WEBVTT
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Okay, welcome back to your savings rate update for September.
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So the base rate is still sitting at 3.75%.
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The Bank of England held at the end of July, and it was a 6-3 vote where three dissenters wanted to hike, not to cut.
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Inflation has ticked up to 2.9%, and the bank meets again on the 17th of September, and nobody is pricing in a cut anytime soon, which for savers is genuinely good news.
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So rates aren't just holding, some are actually climbing.
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Fixed bonds are steady at 5% and require just a thousand pounds to open.
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Fixed ICEs have pushed up since last month, and easy access is still very competitive with a couple of new accounts on the table.
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But the loudest news this month came from premium bonds and the NSI.
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So the prize fund rate is going up from 3.8% to 4.35%.
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That is the second rise this year.
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And the odds of each one pound bond winning improved from 22,000 to 1 to 21,000 to 1.
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What that means is if you hold the average of around 5,000 pounds in premium bonds, you could win a prize roughly once every four months.
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But just to reiterate, that 4.35% is not an interest rate, it's the average payout spread across every bond holder.
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And because most people hold far less than that average, two-thirds of holders have never won a single prize.
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So with that all in mind, who are premium bonds for?
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Well, it's the same answer as always.
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If you're a higher or additional rate taxpayer who's already filled your ICER allowance and burned through your personal savings allowance, then tax-free prizes on up to£50,000 of treasury-backed cash genuinely makes sense.
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But for everyone else, I'd say you're just swapping guaranteed interest as high as 5% right now for a lottery ticket.
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As always, everything we mentioned in today's episode is on depositscout.com and was up to date as of the 31st of August.
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Deposit Scout is a free site Jan and I built.
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You can filter by account type, set up email alerts, calculate your savings and tax, and check the rate history graphs to see whether a provider holds its rate or has a habit of cutting quickly.
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That's depositscout.com.
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Link in the description box.
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Please do check it out and let us know what you think.
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So, Jan, I hear Starling will now pay you in toothbrush for switching banks.
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Can you talk us through how that works?
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Yeah, Johnny, they're providing a toothbrush if you decide to switch to their current account, which is worth approximately 105 pounds.
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Maybe you could get that on sale for a little bit cheaper than that.
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Um, but yeah, it's it's not a cash reward, it's a toothbrush.
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Requires a full switch in 30 days, and there's nothing else required.
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So in case you don't have a toothbrush yet or a styling account, take advantage of that.
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Besides that, you can get up to 500 pounds worth HSPC, but it's also the most difficult switch offer to qualify for and requires 100,000 pounds salary switch or 100,000 pounds of savings and investments within 90 days.
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So it's not available to a lot of people.
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But I would say if you're looking for something that's yeah, still rewarding you in cash and not in toothbrushes, and it's somewhat accessible.
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HSPC standard account is a good choice.
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220 pounds of bonus.
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And in order to get that, you need to deposit 2,000 pounds into the account, you need to make 500 pounds in debit card spending, and you need to set up two direct debits within 60 days.
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So that's somewhat manageable for most people, I would say, and um definitely a good option.
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Up to 220 pounds right there.
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And I can really vouch for that toothbrush that Starling are offering you.
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It's from Surrey, I believe it's pronounced, and it's a really good toothbrush.
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Johnny approved easy access accounts this month.
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Well, some of them sound pretty familiar, but I'll get through those ones as quickly as possible.
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So Lemfire sitting at the top with a 5% rate.
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It does come with a sharp cliff bonus of 1.96%, which ends after six months, so it reverts to 3.04%.
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This is the shortest boost on the table.
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It's an international money transfer company.
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We've talked about this a lot.
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I have opened the account, I can vouch for it, I have received interest from this account.
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It's powered by Clearbank, which means that if you have any other clear bank-backed products, then you'll all be sharing the 120,000 FSCS protection limit.
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There's a new account called First Active, this instant access account, which is backed by NatWest.
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It's 4.55% with a bonus across 12 months of 1.5%.
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That has a maximum balance of 1 million pounds.
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Um, just something to note though, because this is part of the NatWest group, similar to Clearbank, you'll be sharing the FSCS deposit protection with any other NatWest or Ulster accounts.
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So just be aware of that.
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Tembo, again, have the home saver account, maximum balance of£20,000.
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That includes a 1.55% fixed bonus.
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And if you take out a Tembo mortgage or you remortgage with Tembo, it can be a house, it can be a buy-to-let mortgage, you can get up to 5.55%.
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And I think you have to do that within three years of taking out this account.
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Kahoot has a 4.52% easy access.
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This again has a bonus of 3.52%.
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So that's pretty sharp.
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It reverts to 1% after 12 months.
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So that's definitely one that you want to put an alert on for if you're going to open it up.
