed Rate ISA – Issue 47, a three-year ISA, pays 1.35% yearly. All these ISAs can be opened with a minimum deposit of £500. Further additions are allowed while the issue remains open, but earlier access is permitted on transfers only subject to 180 days’ loss of interest. Transfers in are allowed, while transfers out are permitted subject to 180 days’ loss of interest. These ISAs can only be opened and managed online.

Easy access account launched

Monzo Bank has launched a new easy access savings account this week. Its Easy Access Savings Pot by Paragon pays 1.14% monthly on a minimum opening deposit of £500. The account allows unlimited further additions and withdrawals, although savers need to be aware that a Monzo Current Account is required in order to open this account. It must be opened and managed via its mobile app.

This week also saw Monzo Bank launch a one-year fixed rate bond. Its Fixed Savings Pot by Charter Savings Bank is a 12-month bond that pays 1.81% on maturity. It requires a minimum opening deposit of £500 and a Monzo Current Account is also required to open this account. Once opened, the bond does not allow further additions or withdrawals. It can only be opened and managed via its mobile app.

Fixed rate cash ISAs end dates extended

Secure Trust Bank has extended the end dates on a number of its fixed rate cash ISAs this week. 1 Year Fixed Rate Cash ISA, which pays 1.55% yearly, now has an end term date of 09.09.20; 2 Year Fixed Rate Cash ISA, which pays 1.75% yearly, now has an end term date of 09.09.21; 3 Year Fixed Rate Cash ISA, which pays 1.77% yearly, now has an end term date of 09.09.22; 4 Year Fixed Rate Cash ISA, which pays 1.78% yearly, now has an end term date of 08.09.23; and 5 Year Fixed Rate Cash ISA, which pays 2.02% yearly, has an end term date of 09.09.24.

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 Hampshire Trust Bank. 90 Day Business Notice (Issue 13), which can be opened by post and online and then managed by post, pays 1.55% on anniversary from a minimum investment of £5,000. It allows further deposits via a nominated account, while withdrawals are permitted from a minimum of £1.

All these accounts require a minimum opening deposit of £1,000 and allow further additions within 30 days of account opening. The one-year version allows earlier access on closure subject to 90 days’ loss of interest, while the two-year version, three-year version, four-year version and five-year version allows earlier access on closure subject to 180, 210, 230 and 270 days’ loss of interest respectively. All versions also allow transfers in, while transfers out are permitted but include the same penalty as the respective earlier closure. These bonds must be opened online but can then also be managed by phone as well.

Fixed bonds rates rise

This week Atom Bank has increased rates on a number of its fixed rate bonds. Its 6 Month Fixed Saver, as the name suggests a six-month bond, now pays 1.75% on maturity. Its 1 Year Fixed Saver, a one-year bond, pays 2.00% on anniversary, while the two-year version pays 2.05% on anniversary and the three-year bond and five-year bond pay 2.06% on anniversary.

All versions require a minimum opening deposit of just £50 and allow further additions for one week from opening. Withdrawals, however, are not permitted. These bonds can only be opened and managed via its mobile app. In addition to this, for those looking to supplement their incomes, there are versions of each bond that pay interest monthly all at a slightly reduced rate, except on the six-month version, which pays the same rate on both versions.

New fixed rate ISA enters chart

A new five-year fixed rate ISA, which was launched by Principality Building Society, has entered the chart this week. 5 Year Fixed Rate Cash ISA Issue 213 pays 1.90% on anniversary on a minimum opening deposit of £500. This ISA allows further additions while the issue remains open and earlier access is only permitted on closure subject to 360 days’ loss of interest. Transfers in are also allowed with this ISA, while transfers out are again permitted but subject to 360 days’ loss of interest. This ISA can be opened in branch and online, then managed both these ways as well as by phone. For those looking to supplement their income, there is a version of this ISA that pays interest monthly at a slightly reduced rate.

