Brand Logo Moneyfacts Group plc
Telephone Icon T: 01603 476476 Email Icon E: enquiries@moneyfacts.co.uk LinkedIn Icon

Moneyfacts Pick of the Week - 31/03/2022

Image of Moneyfacts.co.uk 'Pick of the Week' Logo Image of Moneyfacts.co.uk 'Pick of the Week' Logo Image of Moneyfacts.co.uk 'Pick of the Week' Logo
Eleanor Williams, Press Officer
Eleanor Williams, Press Officer / Finance Expert T: 01603 476205 E: Email Eleanor
31/03/2022

Moneyfacts Pick of the Week

The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.

Brief product details, together with independent Moneyfacts analysis, can be used with confidence in your finance sections. You can select one or two products to sit beside a relevant story or use them all as a general feature provided they are sourced to our expert at Moneyfacts.co.uk.

This week, our resident Finance Expert, Eleanor Williams, has analysed the following deals, along with their perks, of note:

Moneyfacts Pick of the Week

The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.

Brief product details, together with independent Moneyfacts analysis, can be used with confidence in your finance sections. You can select one or two products to sit beside a relevant story or use them all as a general feature provided they are sourced to our expert at Moneyfacts.co.uk.

This week, our resident Finance Expert, Eleanor Williams, has analysed the following deals, along with their perks, of note:

Savings

SmartSave – 2 Year Fixed Rate Saver

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“SmartSave has put up the rate on its 2 Year Fixed Rate Saver this week, increasing from 1.91% to now pay 2.06% on anniversary. Savers with a minimum of £10,000 to invest may well be enticed by the rate of return, which sees it secure a place towards the top of our tables. As is often the case with fixed rate bonds, earlier access is not permitted, however, the ability to make further additions for 14 days from account opening may be viewed as a plus by some investors. Overall, this account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.06% gross / 2.06% AER payable on anniversary
  • Notice / term: 2 years
  • Minimum opening amount: £10,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Permitted for 14 days from account opening
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

 

Al Rayan Bank – 12 Month Fixed Term Deposit

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“This week sees Al Rayan Bank increase the rate on its 12 Month Fixed Term Deposit by 0.15%. Now paying an expected profit rate of 1.85% quarterly, this deal secures a prominent place in our top rate tables when compared to similar accounts currently on offer. Those savers who are comfortable locking their funds away for the 12-month term and who have at least £5,000 to invest may find this an attractive choice. Also, savers can opt to take the quarterly profit as an income at a reduced rate, which could be a further plus for some. The account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.85% gross / 1.86% AER payable quarterly
  • Notice / term: 12 months
  • Minimum opening amount: £5,000
  • Maximum investment amount: £999,999
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online, by phone and via its mobile app
  • Managing account: Online, by phone and via its mobile app
  • Other information: Minimum applicant age 16. Joint account option available. Sharia’a compliant account – rates shown are expected profit rate. Quarterly profit can be taken as an income with a reduced rate.

 

Chase – The Chase Saver Account

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Chase launched onto the UK savings market this week with a market-leading new variable rate easy access account. Paying a rate of 1.49%, The Chase Saver Account secures the lead position when compared not only to other no notice accounts currently available, but also when compared against those that pay interest monthly, securing it the top spot in two of our top rate tables. Savers should note that in order to open this straightforward easy access product, a Chase current account must be held or opened. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.49% gross / 1.50% AER payable monthly
  • Notice / term: None
  • Minimum opening amount: £0
  • Maximum investment amount: £250,000
  • Access: Permitted
  • Further additions: Permitted
  • Opening account: Via its mobile app
  • Managing account: Via its mobile app
  • Other information: Minimum applicant age 18. Must have or open a Chase current account.

 

Gatehouse Bank – 18 Month Fixed Term Woodland Cash ISA

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Gatehouse Bank has made increases to the rates paid on its range of Fixed Term Woodland Cash ISAs. One account which sees a notable 0.40% rise is the 18 Month option, which now pays an expected profit rate of 1.40% on maturity and secures a prominent position in our top rate table when compared to alternative ISAs with similar terms. Savers happy to take a fixed term ISA may well be tempted by the return, as well as the fact that earlier access to funds may be permitted, subject to a loss of profit penalty. Those who are looking for ways to save that support sustainable principles may be further enticed by the fact that Gatehouse Bank will plant a tree in UK woodland when an account is opened and funded. Following the update, this ISA secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.40% gross / 1.40% AER payable on maturity
  • Notice / term: 18 months
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 135-day loss of profit penalty
  • Further additions: Not permitted
  • Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
  • Transfers out: Permitted, subject to 135-day loss of profit penalty
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18. Sharia’a compliant account – rates shown are expected profit rate. Gatehouse Bank will plant a tree in UK woodland when an account is opened and funded.

 

United Trust Bank – Personal 40 Day Notice Issue 2

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“In the latest update from United Trust Bank, the rate on the Personal 40 Day Notice account has increased to pay 1.05%. This account could be a tempting choice for those happy to provide some advance notice in order to access their savings pot and, following the rise in rate, it secures a place in the top 10 when compared against similar products also requiring notice for withdrawals. Earlier access is not permitted, as is common with these types of account, but savers can make further additions to build their nest egg up. Overall, this earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.05% gross / 1.05% AER payable yearly
  • Notice / term: 40 days
  • Minimum opening amount: £5,000
  • Maximum investment amount: £1 million
  • Access: Permitted via a nominated account, subject to 40 days’ notice being provided
  • Further additions: Permitted, via nominated account
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18. Joint account option available. 