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And the Chase Saver's still on the table at 4.5%, new customers only.
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And if you are fed up with these easy access bonus accounts and you just want no frills, no worries, no need to set a like a date deadline or expiry date, then just go to depositscout.com, toggle promo rates, and you'll see right at the top Oxbury Bank's summer accounts or summer account.
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It's 4.33% with a maximum balance of 120,000 pounds.
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That is a real winner for me.
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Uh has a minimum balance though of a thousand pounds, which I appreciate could be a bit high for some people on an easy access account.
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If that is you, then you could look towards uh an account that's geared for smaller balances.
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Spring recently released the Accelerate Saver.
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This has a 5% rate with a cap of£5,000.
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Interestingly, it beats the other small cap savers, such as Santander's Edge Saver at 6%, but that has a cap of£4,000, or Kahoot's Sunny Day Saver, which has a cap of just£3,000.
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A couple of caveats as well.
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The Santander Edge one requires the Edge account, which has a three pound monthly fee, and the Kahoot one has a 12-month term.
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So this spring accelerate saver, Yan is really quite compelling, mate.
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I I really like the look of this account, particularly for people with lower balances.
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Just be aware that you have to deposit your money within 28 days of opening the account, otherwise, it closes and it is an app-only account.
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Johnny, the cash ISIS this month.
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They look incredibly interesting.
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So we got eToro at the top of the table, 4.87%.
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That's an account that has previous uh that has just returned, I believe, last month.
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Um, very, very attractive.
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The only real downside I can see here is the sharp bonus component.
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This is closely followed by chip, which also has a great account, 4.6%.
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We have Money Box with 4.57%, um, that has a 500-pound minimum.
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Tembo's HomeSaver, Cash ISA is also worth mentioning.
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So they offer up to 5.5%.
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But yeah, you need to take out a mortgage with them, right, Johnny?
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Yes, that's right.
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And that's the honest test with this ISA or any Tembo product where the headline rate depends on mortgaging or remortgaging with them.
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Only open it if you genuinely believe you'll use them when the time comes.
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Now they do stack the deck in your favor.
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Tembo is a fee-free whole of market broker.
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So they search over a hundred lenders and they run a best mortgage deal guarantee.
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Basically, if another uh whole of market broker finds you a cheaper comparable deal, Tembo will pay you the difference.
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So realistically, if you're getting a mortgage anyway, well, there's a good chance that you'd have ended up with them regardless.
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But, and this is a very big but, um, if you don't complete with them, this ISA will quietly become a 2.8% account.
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And that's a long way below everything else on the table.
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But yeah, what if you're sick of all these bonus components and hurdles?
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Then take a look at Hagre's Landsdown.
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They have a cash ISA which offers 4.52%.
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And that's, I think, market leading.
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If you look only at the normal rates without any bonus, um, it's not a flexible account, but definitely interesting and compelling.
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Of course, easy access cash ICEs are going to be variable rates.
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So if you want something fixed, if you want a little bit more assurance with the rate that you're going to get and that it'll stay the same.
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Vida savings are offering 4.7% on a one-year fixed cash ICER and 4.77% across two years.
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That is actually the highest fixed ICE on the table.
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It's flexible, the minimum is just a thousand pounds.
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Aldermore have three years at 4.75%, again, minimum balance of a thousand pounds.
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And Skipton Building Society have a five-year cash ICER at 4.76%.
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There's around what, 0.07% between these accounts on this table from one year to five year.
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So you're not going to be paid much to lock away for a long period of time.
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This isn't investment advice, obviously, but personally I wouldn't be locking away given how close these accounts all are.
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Fixed rate is the most exciting, compelling, uh hard, hardly uh hard fought over, I should say, uh, area of savings at the moment.
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I don't know if that's the right words to use, but it's a real interest rate arms race right now.
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The best one year isn't the most compelling account.
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It's MBNA.
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We've talked about them before.
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It's like a phone-managed account, it's 4.85%, minimum of a thousand pounds, but it is the top one year.
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But this next one is NSI Yan.
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So the um the treasury-backed of premium bonds essentially are actually offering 4.82%.
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This is a savings bond, okay?
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It has a minimum of 500 pounds.
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And because it's treasury backed, 100% of your money is protected.
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There's no 120,000 pound cap with these.
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And it's 4.82% for a year.
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I think this is a really, really compelling and interesting account.
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Although InvestEc were offering 4.95% for two years, which somewhat trumps that if you can lock away for a little bit longer, it has a minimum balance of£5,000.
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Um, although, you know,£5,000 is a bit sharp for you.
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GB bank is paying 4.85% with a minimum balance of£1,000.
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If you want to go to three years, AFIN Bank have a five percent fix with a minimum of a thousand pounds.
