Best savings rates this week

20 November 2019
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Whether it's for a rainy day or for a one-off big purchase, it's crucial to make your savings work hard for you. 

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Moneywise reviews regular, children's savings, fixed rate and easy access accounts with the best savings rates currently on the market. These accounts are our Best Buys.

Remember, these rates are before tax, but most people can earn £1,000 interest from savings tax-free (depending on your income tax rate). In any case, if you haven't used your Cash Isa allowance this tax year, getting an Isa should be your first port of call. See our round-up of the best Cash Isa rates.

Unless otherwise specified, all these banks are individually licenced by the FCA, so your savings will be covered by the Financial Services Compensation Scheme (FSCS) up to £85,000. All interest rates are AER - the annual equivalent rate.

Best easy access savings accounts

If you're looking for an account where you can access your money quickly, then a no-notice deal is a good idea. Just remember, the interest rate on these accounts is variable so it could decrease down the line.

Also, watch out for sneaky terms and conditions - not all easy access accounts offer unlimited withdrawals, so shop carefully. 

Marcus by Goldman Sachs 1.45%
Open this account online with a deposit of £1. Note this comes with an initial 12-month bonus of 0.10% so your rate will drop to 1.35% after one year.

Virgin Money Double Take E-Saver 1.45%
Open this account online with a minimum £1 initial deposit. 

Britannia Select Access Saver 1.40%
This account can be opened online with a £500 deposit. Only four withdrawals a year without penalty

Top notice accounts

If you are happy to wait a little while before accessing your savings, rates on notice accounts tend to be higher than easy access savings. Some won't allow early access at all, though others may let you withdraw without notice, subject to losing some interest. 

Gatehouse Bank 95 Day Notice - Issue 25 1.75%
Open this account online with a deposit of £1,000. Note, this account's rate is an expected profit rate (EPR). Find out what this means in our guide.

Charter Savings Bank 60 Day Notice - Issue 11 1.53%
Open this account online with an initial £5,000 deposit. 

Charter Savings Bank 30 Day Notice - Issue 10 1.48%
Open this account online with an initial £5,000 deposit. 

Best fixed rate savings accounts

Fixed rate savings accounts are normally aimed at people with a lump sum that they wish to lock away for an agreed period.

Interest is fixed so your return is guaranteed, unlike easy access and notice accounts, which tend to be variable. However, do bear in mind that withdrawals and further deposits are rarely allowed.

Top one-year bonds

Gatehouse Bank Fixed Term Deposit 1.85%
Open this account online with an initial deposit of £1,000. Note, this account's rate is an expected profit rate (EPR). Find out what this means in our guide

Al Rayan Bank 1.81%
Open this account online, in-branch or by phone with a deposit of £1,000. Note, this account's rate is an expected profit rate (EPR). Find out what this means in our guide

Ikano Bank Fixed 1 Year Saver 1.76%
Open this account online with a deposit of £1,000.

Best two-year bonds

Gatehouse Bank Fixed Term Deposit 2.10%
Open this account online with an initial deposit of £1,000. Note, this account's rate is an expected profit rate (EPR). Find out what this means in our guide.

Al Rayan Bank Two Year Fixed Term Deposit 1.91%
Open this account online, in-branch or by phone with a deposit of £1,000. Note, this account's rate is an expected profit rate (EPR). Find out what this means in our guide.

Aldermore 2 Year Fixed Rate Account 2.00%
You can open this account online with a deposit of £1,000.

Top three-year bonds

Gatehouse Bank Fixed Term Deposit 2.20%
Open this account online with an initial deposit of £1,000. Note, this account's rate is an expected profit rate (EPR). Find out what this means in our guide.

Al Rayan Bank Three Year Fixed Term Deposit 2.02%
Open this account online, in-branch or by phone with a deposit of £1,000. Note, this account's rate is an expected profit rate (EPR). Find out what this means in our guide.

Zenith Bank 3 Year Fixed term Deposit 2.00%
Open this account by post, in branch or over the phone with a deposit of £1,000.

Best five-year bonds

UBL Five Year Fixed Term Deposit 2.36%
Open this account by post or in branch with a minimum deposit of £2,000. 

Gatehouse Bank Fixed Term Deposit 2.30%
Open this account online with an initial deposit of £1,000. Note, this account's rate is an expected profit rate (EPR). Find out what this means in our guide.

Ikano Bank Fixed Five Year Saver 2.11%
This account can be opened online with a £5,000 deposit.

Top regular savers

The current economic backdrop has not only highlighted the importance of saving, but means more people would like to do it little and often.

First Direct Regular Saver 2.75%
For deposits between £25 and £300 per month. The rate is fixed for 12 months and is only available to current account customers. Can be opened online or by phone.

HSBC Regular Saver 2.75%
For deposits between £25 and £250 per month. The rate is fixed for 12 months and available to current account customers. Can be opened in branch or by phone.

M&S Bank Monthly Saver 2.75%
Rate available on deposits between £25 and £250 to its current account holders. The interest is paid annually, and the rate is fixed for 12 months. Can be opened online, by post, over the phone or in branch.

Best open-to-all regular savers

Virgin Money Regular Saver Issue 18 3%
This account pays 3% on deposits of from £1 to £250 per month. This account can only be opened in branch and the 3% AER is fixed for one year.

Top savings accounts for children

Putting cash aside for your kids is always a good idea, and the interest rates tend to be much higher than offered in adult accounts. Here are our top picks for children's savers.

Halifax Kids' Regular Saver 4.5%
This is the top 12-month bond. You can deposit between £10 and £100 in the account each month. Must be opened online or in branch.

Saffron Building Society Children's Regular Saver 4%
Available in branch or by post. It can be held for a year, by anyone up to 15. You can save £100 a month. When the account matures, savings are transferred to an account paying 0.5%, so remember to make a note to switch.

How are Moneywise Best Buys selected?

We look across as much of the of the savings market as possible to find the best deals using industry data from Defaqto.

All our picks are nationally available - online, by post or by phone. We try and pick products that are available to both new and existing customers, but we’ll highlight some offers for existing customers if they’re much better than what else is on offer.

Unless rates are significantly higher than on other accounts, we avoid products that pay an initial bonus (which is normally a euphemism for a rate cut after 12 months), or those with tiered rates (these may not pay the advertised interest rate if your balance rises above or falls below a set amount).

Deals only available to particular age groups or for “additional subscriptions” are also not included.

All these savings accounts are covered by the FSCS unless otherwise specified. We will prioritise products from UK-based providers. If your bank is licenced by another European country, savings up to €100,000 will be protected, but by the government where the bank is headquartered, rather than the UK authorities.

We reserve the right to use our discretion at all times.

First published on 15 October 2010

"best"

after doing just a days research
(Aug 2ist date of your article) - i was able to find much better rates out there than the ones you have cherry picked as the "best"- do you receive commission
be good to acknowledge this if so.

subscription for email money savings etc..

I only want to subscribe to it if it is free of charge. Thanks.

Regular Saver accounts

Both FirstDirect andHSBC have reduced their RegularSavings interest from 5% to2.75% as from the s.tart of this month. You may want to amend your info. on this change

Interest rates

Hi,
Charter Bank savings account 60 day notice Issue 11. Interest rate is 1.55% and not 1.60% shown by Moneywise Best Savings Rates
23 Oct 2019
Allan

Family Building Society One Year Fixed Rate Bond 1.79%

This a/c is only open to existing customers and you must deposit £10K in order to get the 1.79%

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