Fixed rate bonds launched

This week Cumberland Building Society launched a number of fixed rate bonds. 1 Year Fixed Interest Fixed Term, a one-year bond, pays 0.80% yearly; 2 Year Fixed Interest Fixed term, a two-year bond, pays 1.05% yearly; and 3 Year Fixed Interest Fixed Term, a three-year bond, pays 1.25% yearly. All these bonds require a minimum opening deposit of £1,000. They allow further additions while the issue remains open, however withdrawals are not permitted. Savers should also be aware that there are postcode restrictions on the opening of these bonds. In addition to this, they can only be opened in branch and then managed in branch, online and via its mobile app.

Notice account relaunched

A 90-day notice account has been relaunched this week by Newbury Building Society. Treasure Plus is a variable rate notice account that pays tiered rates depending on deposits. Its lowest rate is 0.75% paid at £1,000, but its also offers 0.90% paid at £10,000, 1.10% paid at £25,000 and 1.25% paid at £50,000. All rates are paid yearly. Savers should be aware that there are postcode restrictions to opening this account. Once opened, further additions are allowed, withdrawals can be made providing 90 days’ notice is given, and earlier access is permitted but subject to 90 days’ loss of interest, however there is no loss if £10,000 remains in the account. The account can be both opened and managed in branch, by post and online.

Bank and Building Society Reviews

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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.

I have an ISA that I started when they were first introduced and have always topped up by the maximum amount each year. However, I’ve never changed provider and was wondering if I’m best staying put with the same bank because of the vast sum of money I’ve built up or if I should move it somewhere else?

It’s not usually a good idea to stay with one provider for a long period of time as it is unlikely this bank or building society will consistently pay the best rate. The fact that you have a considerable sum in the account should not stop you from switching.

You can transfer the whole amount to another ISA paying a better rate, although you’ll need to make sure the new ISA is able to accept transfers in, as not all do. Another option is to leave some funds where they are and transfer some away. You are allowed to split investments from previous tax years and move them all to different providers if you like. It is also possible to transfer ISA funds in both directions between cash and stocks and shares.

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 1.14%
Cash ISA 1.25%
1 Year Fixed Rate Bond 1.37%
2 Year Fixed Rate Bond 1.47%
3 Year Fixed Rate Bond 1.68%
4 Year Fixed Rate Bond 2.01%
5 Year Fixed Rate Bond 2.00%
13 August 2019

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Wizard Squirrel

Alternative sources of income

Interest in gold investment rises by 40%

Last month saw a 40% rise in the number of people looking to invest in gold, The Royal Mint has revealed. Often, gold and other precious metals are considered as a safe haven for investors and, as such, it is clear that investors are thinking about making a safer investment choice during the current period of economic uncertainty.

Along with the increase in interest in investing in precious metals, it was also reported earlier this year that at the end of June the price of gold had hit a six-year high – in part due to fears of regarding the US-China trade war, and concerns that the dollar may weaken, as well as the ongoing unpredictability of Brexit. Gold is not only a popular choice for those looking for a more secure option during times of economic uncertainty but, historically, it has also offered protection against inflation.

It should be noted, however, that as with all investments, there are risks to investing in gold. For example, there is no guarantee that the price of gold will increase – even during times of economic uncertainty. As well as this, gold mining shares are another option for investors, but these shares can rise quickly but also fall equally as quickly, making them a high-risk choice.

Nicola Howell, executive director at The Royal Mint said: “Last month we experienced a 40% rise in interest from new customers looking to invest in precious metals (from 1-31 July) compared to the same period last year. As a result of the heightened investor interest, we have also seen a doubling of gross profits since 1 April this year, compared to last year.

“Precious metals have a long-standing reputation as “safe haven” assets, whereby they have the ability to provide an additional layer of protection to investment portfolios when stock markets are more volatile. We attribute this growing consumer appetite as a reaction to continued market turbulence, ongoing political tensions around the world, and uncertainty and confusion in the UK, as investors look to safeguard their investments.”

The Royal Mint offers a number of investment options for those looking to invest in precious metals including silver, gold and platinum bars and coins. Alternatively, for those not wanting to invest in physical gold, there is also the option of individual gold mining stocks or gold funds.

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