The best UK savings rates this week

Similarly to last week, Metro Bank, Union Bank of India (UK) Ltd and Bank of London and The Middle East retain top positions for one-year, two-year and three-year bonds. However, there are new entries within the five-year fixed bond category this week.

Metro Bank’s one-year Fixed Term Savings Account continues to pay 5.80% AER either monthly or on anniversary. It can be opened online or in branch with a minimum initial deposit of at least £500. As you’ll need to have another account with Metro Bank for transactional purposes, an Instant Access account will automatically be opened on your behalf if you don’t already hold another account with this provider. Going forwards, you can manage this account over the phone, as well as in branch or online, however neither further additions nor earlier access are permitted.

Meanwhile, not only does Union Bank of India (UK) Ltd top our two-year chart this week, but it also jointly leads our five-year chart as well. Its two and five-year Fixed Rate Deposits pay 5.70% and 5.00% AER either on maturity or on anniversary. These accounts can be opened and managed in branch or by post with a minimum deposit of £1,000. Alternatively, tech-savvy savers may prefer its Union Premier Bonds which offer the same rates. A larger deposit of £5,000 is needed to operate these accounts online. It should be noted that with any of these accounts, though, additions and earlier access are prohibited.

In our three-year chart, Hanley Economic BS’s Fixed Rate Bond – Issue 228 matches Bank of London and The Middle East in offering 5.35% AER. This account pays interest on maturity and can be opened in branch or by post with a minimum deposit of £1,000. Then solely manageable in branch, further additions are permitted either for 14 days from opening or while the issue remains open – whichever period is shorter.

Otherwise, the three-year Premier Deposit Account (Anticipated Profit Rate) from Bank of London and The Middle East pays the same rate and also requires a £1,000 deposit. In order to open online, you must already have or be prepared to open a BLME transfer account to hold funds pending investment. Once opened, this Shari’ah compliant account can be managed by post, pays profit on anniversary, and prohibits both further additions and earlier access.

If you’re looking for a longer-term bond, Bank of London and The Middle East also offers the joint best fixed rate for a five-year bond alongside Union Bank of India (UK) Ltd. Its five-year Premier Deposit Account (Anticipated Profit Rate) pays 5.00% AER and comes with the same conditions as its three-year counterpart. For more information on this, and other accounts mentioned, visit our charts.