BLME launches three best buy savings deals: Savers can earn up to 3.75% interest when fixing – or 2.52% on a 90 day notice account

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  • BLME’s one-year bond pays 3.4% while its five-year bond pays 3.75%
  • Both deals top our independent Best Buy savings table
  • The bank is also offering a market-leading 90 day notice account paying 2.52%.
  • Deposits are protected up to £85,000 under the UK’s Deposit Guarantee Scheme

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With the launch of three Best Buy accounts by the Bank of London and the Middle East, savers can now secure returns of up to 3.75 per cent on their cash.

The London-headquartered bank is offering a one-year fixed rate bond paying 3.4 percent, a five-year fixed bond paying 3.75 percent and a 90-day notice account paying 2.52 percent.

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All three savings deals lead the market, with two fixes at the top of our independent Best Buy Fixed Rate Savings League table.

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The only way is up: The average one-year fixed rate deal is at a nearly 10-year high and BLME is currently leading

Held near Eligible Deposit blame A total of up to £85,000 is covered by the Financial Services Compensation Scheme (FSCS).

Savers choosing the best one year deal can open an account with a minimum of £1,000. However, early withdrawal or addition of funds once opened is not permitted.

According to Moneyfacts, the average one-year fixed rate of interest is the bond’s nearly 10-year high, with the typical rate being 2.29 percent.

This means that 3.4 per cent of BLME deals offer savers a premium of 1.11 per cent higher than the average.

Someone depositing £20,000 in a BLME one-year deal can expect to earn £680 in interest after one year.

For those who want to earn a respectable interest rate, but who are not ready to lock their money for a year or more, notice of BLME can compromise the account.

Savers can add money whenever they want. They can also withdraw multiple times, albeit at least £1,000 each time and after a 90-day notice period.

Someone depositing £20,000 into BLME’s notice account can expect to earn £504 after one year.

According to MoneyFacts, the average notice account on the market pays significantly less, at 1.41 percent, while the BLME deal pays 2.52 percent, which is significantly higher than the best easy-access savings rates in our tables.

Even the next best deal on offer with a 90-day notice period pays 2.2 percent.

What is BLME?

BLME is a Sharia complaint bank established in 2006. The bank is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority.

It was named as the Best Fixed Rate Account Provider for four years at the MoneyFacts Awards between 2018 and 2021.

It was also awarded the Best Savings Provider in 2021 by Savings Champion.

Instead of paying interest to savers, BLME – as an Islamic bank – invests customers’ deposits in ethical, Sharia compliant activities to earn profit.

Such profit rates offer Sharia-compliant expected returns, rather than interest, like standard accounts.

Best Buy: For savers looking to earn maximum interest on their savings, new BLME accounts can be an attractive option

Best Buy: For savers looking to earn maximum interest on their savings, new BLME accounts can be an attractive option

Should you sign up for BLME rates?

If the best rate is what you want, it can be an easy decision.

Both the best one-year deal and notice accounts are currently comfortably ahead of the competition.

The fact that deposits up to £85,000 are protected by the UK Deposit Guarantee Scheme should give most savers peace of mind to go with a provider they have not heard of before.

The past awards it has won as a savings provider should also give rest to the savers.

It seems quite easy to apply. According to the BLME website, it will take around 10 minutes to complete the online form.

However, in terms of customer service, it may be advisable to test it before applying by contacting the bank.

For those requesting a call back from their thrift team, the BLME website states: ‘The thrift team is working remotely and is available Mon-Fri 09:00 – 17:00.

‘Due to the current high volume of requests, it may take up to two business days to contact you within the chosen time frame.’

How to find the best savings rates

The savings rate has been in a slump for several years, but the pandemic and the emergency cut in the base rate by 0.1 per cent had made things worse.

But there are ways to make sure your cash stays in at least the best of the bunch at all times.

Checking out top rates is essential, but it’s also possible to make life easier overall and manage your savings pots all in one place.

A number of savings platforms have been launched over the years, offering savers the option to switch and manage accounts from different banks and building societies when better deals are available.

They each work a little differently and include their own exclusions. Check it out for yourself to find out what’s on offer:

The platforms shown below have been independently selected by expert journalists from This Is Money. If you open an account using an asterisk link, this money will earn an affiliate commission. We do not allow this to affect our editorial independence.

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> Hargreaves Lansdowne Active Savings,

> Flagstone

Or you can check out This Money’s comprehensive best savings savings table, independently curated by savings guru Sylvia Morris:

> Compare best savings rates now

Credit: www.dailymail.co.uk /

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