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2 Year Fixed

Provider Rate Min/Max Deposit Opening Account Accessing Account Interest Options SG Verdict
Aldermore
1.36% £1,000 / £1,000,000

Branch
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Branch
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  • Paid Away or Compounded
  • Paid Monthly
  • Paid Annually

Peterborough based Aldermore launched in 2009 and look after over £10bn of deposits.  Aldermore were bought by South Africa's FirstRand in 2018.

Allica Bank
1.25% £1,000 / £250,000

Branch
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Branch
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  • Anniversary
  • Paid Monthly
  • Paid Annually
  • Paid On Maturity

Allica are based in Milton Keynes and were awarded their banking licence in 2019 and launched in April 2020. 

BLME
1.30% £1,000 / £1,000,000

Branch
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Branch
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  • Paid Away or Compounded
  • Paid On Maturity

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

Charter Savings Bank
1.31% £5,000 / £1,000,000

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

Wolverhampton based Charter Savings is part of Chartercourt Financial Services.  Charter Savings launched in 2015.

It has grown to hold over £5bn of savers money since launch

Gatehouse Bank
1.25% £1,000 / £85,000

Branch
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Branch
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  • Paid Annually
  • Paid Away

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

Hodge Bank
1.25% £1,000 / £1,000,000

Branch
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Branch
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  • Paid Away or Compounded
  • Paid Monthly
  • Paid Annually
  • Annual interest paid 31st March

Hodge bank is based in South Wales and was authorised in 1987. It looks after just under £1bn of deposits.    

Kent Reliance
1.25% £1,000 / £1,000,000

Branch
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Branch
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  • Paid Away or Compounded
  • Paid Monthly
  • Paid Annually
  • Monthly interest paid on the last working day of the month Annual interest paid on 5th April

Competitive rate from Kent Reliance, part of One Savings Bank, which is listed on the FTSE 250.

The wide range of options to manage the account is likely to appeal to many savers as will the ability to access money during the term, albeit with the loss of 180 days interest.

OakNorth Bank
1.31% £1,000 / £250,000

Branch
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Branch
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  • 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 August

Paragon Bank
1.35% £1,000 / £100,000

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

Birmingham based Paragon launched in 2014 and now look after over £6bn of savings

Secure Trust Bank
1.35% £1,000 / £1,000,000

Branch
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Branch
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  • Paid Away or Compounded
  • Paid Annually
  • Paid 31st December

Birmingham based Secure Trust Bank look after over £2bn of deposits.  Their products tend not to be able for long so move quickly if this rate appeals.

This bond has a fixed maturity date of 28th October 2022.

SmartSave
1.29% £10,000 / £85,000

Branch
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Branch
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  • 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
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Branch
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  • Paid On Maturity

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

Zopa Bank
1.30% £1,000 / £250,000

Branch
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Branch
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  • Paid Monthly
  • Paid Compounded

Zopa started life as a peer to peer lending business in 2005 but became a licensed bank in 2019 and launched their first savings accounts in August 2020.

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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