Savings update: inflation-beating three-year savings bond from Secure Trust Bank

Published by Sylvia Morris on 14 November 2018.
Last updated on 14 November 2018

How to get 3.24% interest on your £10,000 savings – the Moneywise model savings portfolio

Secure Trust Bank has launched top-paying fixed-rate online bonds over one and two years and a three-year bond which beats current inflation.

Secure Trust’s one-year rate is 2.03%, which is ahead of 2.02% offered by both OakNorth Bank and Zenith Bank, as well as the 2.01% rate from Kent Reliance.

For the two-year bond, Secure Trust pays 2.31% and it offers a marginally higher 2.41% if you are willing to tie up your money for three years. This just beats the current rate of CPI inflation of 2.4%.

Other top two-year rates include OakNorth at 2.3% and Paragon at 2.26%.

For 18 months, you can earn a fixed interest rate of 2.15% with Investec Bank, or 2.11% through Charter Savings Bank.

The top easy-access savings account is the Marcus account from US investment bank Goldman Sachs. It has a 1.5% interest rate, including a 0.15 percentage point bonus for a year.

The top interest rate without a bonus or any withdrawal restrictions is 1.4% from Charter Savings Bank, Shawbrook Bank and Kent Reliance.

The best rate on easy-access cash Isas is 1.38% from Leeds Building Society’s Limited Issue Online Access Isa, but the account runs only until December next year.

Virgin Money’s Double Take E-Isa also pays 1.38%, although you are restricted to two withdrawals a year. Paragon Bank’s Easy Access Cash Isa pays 1.25% with no withdrawal restrictions or end date.

On fixed-rate cash Isas, Charter Savings Bank and the Sharia-compliant Al Rayan Bank both pay 1.6% for one year, with Kent Reliance, Yorkshire Bank, Clydesdale Bank and Paragon Bank all offering 1.55%. 

The top two-year deals are from Paragon Bank and Bank of Cyprus UK, which both pay 1.82%, followed by 1.81% on offer from Charter Savings Bank.

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