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Ella Mower

Senior Content Writer
Published: 13/06/2024
Putting savings into a jar

Last updated: 13 June 2024 at 14:55

 

Recent increases from Vanquis Bank see the provider take top spots on our fixed bond charts.

 

The past week saw a lot of movement at the top of our fixed bond charts as a number of providers made increases to selected rates.

 

While Vanquis Bank now takes the lead of our one, two and three-year tables, other attractive deals are also available.

 

For instance, in the one-year fixed bond market, recent rate rises and product launches from Close Brothers Savings, FCMB Bank (UK), Mizrahi Bank, Ziraat Bank, Atom Bank and MBNA resulted in accounts from each of these providers offering a highly competitive 5.15% AER.

 

To stay up to date on some of the latest changes happening in the savings market, subscribe for free to our Savers Friend newsletter.

 

Otherwise, below we provide more information on the best easy access, fixed and notice rates this week. These products are all available to new customers with a £10,000 deposit. Keep in mind, higher rates may be accessible to existing customers or those willing to save more than £10,000.

 

Easy access accounts

 

It may come as little surprise to regular readers that Ulster Bank remains at the top of our easy access savings chart for yet another week with its Loyalty Saver paying 5.20% AER yearly. While new and existing Ulster Bank current account customers can operate this account online, over the phone or via mobile app with no minimum deposit required, it should be noted the headline rate will only be received when your balance exceeds £5,000. Otherwise, a lower rate of 2.25% AER is applied.

 

Alternatively, tech-savvy savers may be interested in Chase’s app-based Chase Saver Boosted Rate Offer. When considering the 1.00% bonus included until 16 January 2025, this account continues to pay 5.10% AER monthly. New and existing Chase current account customers can apply with no minimum deposit needed but must keep in mind the bonus rate only applies if you didn’t hold a Chase Saver Account on 2 May 2024, or if the account balance was below £50,000 on this date. Furthermore, while unlimited penalty-free withdrawals are permitted, there’s a £25,000 daily limit on external transfers.

 

Finally, Oxbury Bank improves its position on our chart following a recent rate reduction from Kent Reliance. As a result, its Personal Easy Access Account (Issue 1) offers the third-best rate this week at 4.94% AER monthly. This account can be opened online with a minimum deposit of £1,000, but you’ll need to download the Oxbury App in order to access online banking. This app can then be used as an additional means of managing your account, which permits unlimited penalty-free withdrawals and further deposits via a nominated account.

Best Fixed Rate Bonds

 

Vanquis Bank now takes the lead of our one-year, two-year and three-year fixed bond charts after it increased selected rates this morning. As a result, its one, two and three-year Vanquis Bank Savings now offer 5.21% AER, 5.06% AER and 4.80% AER, respectively. Each of these accounts can be opened online with a minimum investment of £1,000 - further additions to which are permitted via a nominated account for either 30 days from opening or within five working days of the initial deposit. Once established, they can also be managed by post or over the phone, with interest paid out monthly or on anniversary.

 

If you have a larger initial deposit, however, you may also want to consider SmartSave’s 2 Year Fixed Rate Saver. Off the back of a recent increase, this account offers the same market-leading two-year fixed rate, at 5.06% AER, but requires a more substantial £10,000 deposit to apply for online. After opening, you can continue to manage the account via the SmartSave website and expect to receive interest on maturity (but compounded annually). While it permits further additions for 14 days from account opening, early access is prohibited – as is the case with most fixed bonds.

 

Meanwhile, for a longer term, Atom Bank now offers the best five-year fixed returns after Isbank reduced its formerly market-leading rate. Its 5 Year Fixed Saver operates solely via mobile app and pays 4.60% AER either monthly or on anniversary. Note, further additions to a minimum £50 initial deposit are allowed for one week from account opening.

 

Notice Accounts Saving Rates

 

There’s been no change at the top of our notice charts this week. FirstSave continues to offer the best rate for up to 30 days’ notice, with its FirstSave 30 Day Notice Account (Feb24) paying 4.85% AER either monthly or on anniversary. After opening online with a £100 minimum deposit, this account can additionally be managed by post or over the phone and permits early access to your cash subject to 30 days’ loss of interest.

 

However, it’s possible to secure a higher rate if you’re willing to provide more notice before making a withdrawal. The 45 Day Notice Personal Account Issue 14 from Shawbrook Bank offers 5.16% AER monthly or on anniversary and leads our up to 60-day notice chart. A minimum deposit of £1,000 is needed to open this account online. While it can additionally be managed over the phone, unlike FirstSave’s account, there’s no option for early access.

 

Otherwise, to better the market-leading easy access rate, you may want to consider a 90-day notice account. Investec Bank’s 90-Day Notice Saver and Vanquis Bank’s 90 Day Notice Account (Issue 5) jointly lead this corner of the savings market, each offering 5.25% AER. The former can be opened and managed online, paying interest monthly on a minimum deposit of £5,000. Meanwhile, the latter offers the choice between receiving interest monthly or on anniversary and can also be operated online with a smaller initial investment of £1,000.

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.