 

Savings

SmartSave – 2 Year Fixed Rate Saver

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“SmartSave has put up the rate on its 2 Year Fixed Rate Saver this week, increasing from 1.91% to now pay 2.06% on anniversary. Savers with a minimum of £10,000 to invest may well be enticed by the rate of return, which sees it secure a place towards the top of our tables. As is often the case with fixed rate bonds, earlier access is not permitted, however, the ability to make further additions for 14 days from account opening may be viewed as a plus by some investors. Overall, this account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.06% gross / 2.06% AER payable on anniversary
  • Notice / term: 2 years
  • Minimum opening amount: £10,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Permitted for 14 days from account opening
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

 

Al Rayan Bank – 12 Month Fixed Term Deposit

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“This week sees Al Rayan Bank increase the rate on its 12 Month Fixed Term Deposit by 0.15%. Now paying an expected profit rate of 1.85% quarterly, this deal secures a prominent place in our top rate tables when compared to similar accounts currently on offer. Those savers who are comfortable locking their funds away for the 12-month term and who have at least £5,000 to invest may find this an attractive choice. Also, savers can opt to take the quarterly profit as an income at a reduced rate, which could be a further plus for some. The account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.85% gross / 1.86% AER payable quarterly
  • Notice / term: 12 months
  • Minimum opening amount: £5,000
  • Maximum investment amount: £999,999
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online, by phone and via its mobile app
  • Managing account: Online, by phone and via its mobile app
  • Other information: Minimum applicant age 16. Joint account option available. Sharia’a compliant account – rates shown are expected profit rate. Quarterly profit can be taken as an income with a reduced rate.

 

Chase – The Chase Saver Account

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Chase launched onto the UK savings market this week with a market-leading new variable rate easy access account. Paying a rate of 1.49%, The Chase Saver Account secures the lead position when compared not only to other no notice accounts currently available, but also when compared against those that pay interest monthly, securing it the top spot in two of our top rate tables. Savers should note that in order to open this straightforward easy access product, a Chase current account must be held or opened. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.49% gross / 1.50% AER payable monthly
  • Notice / term: None
  • Minimum opening amount: £0
  • Maximum investment amount: £250,000
  • Access: Permitted
  • Further additions: Permitted
  • Opening account: Via its mobile app
  • Managing account: Via its mobile app
  • Other information: Minimum applicant age 18. Must have or open a Chase current account.

 

Gatehouse Bank – 18 Month Fixed Term Woodland Cash ISA

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Gatehouse Bank has made increases to the rates paid on its range of Fixed Term Woodland Cash ISAs. One account which sees a notable 0.40% rise is the 18 Month option, which now pays an expected profit rate of 1.40% on maturity and secures a prominent position in our top rate table when compared to alternative ISAs with similar terms. Savers happy to take a fixed term ISA may well be tempted by the return, as well as the fact that earlier access to funds may be permitted, subject to a loss of profit penalty. Those who are looking for ways to save that support sustainable principles may be further enticed by the fact that Gatehouse Bank will plant a tree in UK woodland when an account is opened and funded. Following the update, this ISA secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.40% gross / 1.40% AER payable on maturity
  • Notice / term: 18 months
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 135-day loss of profit penalty
  • Further additions: Not permitted
  • Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
  • Transfers out: Permitted, subject to 135-day loss of profit penalty
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18. Sharia’a compliant account – rates shown are expected profit rate. Gatehouse Bank will plant a tree in UK woodland when an account is opened and funded.

 

United Trust Bank – Personal 40 Day Notice Issue 2

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“In the latest update from United Trust Bank, the rate on the Personal 40 Day Notice account has increased to pay 1.05%. This account could be a tempting choice for those happy to provide some advance notice in order to access their savings pot and, following the rise in rate, it secures a place in the top 10 when compared against similar products also requiring notice for withdrawals. Earlier access is not permitted, as is common with these types of account, but savers can make further additions to build their nest egg up. Overall, this earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.05% gross / 1.05% AER payable yearly
  • Notice / term: 40 days
  • Minimum opening amount: £5,000
  • Maximum investment amount: £1 million
  • Access: Permitted via a nominated account, subject to 40 days’ notice being provided
  • Further additions: Permitted, via nominated account
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18. Joint account option available. 

 

Notes to editors

Pioneering financial comparison technology for over 30 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfacts.co.uk is a financial product price comparison site, launched in 2000, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfacts.co.uk shows whole of market data regardless of commercial bias, showing consumers a true picture of the best products based on the criteria they select.

We hope you find this press release insightful. We would appreciate a link back to Moneyfacts.co.uk if you decide to source this information.

For more information about us please see our key facts.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

 

Notes to editors

Pioneering financial comparison technology for over 30 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfacts.co.uk is a financial product price comparison site, launched in 2000, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfacts.co.uk shows whole of market data regardless of commercial bias, showing consumers a true picture of the best products based on the criteria they select.

We hope you find this press release insightful. We would appreciate a link back to Moneyfacts.co.uk if you decide to source this information.

For more information about us please see our key facts.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

 

Contact Us If you're looking for extra comment, a chart or more information, then please give us a call. We are always more than happy to help.
Rachel Springall Press Officer / Finance Expert
Eleanor Williams Press Officer / Finance Expert