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WEEKLY
2 July 2015
LATEST
TOP RATES
CASH ISAs
AER
Easy Access
£1K
1.60%
£5K
1.60%
Notice Variable
2.02%
2.02%
1 Year Fixed
1.90%
1.90%
1 Year Fixed
2 Year Fixed
3 Year Fixed
4 Year Fixed
5 Year Fixed
1.30%
1.85%
2.00%
2.10%
2.40%
VARIABLE RATES
AER
Easy Access
£10K
2.25%
1.30%
1.85%
2.10%
2.10%
2.50%
£50K
Search
1.65%
Search
1.51%
1.51%
3 Months +
1.91%
1.91%
3 Months
1.65%
FIXED RATES
AER
1 Year
1 Year
2 Year
3 Year
4 Year
5 Year +
£10K
£50K
Variable
Fixed
Search
Search
1.65%
1.65%
Search
2.32%
2.32%
Search
2.05%
2.70%
2.61%
3.30%
2.05%
2.70%
2.61%
3.30%
OFFSHORE ACCOUNTS
AER
n Five-year ISA goes top
Raising rates and now paying the joint top
rate among long-term ISAs that are open
SEARCH to all is Coventry BS. Requiring a
minimum deposit of just £1, Fixed Rate
ISA (30) pays 2.40% yearly over a term of
five years. Further deposits and transfers
Search
in can be made within 14 days or for as
Search
long as the issue remains open, whichever
Search
is longer. Early access to funds is only
Search
possible by closing the ISA and losing 120
Search days’ interest, the same penalty as applies
Search if transferring out. The ISA can be opened
Search and operated in branch, by post, over the
Search phone or online.
2.25%
1 Month
£10K
1.75%
2.00%
£50K
1.75%
2.00%
BUSINESSES Charities, Clubs,
Search
Search
Search
Search
Search
Search
Pension Funds, Client A/cs etc
AER
£10K
£50K
Fixed
3.11%
3.11%
AER
£25pm
£100pm
Fixed
6.00%
6.00%
Variable
1.91%
1.91%
REGULAR SAVINGS
Variable
4.00%
Search
3.01%
AER
£100
£1K
Fixed
2.50%
2.90%
CHILDRENS ACCOUNTS
JISA
3.02%
4.00%
Search
Search
3.01%
Variable
Search
4.00%
ISA
Cookie Policy
Search
3.00%
Search
4.00%
Search
Search
Full list of Guides
n Fixed bonds now best
Increasing rates and now offering two
market-leading short-term bonds as a
result is United Trust Bank. From a
minimum deposit of £500, UTB 1 Year
Bond and its 18-month counterpart both
now pay 2.05% yearly. Neither additional
deposits nor early access to funds is
allowed on these bonds, which can be
opened by post or online and then
operated by post or in branch.
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STOP PRESS...
Paying one of the top rates among
three-year ISAs that are open to all
is Nationwide BS. From a
minimum deposit of just £1, 3 Year
Fixed Rate ISA pays 2.00% yearly.
Transfers in are permitted, but
additional deposits are not
allowed and accessing funds early
involves closing the ISA and
losing 270 days’ interest. The
same penalty applies if
transferring away from this ISA,
which can be opened and
operated in branch or online.
Leading the way among short-term
notice accounts open to all is
Charter Savings Bank. From a
minimum deposit of £1,000, 30 Day
Notice Issue 1 pays 1.40% yearly.
Additional deposits and
restriction-free withdrawals are
both allowed, but there is no
option to access funds early, with
30 days’ notice always having to
be served. The account
must be opened and
operated online.
n New market-leading ISA
New this week and now paying the top
return among 18-month ISAs is West Brom BS. From a minimum deposit of £1,000,
WeBSave 18 Month Fixed Rate ISA pays 1.55% yearly. While additional deposits are
not allowed, transfers in are accepted and early access to funds is possible on the
loss of 90 days’ interest. The same penalty applies if transferring away from this
internet-only ISA.
n Notice account leads the way
Improving rates and now paying the market-leading return if you want a notice
account is this offering from Secure Trust Bank. From a minimum deposit of £1,000,
120 Day Notice (Issue 13) pays 1.90% on a quarterly basis. Additional deposits are
allowed, but only three capital withdrawals and four interest withdrawals are
permitted per calendar year. Early access to funds is also not possible, with 120
days’ notice always having to be served.
