What Are The Best Rates Currently Available for Cash Deposits?

A client recently asked us to research the best available rates for cash deposits.  We thought the results were worth sharing as they will be of interest to all doctors with cash savings.

Note the rates depend on how easy it is to access the money, with longer notice periods and fixed term deposits offering better rates.  It’s also notable that less well-known and well-established names tend to offer more to try and secure business.

Rates are variable and banks and building societies can change their rates at any time so it is always worth checking the latest rates before deciding who to go with.  Rates also vary depending on the amount being saved.  There are several comparison websites available.  These rates were found on moneysupermarket.com on 1 February 2016 and are based on saving a six figure sum.

Easy access rates

Bank

Rate

Notes

RCI Bank UK

1.65% variable

French bank – first €100,000 protected under French deposit scheme rather than £75,000 under UK FSCS

No branch facilities – phone, internet or post only

Virgin Money

1.41% variable

Online account – no post, phone or branch facilities

Rate reduces to 0.75% if four or more withdrawals taken in a calendar year

 Notice accounts

Bank

Rate

Notes

Charter Savings Bank

1.85% variable

100 day notice period

New ‘challenger’ bank established in 2015

Online account – no post, phone or branch facilities

Al Rayan Bank

1.81% variable

120 day notice period

Shariah compliant

Established 2004

Online, post, phone and branch services available

 Notice accounts – better known names

Bank

Rate

Notes

Kent Reliance Building Society

1.45% variable

60 day notice

Online, post and branch services

Aldermore

1.30% variable

30 day notice

Online, post and telephone services

Post Office

1.25% variable

30 day notice

Post, phone and branch services

Rate will reduce by 0.59% after 12 months

 Fixed rate bonds (no withdrawal during term)

Bank

Rate

Notes

Milestone Savings

3.20% fixed for five years

Online, post and telephone services

Shariah finance company established in 2007

State Bank of India

3.20% fixed for five years

Post, phone and branch services

Major Indian bank, FCA regulated in UK

 Fixed rate bonds (no withdrawal during term) – better known names

Bank

Rate

Notes

Aldermore

2.45% fixed for four years

Online, post and telephone services

Kent Reliance Building Society

2.36% fixed for four years

Online, post and branch services

Virgin Money

2.36% fixed until Jan 2021

Post, phone and branch services

 

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