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That's pretty good.
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That's pretty good.
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Investec match that five percent, they're kind of fighting over this at the moment, which is interesting to see.
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They they keep notching them up, but they have a minimum balance for five thousand pounds, so they have a bit of a harsher entry point.
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And then AFIN Bank again have a five-year fix at five percent.
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Um, GB Bank have the same five years, but at 4.98%.
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Notice accounts, Jan.
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Notice accounts, Johnny.
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What's the point of them?
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And I asked it every single month.
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The absolute top option at the table, 4.38%.
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GB bank with a hundred and fifty-day notice, Stream Bank offers three four point three five percent with a 90-day notice, and the Stafford Building Society offer 4.26% with a hundred and eighty-day notice.
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Really, oh, I'm struggling to understand who these accounts are for.
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Um, unless you have problems with your discipline, you know, that you say you need to have some sort of assurance, right?
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So else you might take take all your savings and spend them for other things you don't really need, then um these could be an interesting option.
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But personally, oh you know, I would rather I would rather look at a fixed-term bond or you know, an easy access account.
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They pay more, and yeah, then you don't have to give notice to anyone.
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Um maybe someone in the comments has opened a notice account that can give us some indication of what it is that was attractive to you.
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I know we we talk about this every month.
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Give us a notice, please.
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These products exist for a reason, people are using them, and we'd love to hear from you if you're one of them.
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Regular savers, uh, these accounts are phenomenal at the moment.
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The table has never looked more crowded.
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Four accounts are 8% Yan.
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Lloyd's giving you two ways to access, although you can only open one.
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You can open a uh a Lloyd's Club 8% saver, doesn't require the five-pound monthly fee.
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Or you can open a standard monthly saver, same 8% that you get with a 250-pound monthly cap.
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Halifax are on the table as well, Yan.
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8% doesn't even require a current current account at all.
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Um, but if we ignore the headline rate for a moment and look at which account will pay the most estimated interest across an annual or a 12-month period, Monmouth Shares Building Society still sitting at the top.
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You can earn roughly 195 pounds of interest.
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Santander are offering one as well at 8%.
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You can earn 104 pounds if you drip feed the maximum deposit limit into that account at 8%.
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That does require a Santander current account, um, and 5% of that rate is a 12-month bonus, so it will revert at the end of the term.
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But again, 8% all over the place.
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Four accounts paying 8%.
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It's incredible.
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But every single one of them will earn you less than Monmouth Shares, 6%, um, because it lets you pay in double.
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If you are only going to open one, I'd say it's Monmouth Shared.
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You know, it doesn't require a current account, it's open to everyone.
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But here's the thing nobody says you have to pick one.
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We're not all like capped to one regular saver each.
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So if you want to be a real maximizer, you can stack them.
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You're welcome to.
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Um, there are some conflicts, you know, to consider.
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Like I mentioned, Lloyd's, for example, you can only open one Lloyd's monthly saver per person.
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Um, so that's the standard one or the club one.
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Uh, there is the groups quirk that people might, people might get wrong.
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So Lloyd's, Halifax, Bank of Scotland, they are part of the same group, but they are separate brands, separate entities.
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So you can open an account from each one if you want to.
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We have created a savings stacker product on Deposit Scout.
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So you could see potentially how much interest you could earn from having multiple regular savers.
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Okay, take Halifax, take Monmouthshire.
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If you deposited or drip fed the monthly total, which would be 750 pounds across both accounts, you're looking at earning 325 pounds in interest by the end of the year from depositing 9,000 pounds drip fed into those accounts.
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No account in the UK is going to pay you that type of interest.
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And you could have that money initially deposited in an easy access account, earning, say, 4.55%, like first active, while you drip feed into your regular savers.
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It's arguably a little bit more sophisticated, Jan, could become a bit complicated.
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It can be worth it, Johnny.
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It can be worth it.
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I'm always a fan of fixed income, and um, if someone offers 8% guaranteed, you know, and there's not much of a downside to it, then this is absolutely excellent.
00:14:56.240 --> 00:15:03.759
And it's something definitely worth taking advantage of, um, especially considering that the you know stock market historically, what was it?
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Like maybe, maybe 10% has performed or so um over the the period of I don't know how many decades.
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Um, but eight percent guaranteed, no downsides to it.
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Wow, excellent.
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You know, I would out definitely take on the extra effort to manage these accounts independently.
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Um, if I could get 8% of whatever I'm saving, that's uh absolutely great.
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Go ahead and play with that regular saver calculator, combine all these accounts up to three, you know, figure figure out a strategy that works for you, and then yeah, go ahead and maximize on on your savings.