At the same time, Secure Trust Bank has launched three highly competitive fixed
rate bonds. From a minimum deposit of £1,000, Fixed Rate Bond 7 Year Term
(Series 19) pays 3.11% yearly, the best rate for its term, while its five-year
counterpart (Series 20) pays 3.03% and a two-year version (Series 11) pays 2.21%,
both of which are within touching distance of the market-leading accounts. Additional
deposits are allowed as long as the respective issue remains open, but early access
Looking for an Easy Access Cash ISA? See Latest Top Rates in left hand column
®
to funds prior to maturity is not. All of the accounts must be opened online but can
then be operated by post or over the phone.
IN FOCUS
n Bond rates on the rise
Increasing rates again and only just shy of the market-leading fixed rate bonds is
Vanquis Bank. Requiring a minimum deposit of £1,000, the one-year version of
Vanquis Bank High Yield now pays 2.01% on its anniversary, while its two-year
counterpart pays 2.26% yearly, and the three-year variant pays 2.51% yearly. The
bonds must be opened and operated online, and they do not allow additional
deposits or early withdrawals prior to maturity.
Monthly Interest
If you are looking to supplement
your income with your savings,
many banks and building
societies offer accounts that pay
monthly interest.
n Regular savings nears top
Raising rates and now sitting just shy of the best regular savings accounts available
to eligible savers is TSB. Paying 5.00% on maturity after its one-year term, Monthly
Saver allows payments from £25 up to a maximum of £250 per month. Only one
deposit can be made each month but, unlike most regular savings accounts, there
are no restrictions on the number of monthly deposits that have to be made during
the year. Unlimited access to funds is also allowed without penalty. The account can
be opened and operated in branch, over the phone or online, but is only open to new
and existing TSB Current Account customers.
Paying an annual rate of 1.49%
on a monthly basis, without the
added complication of a shortterm bonus, the market-leading
easy access account is from
RCI Bank UK. The minimum
deposit required on the Freedom
Savings Account is £100, and
there are no restrictions on
making additional deposits or
withdrawals. The account must
be opened online and then
operated over the phone or
online. Savings of up to €100,000
per person are protected by the
French Depositor Compensation
Scheme.
n Fixed rate bonds increased
Increasing rates and edging closer to the top of the short-term bond charts is
Milestone Savings. Requiring a minimum deposit of £10,000, the one-year version
of Fixed Term Deposit pays an indicative profit rate of 1.90% on maturity, while the
two-year version pays 2.18% yearly and the three-year offering pays 2.35% yearly.
All of the accounts are Sharia’a compliant, but do not accept additional deposits
once open or allow early access to funds prior to maturity. The bonds must be
opened online, but can then be operated by post, over the phone or online.
n New easy access appeals
Introduced this week and now paying a highly attractive rate if you want a straightforward easy access account is Kent
Reliance. From a minimum deposit of £1,000, Online Easy Access Account Issue 1 pays 1.45% yearly, free from the added
complication of a bonus, and is the second best rate available among internet-based accounts. Additional deposits and
withdrawals are allowed without restriction.
At the same time, Kent Reliance increased the rate on its short-term bond, which comes close to the top of the chart as a
result. From a minimum deposit of £1,000,
1 Year Fixed Rate Bond Issue 32 now pays 1.95% on maturity. Additional deposits are not allowed, but unusually for a fixed
rate bond, early access to funds is permitted, albeit on the loss of 180 days’ interest. The bond can be opened and operated
in branch, by post or online.
n Inheritance ISA unveiled
Launched this week in the wake of the new rules on inheritable ISAs is this easy access ISA from Skipton BS. Designed for
those who’ve lost a spouse or civil partner who held ISA savings with the society, Legacy Cash ISA pays 1.50% yearly.
