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2 Year Fixed

Provider Rate Min/Max Deposit Opening Account Accessing Account Interest Options SG Verdict
Al Rayan Bank
1.41% £1,000 / No Maximum

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Anniversary
  • Paid Away or Compounded
  • Paid Quarterly

This account pays expected profit, rather than interest, to meet Sharia law requirements.  

Those savers comfortable with this are likely to be attracted by the variety of channels to open and manage their account

Atom Bank
1.45% £50 / £100,000

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Anniversary
  • Paid Away or Compounded
  • Paid Monthly
  • Paid Annually

Durham based Atom Bank has attracted over 20,000 customers and £1.5bn of savings since its launch in April 2016.

Savers can only access Atom’s products via their mobile app

BLME
1.50% £1,000 / £1,000,000

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Paid Away or Compounded
  • Paid On Maturity

This account pays expected profit, rather than interest, to meet Sharia law requirements. 

Gatehouse Bank
1.35% £1,000 / £85,000

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Paid Annually
  • Paid Away

This account pays expected profit, rather than interest, to meet Sharia law requirements.  

Ikano Bank
1.31% £1,000 / £1,000,000

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Anniversary
  • Paid Away or Compounded

Ikano Bank is owned by the Kamprad family who founded Ikea.  

Ikano tend to be more competitive for longer term fixed rate bonds.

Deposits are protected by the Swedish Deposit Insurance Scheme up to £85,000.

Investec
1.35% £25,000 / £1,000,000

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Anniversary
  • Paid Monthly
  • Paid Annually
  • Paid Away

A highly competitive rate from Investec, the best for those wishing to apply and manage their account online. 

The minimum investment of £25,000 may limit interest for some savers.    

OakNorth Bank
1.36% £1,000 / £250,000

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Paid Annually
  • Paid On Maturity

OakNorth launched in 2015 and offers debt and property finance to UK small and medium size enterprises.

OakNorth change their rates frequently so move quickly if this rate appeals as we don't expect this rate to last beyond the end of March

RCI Bank
1.45% £1,000 / £1,000,000

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Anniversary
  • Paid Compounded

RCI Bank is a UK licensed bank but is part of French car giant Renault and has been in the UK savings market since 2015. 

It looks after around £3bn of UK savers deposits

SmartSave
1.29% £10,000 / £85,000

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Anniversary
  • Paid Annually
  • Paid Compounded

Wrexham based Chetwood Financial got its banking licence at the end of 2018 following a £40m investment from Elliott Advisors.

It lends its money to consumers via ‘dynamic loans’ which adapts the rate as consumer’s credit scores improve

United Trust Bank
1.30% £5,000 / £1,000,000

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Paid On Maturity

London based specialist lender United Trust has a single branch in Moorgate and allows 14 days to fund the account.

 

About The Savings Guru

We help savers get the best deal for their money by providing unique insight in to the savings market.  We help prospective banks apply for a banking licence and we help build customer services, products and marketing for them.  We also work with existing banks and building societies to improve their savings propositions.  This  insider view of savings means we are uniquely placed to help savers.

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