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And every account that we've talked about today, I'll put in a pinned comment below so you can see each one, and you can go direct to their respective pages on deposit scout.com for full details.
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Let us know in the comments if you have any feedback for us, if you have any suggestions, are there any accounts we missed today?
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We'd love to hear from you.
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And as always, we'll see you again soon.
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Thank you very much.
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Thanks everyone.
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Goodbye.
00:00:00.080 --> 00:00:02.319
Okay, welcome back to your savings rate update for September.
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So the base rate is still sitting at 3.75%.
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The Bank of England held at the end of July, and it was a 6-3 vote where three dissenters wanted to hike, not to cut.
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Inflation has ticked up to 2.9%, and the bank meets again on the 17th of September, and nobody is pricing in a cut anytime soon, which for savers is genuinely good news.
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So rates aren't just holding, some are actually climbing.
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Fixed bonds are steady at 5% and require just a thousand pounds to open.
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Fixed ICEs have pushed up since last month, and easy access is still very competitive with a couple of new accounts on the table.
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But the loudest news this month came from premium bonds and the NSI.
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So the prize fund rate is going up from 3.8% to 4.35%.
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That is the second rise this year.
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And the odds of each one pound bond winning improved from 22,000 to 1 to 21,000 to 1.
00:00:57.039 --> 00:01:05.359
What that means is if you hold the average of around 5,000 pounds in premium bonds, you could win a prize roughly once every four months.
00:01:05.519 --> 00:01:11.599
But just to reiterate, that 4.35% is not an interest rate, it's the average payout spread across every bond holder.
00:01:11.680 --> 00:01:18.400
And because most people hold far less than that average, two-thirds of holders have never won a single prize.
00:01:18.480 --> 00:01:20.959
So with that all in mind, who are premium bonds for?
00:01:21.120 --> 00:01:22.560
Well, it's the same answer as always.
00:01:22.719 --> 00:01:35.359
If you're a higher or additional rate taxpayer who's already filled your ICER allowance and burned through your personal savings allowance, then tax-free prizes on up to£50,000 of treasury-backed cash genuinely makes sense.
00:01:35.519 --> 00:01:41.840
But for everyone else, I'd say you're just swapping guaranteed interest as high as 5% right now for a lottery ticket.
00:01:42.000 --> 00:01:47.760
As always, everything we mentioned in today's episode is on depositscout.com and was up to date as of the 31st of August.
00:01:47.920 --> 00:01:50.000
Deposit Scout is a free site Jan and I built.
00:01:50.079 --> 00:01:59.920
You can filter by account type, set up email alerts, calculate your savings and tax, and check the rate history graphs to see whether a provider holds its rate or has a habit of cutting quickly.
00:02:00.079 --> 00:02:01.599
That's depositscout.com.
00:02:01.760 --> 00:02:02.879
Link in the description box.
00:02:03.040 --> 00:02:05.200
Please do check it out and let us know what you think.
00:02:05.280 --> 00:02:09.599
So, Jan, I hear Starling will now pay you in toothbrush for switching banks.
00:02:09.759 --> 00:02:11.039
Can you talk us through how that works?
00:02:11.199 --> 00:02:18.159
Yeah, Johnny, they're providing a toothbrush if you decide to switch to their current account, which is worth approximately 105 pounds.
00:02:18.240 --> 00:02:21.120
Maybe you could get that on sale for a little bit cheaper than that.
00:02:21.199 --> 00:02:24.319
Um, but yeah, it's it's not a cash reward, it's a toothbrush.
00:02:24.479 --> 00:02:28.080
Requires a full switch in 30 days, and there's nothing else required.
00:02:28.159 --> 00:02:32.400
So in case you don't have a toothbrush yet or a styling account, take advantage of that.
00:02:32.639 --> 00:02:45.680
Besides that, you can get up to 500 pounds worth HSPC, but it's also the most difficult switch offer to qualify for and requires 100,000 pounds salary switch or 100,000 pounds of savings and investments within 90 days.
00:02:45.840 --> 00:02:47.680
So it's not available to a lot of people.
00:02:47.840 --> 00:02:54.800
But I would say if you're looking for something that's yeah, still rewarding you in cash and not in toothbrushes, and it's somewhat accessible.
00:02:54.960 --> 00:02:56.960
HSPC standard account is a good choice.
00:02:57.120 --> 00:02:59.120
220 pounds of bonus.
00:02:59.280 --> 00:03:09.199
And in order to get that, you need to deposit 2,000 pounds into the account, you need to make 500 pounds in debit card spending, and you need to set up two direct debits within 60 days.
00:03:09.280 --> 00:03:14.479
So that's somewhat manageable for most people, I would say, and um definitely a good option.
00:03:14.639 --> 00:03:17.039
Up to 220 pounds right there.
