The best fixed bond rate continued to be offered by Gatehouse Bank this week, with its Fixed Term Green Saver paying an expected profit rate of 1.50% gross on anniversary. This account requires a £1,000 minimum deposit to open and comes with the incentive that Gatehouse Bank will plant a tree in a UK woodland when an account is opened and funded. The trees are planted in UK woodland projects certified by the UK Government’s Woodland Carbon Code. It can only be opened and managed online.
Al Rayan Bank had the best paying three, two, and one year fixed bond rates this week. The 36 month version of its Fixed Term Deposit pays an expected profit rate of 1.30% gross quarterly, the 24 month version pays an expected profit rate of 1.15% gross quarterly, and the 12 month version pays an expected profit rate of 0.85% gross quarterly. All versions of this account require a £5,000 minimum deposit to open. They can be opened and managed online, in branch, by phone and via mobile app.
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Fixed rate bonds have often been popular with savers as they not only offer a fixed rate for the duration of their term, but also usually offer the best savings rates overall.
Indeed, today the top saving rate is available on a five year fixed rate bond, but with saving rates across the charts at record lows, many savers are reluctant to lock into a long-term bond due to future uncertainty and concerns that a rise in inflation will erode their savings.
This concern is not unfounded, as the top rate being offered in the fixed bond chart is below the Bank of England’s target inflation rate of 2%. Gatehouse Bank currently pays an expected profit rate of 1.50% AER on its five-year account, which if a saver locked into and the Bank of England meets its target rate of inflation, would result in the saver’s deposit being eroded by inflation.
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Loans
This week sees M&S Bank amend the rates on selected tiers of its Personal Loan. This update sees the rate for borrowing amounts below £5,000 increased by up to 3.0% APR, a small uplift of 0.1% APR for shorter-term borrowing of amounts between £15,001 and £20,000, but a decrease of 0.5% applied to borrowing between £5,000 and £7,499, which is now priced at 3.9% APR. Despite the increase in overall cost of lending, those looking to raise £7,500 to £15,000 will find this loan still offers some of the most competitive rates available at 2.9% APR. There is also an option to defer repayments at the start of the loan, which may be appealing to some borrowers. Overall, this loan earns an Excellent Moneyfacts product rating.
As with the top easy access saving accounts, the top paying notice accounts all have some type of opening restriction. Again, savers looking for an account without any opening restrictions should visit our notice account chart where they will be able to find lower-paying accounts that are available to all without restrictions.
ICICI Bank UK had the top notice account rate this week with its Notice Savings Account paying 0.85% gross monthly on a £1 opening minimum deposit and is available to new and existing HomeVantage Current Account customers. Further additions are allowed. Withdrawals can be made subject to 95 days’ notice. All transactions must be made via a linked HomeVantage Current Account. This account can be opened and managed online, in branch and by phone. Customers should be aware that the rate will reduce to 0.55% on 15 March 2021.