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This week, Dudley Building Society launched a variable regular savings account. One Year Regular Saver Issue 5 pays 1.25% gross on maturity on a £100 minimum deposit. Monthly deposits up to a maximum of £250 are allowed. Earlier access is only permitted on account closure.
This account can be both
opened and managed in
branch and by post.

Robin Squirrel

New notice account

Market Harborough Building Society launched a 75-day notice account. 75 Day Account – Issue 2 pays 1.20% gross yearly on a £20,000 opening minimum deposit. This account allows further additions. Withdrawals are permitted subject to 75 days’ notice. It can be both opened and managed in branch, by post and online.

JISA launched

This week, Darlington Building Society launched a Junior Cash ISA (JISA). Junior Cash ISA 2 pays 2.50% gross yearly on an opening minimum deposit of just £1. This JISA allows further additions but withdrawals are not permitted. Transfers in are accepted. It is available to children aged to a maximum of 15 years and can be both opened and managed in branch and by post.

At the same time, Darlington Building Society launched a one-year fixed rate ISA. 1 Year Fixed Rate Cash ISA (17) pays 0.75% gross yearly until 30.09.2021 on a £1 minimum opening deposit. This ISA is only available to existing cash ISA customers. It allows further additions while the issue remains open. Earlier access is permitted on closure and is subject to 120 days’ loss of interest. Transfers in are accepted. Transfers out are allowed subject to 120 days’ loss of interest. This ISA can be both opened and managed in branch and by post.

60-day notice account launched

Secure Trust Bank launched a 60-day notice account this week. 60 Day Notice Account pays 1.00% gross quarterly on a £1,000 opening minimum deposit. This account allows further additions. Withdrawals are restricted to four interest withdrawals per annum and three capital withdrawals per annum subject to 60 days’ notice. It must be opened online but can then be managed by phone and online.

New one-year bond

This week, Yorkshire Building Society launched a one-year fixed rate bond. End Youth Homelessness Fixed Rate Bond to 30.6.21 pays 0.70% gross on maturity. It requires a £1,000 minimum deposit to open. It allows further additions while the issue remains open. Withdrawals are not permitted. This bond pays a 0.10% donation of the full account balance to End Youth Homelessness after it is withdrawn from sale. It can be opened in branch or by post and then managed in branch, by post and online.

New two-year ISA

West Brom Building Society launched a two-year fixed rate ISA this week. 2 Year Fixed Rate ISA pays 0.80% gross yearly until 31.05.2022 on a £1,000 opening minimum deposit. It allows further additions while the issue remains open. Earlier access is permitted subject to 90 days’ notice or loss of interest. Transfers in are accepted. Transfers out are subject to

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

Monthly interest

If you are looking to supplement your income using your savings, many banks and building societies offer accounts that pay monthly interest.

The top easy access monthly interest account is currently being offered by National Savings & Investments. From a minimum deposit of £500, Income Bonds pays 1.15% gross monthly. It allows further additions and withdrawals are permitted but must be made via a nominated account. This account is 100% backed by HM Treasury. It can be both opened and managed by post, by phone and online.

the same notice period or loss of interest as earlier access. The ISA can be both opened and managed in branch and by post.

Notice account relaunch

Scottish Building Society relaunched its variable regular savings account this week. Regular Saver Account pays 1.35% gross on maturity on a £120 minimum opening deposit. This account requires monthly deposits of between £10 to £500 for 12 months. It does not allow withdrawals, although the account can be closed before the fixed 12-month term with no interest paid. It can be both opened and managed in branch and by post.

At the same time, Scottish Building Society relaunched one of its easy access savings accounts. Online Saver Account pays 0.30% gross yearly on an opening minimum deposit of £1. This account allows further additions via a nominated account. Withdrawals are permitted but must also be via a nominated account. This account can only be opened and managed online.

Easy access ISA relaunch

This week, Darlington Building Society relaunched its easy access ISA. Cash ISA Issue 2 pays 0.35% gross yearly on an opening minimum deposit of just £1. This ISA allows further additions. Withdrawals are permitted. It accepts transfers in and there is no penalty for transfers out. The ISA can be both opened and managed in branch and by post.

At the same time, Darlington Building Society relaunched it 35-day notice account this week. 35 Day Notice Account pays 0.45% gross yearly on an opening minimum deposit of just £1. It allows further additions, while withdrawals are also permitted but subject to 35 days’ notice. This account can be both opened and managed in branch and by post.