00:03:17.280 --> 00:03:21.199
And I can really vouch for that toothbrush that Starling are offering you.
00:03:21.280 --> 00:03:25.120
It's from Surrey, I believe it's pronounced, and it's a really good toothbrush.
00:03:25.439 --> 00:03:28.080
Johnny approved easy access accounts this month.
00:03:28.240 --> 00:03:32.159
Well, some of them sound pretty familiar, but I'll get through those ones as quickly as possible.
00:03:32.240 --> 00:03:34.879
So Lemfire sitting at the top with a 5% rate.
00:03:34.960 --> 00:03:43.039
It does come with a sharp cliff bonus of 1.96%, which ends after six months, so it reverts to 3.04%.
00:03:43.680 --> 00:03:45.439
This is the shortest boost on the table.
00:03:45.520 --> 00:03:47.280
It's an international money transfer company.
00:03:47.360 --> 00:03:48.240
We've talked about this a lot.
00:03:48.319 --> 00:03:51.759
I have opened the account, I can vouch for it, I have received interest from this account.
00:03:51.840 --> 00:04:01.599
It's powered by Clearbank, which means that if you have any other clear bank-backed products, then you'll all be sharing the 120,000 FSCS protection limit.
00:04:01.680 --> 00:04:06.960
There's a new account called First Active, this instant access account, which is backed by NatWest.
00:04:07.120 --> 00:04:12.000
It's 4.55% with a bonus across 12 months of 1.5%.
00:04:12.479 --> 00:04:15.759
That has a maximum balance of 1 million pounds.
00:04:15.840 --> 00:04:27.439
Um, just something to note though, because this is part of the NatWest group, similar to Clearbank, you'll be sharing the FSCS deposit protection with any other NatWest or Ulster accounts.
00:04:27.519 --> 00:04:28.480
So just be aware of that.
00:04:28.639 --> 00:04:33.279
Tembo, again, have the home saver account, maximum balance of£20,000.
00:04:33.920 --> 00:04:37.120
That includes a 1.55% fixed bonus.
00:04:37.199 --> 00:04:46.720
And if you take out a Tembo mortgage or you remortgage with Tembo, it can be a house, it can be a buy-to-let mortgage, you can get up to 5.55%.
00:04:47.279 --> 00:04:50.879
And I think you have to do that within three years of taking out this account.
00:04:51.040 --> 00:04:54.079
Kahoot has a 4.52% easy access.
00:04:54.160 --> 00:04:57.120
This again has a bonus of 3.52%.
00:04:57.759 --> 00:04:58.879
So that's pretty sharp.
00:04:58.959 --> 00:05:01.120
It reverts to 1% after 12 months.
00:05:01.199 --> 00:05:04.240
So that's definitely one that you want to put an alert on for if you're going to open it up.
00:05:04.319 --> 00:05:08.399
And the Chase Saver's still on the table at 4.5%, new customers only.
00:05:08.560 --> 00:05:28.879
And if you are fed up with these easy access bonus accounts and you just want no frills, no worries, no need to set a like a date deadline or expiry date, then just go to depositscout.com, toggle promo rates, and you'll see right at the top Oxbury Bank's summer accounts or summer account.
00:05:29.120 --> 00:05:34.160
It's 4.33% with a maximum balance of 120,000 pounds.
00:05:34.399 --> 00:05:36.399
That is a real winner for me.
00:05:36.480 --> 00:05:43.920
Uh has a minimum balance though of a thousand pounds, which I appreciate could be a bit high for some people on an easy access account.
00:05:44.079 --> 00:05:49.360
If that is you, then you could look towards uh an account that's geared for smaller balances.
00:05:49.680 --> 00:05:52.800
Spring recently released the Accelerate Saver.
00:05:52.959 --> 00:05:56.480
This has a 5% rate with a cap of£5,000.
00:05:57.040 --> 00:06:10.879
Interestingly, it beats the other small cap savers, such as Santander's Edge Saver at 6%, but that has a cap of£4,000, or Kahoot's Sunny Day Saver, which has a cap of just£3,000.
00:06:11.519 --> 00:06:12.720
A couple of caveats as well.
00:06:12.800 --> 00:06:18.879
The Santander Edge one requires the Edge account, which has a three pound monthly fee, and the Kahoot one has a 12-month term.
00:06:18.959 --> 00:06:22.480
So this spring accelerate saver, Yan is really quite compelling, mate.
00:06:22.560 --> 00:06:26.399
I I really like the look of this account, particularly for people with lower balances.
00:06:26.560 --> 00:06:34.079
Just be aware that you have to deposit your money within 28 days of opening the account, otherwise, it closes and it is an app-only account.
00:06:34.319 --> 00:06:36.240
Johnny, the cash ISIS this month.