Further deposits must be made by cheque up to the Additional Permitted Subscription limit for up to three years from the
date of death or for 180 days after the administration of the estate is complete, whichever is later. Withdrawals and transfers
out to another provider are permitted without penalty. The ISA can be opened and operated in branch or by post.
Full list of Guides
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Guide
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bank or building society is licenced.
Ask Rachel
Working in the financial industry for over 30 years, Rachel Thrussell is
the leading independent expert on UK savings products. Her views are
constantly in demand from both the industry and the press.
Is RCI Bank covered by the Financial Services Compensation Scheme?
As RCI Bank UK is actually a trading name and branch of RCI Banque SA based in
Paris, France, it is not covered by the FSCS. Instead, deposits with the bank are
covered by the French savings deposit scheme, the Fonds de Garantie des Dépôts et
de Résolution (FGDR). Under this scheme, deposits of up to €100,000 per customer
are protected (€200,000 in case of a joint account).
If the situation arose where a claim for compensation had to be made, the FGDR
would manage the situation. More details on the bank’s depositor protection rules and
those of the FGDR can be found here: https://www.rcibank.co.uk/security/guaranteescheme and here: http://www.garantiedesdepots.fr/en/compensation-procedure
Get your savings questions answered by Rachel by emailing
[email protected] We regret we cannot answer emails personally
This week’s
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How do your savings compare?
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Notice
Cash ISA
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2 Year Fixed Rate Bond
3 Year Fixed Rate Bond
4 Year Fixed Rate Bond
5 Year Fixed Rate Bond
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0.67%
0.92%
1.44%
1.45%
1.75%
1.98%
2.41%
2.54%
2 July 2015
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Risk-taking set to rise after new flexibilities
Savers and investors could be persuaded to put more money aside by new tax-free allowances and increased flexibilities, but
they may also unwittingly take more risks with their money at the same time, a new survey has revealed. According to
Yorkshire Building Society, 42% of people believe that they will start or increase saving when new ISA flexibility rules come
into effect in the autumn, which make it possible for savers to take money out of their cash ISA and replace it during the same
tax year without it counting towards their annual ISA contribution limit. Meanwhile, 47% of people said that they will start or
increase saving when basic-rate taxpayers and higher rate taxpayers are allowed to respectively earn £1,000 and £500 taxfree on savings from next April.
But while the greater inclination to save is welcome, a rise in risk-taking also appears to be on the cards, but without people
fully appreciating the possible consequences for their money. Indeed, half of savers surveyed said that they thought the new
rules give them the licence to take more risks with their money - around 10% said they will definitely take more risk, while 40%
anticipate looking at more risky investments depending on their circumstances. Despite historically low interest rates and
recent stock market volatility, on average those questioned are targeting annual returns on savings and investments of 5.30%.
More than one in three (34%) are targeting an annual return of 6.00% over at least five years, while one in eight thought 8.00%
or more is achievable without taking into account any need to have access to their cash or potential losses of capital.
Peer-to-peer in their sights
Among the options that savers are set to consider is peer-to-peer (P2P) lending, even though their understanding of the
concept is largely lacking. P2P websites connect people willing to lend money with businesses and individuals who need to
borrow, but who are perhaps unable to secure a loan from traditional sources such as a bank. With promised rates as high as
7%, the appeal is obvious. However, the reason that such generous returns are on the table is because of the risks involved,
such as borrowers defaulting. Yet while P2P is growing in popularity, Yorkshire Building Society says that just 42% of people
claim to be familiar with the term. Of even greater concern, however, is that of these people, 60% were unaware that P2P
lending offers no protection under the Financial Services Compensation Scheme (FSCS) should anything go wrong.
“Clearly there is evidence from the research that some have unrealistic expectations on the levels of returns they can achieve
over the long term, with some people believing that 8% a year or more is realistic,” said Andy Caton, executive director at
Yorkshire Building Society. “Advice will be crucial in helping achieve success for the launch of new savings rules and we
would urge anyone considering riskier investments, such as P2P or equity-based investment, to take independent financial
advice before doing so.”
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