Fixed bonds rates rise

Atom Bank increased the rates on its six-month, one and two-year fixed rate bonds this week. 6 Month Fixed Saver pays 1.15% gross on maturity, 1 Year Fixed Saver pays 1.40% gross on anniversary and 2 Year Fixed Saver pays 1.50% gross on anniversary. All these bonds require a £50 opening minimum deposit. They allow further additions for one week from account opening. Withdrawals are not permitted. These bonds can only be opened and managed via mobile app.

For those looking to supplement their income, there are versions of all these bonds that pay interest monthly at a slightly lower gross rate.

ISA rate rise

This week, West Brom Building Society increased the rate on its one-year fixed rate ISA. 1 Year Fixed Rate ISA pays 0.75% gross yearly until 31.05.2021 on a £1,000 opening minimum deposit. It allows further additions while the issue remains open. Earlier access is permitted subject to 90 days’ notice or loss of interest. Transfers in are accepted. Transfers out are subject to the same notice or loss of interest penalty as earlier access. This ISA can be both opened and managed in branch and by post.

At the same time, West Brom Building Society increased the rate on its one and two-year fixed rate bonds. 1 Year Fixed Rate Bond pays 0.75% gross until 31.05.2021 and 2 Year Fixed Rate Bond pays 0.80% gross until 31.05.2022. Both bonds pay interest yearly and require a minimum deposit of £1,000 to open. They allow further additions 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.

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.

Can you split the allowed ISA allowance over a number of providers or do you have to put your money into the same ISA/provider? I have started a regular ISA saver, but I’m not sure on the rules for opening another account.

You can only put new money into one current tax year cash ISA at any time, meaning you cannot open another cash ISA with a separate provider, unless you decide to transfer your existing regular savings ISA to this new provider. You can have old cash ISAs from previous tax years with different providers, and you are also allowed to open separately with different providers a stocks and shares ISA, a Lifetime ISA and/or an Innovative Finance ISA, provided you don't exceed the total ISA allowance for the tax year of £20,000. It is worth noting that some providers do allow different versions of their cash ISA to effectively count as one, meaning you could hold a fixed, easy access and/or regular saver ISA with them at the same time. Check with your regular saver ISA provider to see if this is something they offer.

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 0.32%
Notice 0.80%
Cash ISA 0.75%
1 Year Fixed Rate Bond 0.96%
2 Year Fixed Rate Bond 0.99%
3 Year Fixed Rate Bond 1.14%
4 Year Fixed Rate Bond 1.29%
5 Year Fixed Rate Bond 1.34%
19 May 2020

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Wizard Squirrel

Alternative sources of income

Pension savers could consider diversifying their savings

Consumers concerned about the volatility of the stock market in the wake of the Coronavirus pandemic and the impact it could have on their pensions, should consider alternative ways to save alongside a traditional pension pot.

“At this moment in time, consumers could well be worried about their financial health or indeed how stock market volatility could wreak havoc on their pension fund, where its value can go up as well as down,” explained Rachel Springall, finance expert at Moneyfacts.co.uk. “If they have some disposable income gained from the lockdown, then they might be looking at more ways to build provisions for the future.”

One way savers under the age of 40 can consider diversifying their pension savings is by opening a Lifetime ISA (LISA). As Springall explained: “Savers can put in £4,000 each year until they turn 50 and the Government will add a 25% bonus, up to a maximum of £1,000 per year. A LISA is available to savers aged between 18 and 39. The downside to a LISA is that there is a penalty to pay for access to the funds for any reason other than to purchase a first home or retirement, however the access penalty of 25% has been brought down to 20% in response to the Coronavirus pandemic. Accessing funds from a LISA should be a last resort though, plus while HMRC has backdated the reduced charge to 6 March, savers may need to wait until June to get their money back as providers adjust to the change. The best cash LISA rate today is 1.25% gross, on offer from both Moneybox and Nottingham Building Society.”

Alternatively, homeowners nearing retirement and who are looking to boost their pension pot could consider equity release. Springall explained: “These should be investigated carefully as while they can indeed provide funds to borrowers, unlocking wealth from the home also has consequences on inheritance planning. These can provide some flexibility though – in fact, borrowers could choose a drawdown option to take what they need at different times and this can minimise interest charges unlike where a lump sum was taken on outset. It is important to point out that the best option for consumers will depend on the amount they can borrow, a plan’s flexibility, an applicant’s age, fees and not just on the interest charged. Therefore, seeking independent financial advice is a must.”

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