00:06:36.399 --> 00:06:37.600
They look incredibly interesting.
00:06:37.680 --> 00:06:40.720
So we got eToro at the top of the table, 4.87%.
00:06:41.199 --> 00:06:45.120
That's an account that has previous uh that has just returned, I believe, last month.
00:06:45.279 --> 00:06:46.720
Um, very, very attractive.
00:06:46.800 --> 00:06:50.399
The only real downside I can see here is the sharp bonus component.
00:06:50.560 --> 00:06:54.639
This is closely followed by chip, which also has a great account, 4.6%.
00:06:55.120 --> 00:07:00.160
We have Money Box with 4.57%, um, that has a 500-pound minimum.
00:07:00.319 --> 00:07:03.279
Tembo's HomeSaver, Cash ISA is also worth mentioning.
00:07:03.360 --> 00:07:05.040
So they offer up to 5.5%.
00:07:05.920 --> 00:07:08.959
But yeah, you need to take out a mortgage with them, right, Johnny?
00:07:09.120 --> 00:07:09.759
Yes, that's right.
00:07:09.920 --> 00:07:16.480
And that's the honest test with this ISA or any Tembo product where the headline rate depends on mortgaging or remortgaging with them.
00:07:16.639 --> 00:07:20.000
Only open it if you genuinely believe you'll use them when the time comes.
00:07:20.160 --> 00:07:22.639
Now they do stack the deck in your favor.
00:07:22.959 --> 00:07:25.600
Tembo is a fee-free whole of market broker.
00:07:25.680 --> 00:07:30.079
So they search over a hundred lenders and they run a best mortgage deal guarantee.
00:07:30.240 --> 00:07:37.680
Basically, if another uh whole of market broker finds you a cheaper comparable deal, Tembo will pay you the difference.
00:07:37.839 --> 00:07:43.439
So realistically, if you're getting a mortgage anyway, well, there's a good chance that you'd have ended up with them regardless.
00:07:43.600 --> 00:07:52.399
But, and this is a very big but, um, if you don't complete with them, this ISA will quietly become a 2.8% account.
00:07:52.480 --> 00:07:55.439
And that's a long way below everything else on the table.
00:07:55.600 --> 00:07:59.199
But yeah, what if you're sick of all these bonus components and hurdles?
00:07:59.360 --> 00:08:01.279
Then take a look at Hagre's Landsdown.
00:08:01.360 --> 00:08:03.920
They have a cash ISA which offers 4.52%.
00:08:04.480 --> 00:08:06.560
And that's, I think, market leading.
00:08:06.720 --> 00:08:14.959
If you look only at the normal rates without any bonus, um, it's not a flexible account, but definitely interesting and compelling.
00:08:15.199 --> 00:08:18.240
Of course, easy access cash ICEs are going to be variable rates.
00:08:18.319 --> 00:08:23.439
So if you want something fixed, if you want a little bit more assurance with the rate that you're going to get and that it'll stay the same.
00:08:23.759 --> 00:08:31.680
Vida savings are offering 4.7% on a one-year fixed cash ICER and 4.77% across two years.
00:08:31.839 --> 00:08:34.639
That is actually the highest fixed ICE on the table.
00:08:34.799 --> 00:08:38.080
It's flexible, the minimum is just a thousand pounds.
00:08:38.240 --> 00:08:43.519
Aldermore have three years at 4.75%, again, minimum balance of a thousand pounds.
00:08:43.600 --> 00:08:48.960
And Skipton Building Society have a five-year cash ICER at 4.76%.
00:08:49.840 --> 00:08:55.120
There's around what, 0.07% between these accounts on this table from one year to five year.
00:08:55.519 --> 00:08:59.279
So you're not going to be paid much to lock away for a long period of time.
00:08:59.440 --> 00:09:05.679
This isn't investment advice, obviously, but personally I wouldn't be locking away given how close these accounts all are.
00:09:06.159 --> 00:09:15.279
Fixed rate is the most exciting, compelling, uh hard, hardly uh hard fought over, I should say, uh, area of savings at the moment.
00:09:15.360 --> 00:09:20.480
I don't know if that's the right words to use, but it's a real interest rate arms race right now.
00:09:20.639 --> 00:09:23.279
The best one year isn't the most compelling account.
00:09:23.360 --> 00:09:24.639
It's MBNA.
00:09:24.799 --> 00:09:25.919
We've talked about them before.
00:09:26.000 --> 00:09:32.240
It's like a phone-managed account, it's 4.85%, minimum of a thousand pounds, but it is the top one year.
00:09:32.399 --> 00:09:35.360
But this next one is NSI Yan.
00:09:35.679 --> 00:09:42.879
So the um the treasury-backed of premium bonds essentially are actually offering 4.82%.
00:09:43.600 --> 00:09:45.279
This is a savings bond, okay?
00:09:45.360 --> 00:09:47.279
It has a minimum of 500 pounds.
00:09:47.519 --> 00:09:51.840
And because it's treasury backed, 100% of your money is protected.
00:09:52.639 --> 00:09:55.360
There's no 120,000 pound cap with these.
00:09:55.679 --> 00:09:58.000
And it's 4.82% for a year.
00:09:58.399 --> 00:10:01.600
I think this is a really, really compelling and interesting account.
00:10:01.759 --> 00:10:11.200
Although InvestEc were offering 4.95% for two years, which somewhat trumps that if you can lock away for a little bit longer, it has a minimum balance of£5,000.
00:10:12.000 --> 00:10:15.440
Um, although, you know,£5,000 is a bit sharp for you.
00:10:15.519 --> 00:10:20.399
GB bank is paying 4.85% with a minimum balance of£1,000.
00:10:21.120 --> 00:10:29.039
If you want to go to three years, AFIN Bank have a five percent fix with a minimum of a thousand pounds.
00:10:29.600 --> 00:10:30.320
That's pretty good.
00:10:30.720 --> 00:10:31.279
That's pretty good.
00:10:31.440 --> 00:10:36.480
Investec match that five percent, they're kind of fighting over this at the moment, which is interesting to see.
00:10:36.559 --> 00:10:43.120
They they keep notching them up, but they have a minimum balance for five thousand pounds, so they have a bit of a harsher entry point.
00:10:43.200 --> 00:10:46.960
And then AFIN Bank again have a five-year fix at five percent.
00:10:47.120 --> 00:10:51.519
Um, GB Bank have the same five years, but at 4.98%.
00:10:52.240 --> 00:10:53.840
Notice accounts, Jan.
00:10:54.080 --> 00:10:55.200
Notice accounts, Johnny.
00:10:55.440 --> 00:10:56.639
What's the point of them?
00:10:56.799 --> 00:10:58.720
And I asked it every single month.
00:10:58.960 --> 00:11:01.679
The absolute top option at the table, 4.38%.
00:11:02.159 --> 00:11:15.200
GB bank with a hundred and fifty-day notice, Stream Bank offers three four point three five percent with a 90-day notice, and the Stafford Building Society offer 4.26% with a hundred and eighty-day notice.
00:11:15.519 --> 00:11:19.759
Really, oh, I'm struggling to understand who these accounts are for.
00:11:19.840 --> 00:11:27.120
Um, unless you have problems with your discipline, you know, that you say you need to have some sort of assurance, right?
00:11:27.200 --> 00:11:35.200
So else you might take take all your savings and spend them for other things you don't really need, then um these could be an interesting option.
00:11:35.279 --> 00:11:43.200
But personally, oh you know, I would rather I would rather look at a fixed-term bond or you know, an easy access account.
00:11:43.279 --> 00:11:47.919
They pay more, and yeah, then you don't have to give notice to anyone.
00:11:48.000 --> 00:11:55.120
Um maybe someone in the comments has opened a notice account that can give us some indication of what it is that was attractive to you.
00:11:55.200 --> 00:11:57.440
I know we we talk about this every month.
00:11:57.919 --> 00:11:59.440
Give us a notice, please.
00:12:00.320 --> 00:12:05.440
These products exist for a reason, people are using them, and we'd love to hear from you if you're one of them.
00:12:05.679 --> 00:12:09.279
Regular savers, uh, these accounts are phenomenal at the moment.
00:12:09.440 --> 00:12:11.840
The table has never looked more crowded.
00:12:12.000 --> 00:12:14.000
Four accounts are 8% Yan.
00:12:14.159 --> 00:12:18.080
Lloyd's giving you two ways to access, although you can only open one.
00:12:18.159 --> 00:12:24.159
You can open a uh a Lloyd's Club 8% saver, doesn't require the five-pound monthly fee.
00:12:24.399 --> 00:12:30.000
Or you can open a standard monthly saver, same 8% that you get with a 250-pound monthly cap.
00:12:30.080 --> 00:12:32.240
Halifax are on the table as well, Yan.
00:12:32.399 --> 00:12:35.919
8% doesn't even require a current current account at all.
00:12:36.080 --> 00:12:48.240
Um, but if we ignore the headline rate for a moment and look at which account will pay the most estimated interest across an annual or a 12-month period, Monmouth Shares Building Society still sitting at the top.
00:12:48.320 --> 00:12:50.480
You can earn roughly 195 pounds of interest.
00:12:50.720 --> 00:12:53.200
Santander are offering one as well at 8%.
00:12:53.519 --> 00:12:59.120
You can earn 104 pounds if you drip feed the maximum deposit limit into that account at 8%.
00:12:59.600 --> 00:13:06.559
That does require a Santander current account, um, and 5% of that rate is a 12-month bonus, so it will revert at the end of the term.
00:13:06.799 --> 00:13:09.200
But again, 8% all over the place.
00:13:09.440 --> 00:13:10.960
Four accounts paying 8%.
00:13:11.279 --> 00:13:11.919
It's incredible.
00:13:12.159 --> 00:13:18.240
But every single one of them will earn you less than Monmouth Shares, 6%, um, because it lets you pay in double.
00:13:18.399 --> 00:13:21.360
If you are only going to open one, I'd say it's Monmouth Shared.
00:13:21.440 --> 00:13:23.759
You know, it doesn't require a current account, it's open to everyone.
00:13:23.919 --> 00:13:27.279
But here's the thing nobody says you have to pick one.
00:13:27.440 --> 00:13:30.159
We're not all like capped to one regular saver each.
00:13:30.320 --> 00:13:33.120
So if you want to be a real maximizer, you can stack them.
00:13:33.200 --> 00:13:34.159
You're welcome to.
00:13:34.320 --> 00:13:37.360
Um, there are some conflicts, you know, to consider.
00:13:37.440 --> 00:13:42.399
Like I mentioned, Lloyd's, for example, you can only open one Lloyd's monthly saver per person.
00:13:42.720 --> 00:13:45.279
Um, so that's the standard one or the club one.
00:13:45.440 --> 00:13:49.919
Uh, there is the groups quirk that people might, people might get wrong.
00:13:50.000 --> 00:13:55.279
So Lloyd's, Halifax, Bank of Scotland, they are part of the same group, but they are separate brands, separate entities.
00:13:55.360 --> 00:13:57.600
So you can open an account from each one if you want to.
00:13:57.840 --> 00:14:02.639
We have created a savings stacker product on Deposit Scout.
00:14:02.720 --> 00:14:07.759
So you could see potentially how much interest you could earn from having multiple regular savers.
00:14:07.919 --> 00:14:10.320
Okay, take Halifax, take Monmouthshire.
00:14:10.399 --> 00:14:26.000
If you deposited or drip fed the monthly total, which would be 750 pounds across both accounts, you're looking at earning 325 pounds in interest by the end of the year from depositing 9,000 pounds drip fed into those accounts.
00:14:26.159 --> 00:14:29.039
No account in the UK is going to pay you that type of interest.
00:14:29.120 --> 00:14:40.799
And you could have that money initially deposited in an easy access account, earning, say, 4.55%, like first active, while you drip feed into your regular savers.
00:14:40.960 --> 00:14:44.799
It's arguably a little bit more sophisticated, Jan, could become a bit complicated.
00:14:45.039 --> 00:14:46.559
It can be worth it, Johnny.
00:14:46.960 --> 00:14:47.679
It can be worth it.
00:14:47.919 --> 00:14:56.159
I'm always a fan of fixed income, and um, if someone offers 8% guaranteed, you know, and there's not much of a downside to it, then this is absolutely excellent.
00:14:56.240 --> 00:15:03.759
And it's something definitely worth taking advantage of, um, especially considering that the you know stock market historically, what was it?
00:15:03.840 --> 00:15:09.840
Like maybe, maybe 10% has performed or so um over the the period of I don't know how many decades.
00:15:10.000 --> 00:15:13.440
Um, but eight percent guaranteed, no downsides to it.
00:15:13.600 --> 00:15:14.879
Wow, excellent.
00:15:15.039 --> 00:15:20.080
You know, I would out definitely take on the extra effort to manage these accounts independently.
00:15:20.159 --> 00:15:24.879
Um, if I could get 8% of whatever I'm saving, that's uh absolutely great.
00:15:25.120 --> 00:15:35.840
Go ahead and play with that regular saver calculator, combine all these accounts up to three, you know, figure figure out a strategy that works for you, and then yeah, go ahead and maximize on on your savings.
00:15:36.080 --> 00:15:45.039
And every account that we've talked about today, I'll put in a pinned comment below so you can see each one, and you can go direct to their respective pages on deposit scout.com for full details.
00:15:45.279 --> 00:15:50.080
Let us know in the comments if you have any feedback for us, if you have any suggestions, are there any accounts we missed today?
00:15:50.240 --> 00:15:51.519
We'd love to hear from you.
00:15:51.679 --> 00:15:54.240
And as always, we'll see you again soon.
00:15:54.399 --> 00:15:55.279
Thank you very much.
00:15:55.519 --> 00:15:56.159
Thanks everyone.
00:15:56.320 --> 00:15:56.720
Goodbye.
