Savings round up - 4th March
03/03/2024
In last week's round up, we said we expected more jostling for positions but little change to the top rates. That's exactly what we saw with six month, three and five year fixed all seeing basis point increases to best buy rates. We lost the best buy notice account though and there were some cuts to easy access as providers expect the Base Rate to get a 0.25% cut in the coming months. Expect similar again this week - we think there could be a couple of minor increases to best buy rates, particularly on 3 and 5 Year where UBL might well respond. Here's our round up of all the best buys and key changes from the savings market from the past week:
It's a largely unchanged line up this week as Paragon Bank remain top of the best buys with their Double Access Saver paying 5.16% - but there's a hefty cut to 1.50% if three or more withdrawals are made. Close Brothers are second, offering 5.12% with Monument sharing third spot with Virgin Money's Defined Access Saver - both paying 5.11% but the Virgin rate falls to 2% if more than three withdrawals per year are made. Charter Savings Bank and Coventry Building Society's Triple Access Saver are tied at 5.08%, a nudge ahead of Kent Reliance at 5.07%. Hampshire Trust Bank's 5.06%, Secure Trust's 5.05% and Family Building Society's 5.04% are the other providers paying over 5%.
Market Harborough Building Society's 195 Days Notice account has reverted to existing customers only online and new customers only via branch. This promotes BLME to best buy - they pay 5.35% for 90 Days Notice. StreamBank pay 5.30% for 90 Day's Notice and LHV Bank also pay 5.30% but for 95 Day's Notice via Raisin. Monument Bank offer 5.27% for 60 Days then there's a three way tie at 5.25% - West Brom pay this for 60 Day's Notice, Investec for 90 Days and United Trust Bank for 180 Days - although this is a Base Rate tracking account. Cynergy Bank are next at 5.20% for 120 Day's Notice.
Monument lead the way paying 5.15% for 6 Months Fixed with Allica just behind at 5.14% and Hampshire Trust Bank paying 5.13% for 6 Months. Cynergy pay 5.12% and Emirates Bank pay 5.11% via Hargreaves Lansdown in a tight knit top five.
Emirates Bank lead the way on 9 Months at 5.15% on Hargreaves Lansdown's Active Savings platform. They are ahead of Atom Bank who pay 5.10% and Aldermore Bank, who increased their 9 Month Fixed to 5.05% last week.
Also worthy of note is Emirates 3 Months Fixed at 5.09% on Hargreaves Lansdown.
SmartSave still lead the way but an improved rate of 5.26% - they increased their rate to topple Atom Bank, whose 5.25% briefly led the market last Monday. There's a five way tie for third with Close Brothers via Hargreaves Lansdown Active Savings, Emirates Bank, also on Hargreaves Lansdown, Allica Bank, Hodge and Shawbrook are all tied at 5.16%. StreamBank pay 5.15% alongside Investec. Hampshire Trust Bank pay 5.10% and Aldermore Bank pay 5.05%, following their increase on Friday.
Union Bank of India lead the way at 4.90%, ahead of United Trust Bank and Cynergy Bank's 15 Month Bonds, which both pay 4.85%. Zopa Bank pay 4.80% via Hargreaves Lansdown Active Savings, as do Al Rayan Bank, BLME and Cynergy. Gatehouse Bank pay 4.75%, and have been joined by Skipton Building Society, following their increase last week. Also on the move is Aldermore Bank, who increased to 4.70% on Friday.
Hodge Bank are joined by Atom Bank, both paying 5% to lead the way. They are above SmartSave, who pay 4.97%, and DF Capital at 4.96%. Close Brothers, via Hargreaves Lansdown Active Savings, pay 4.95% as do Union Bank of India. Zenith Bank are just behind at 4.90%. Hampshire Trust Bank pay 4.80%. Emirates Bank pay 4.79% via Hargreaves Lansdown and Zopa Bank are tied at 4.76% ahead of a plethora of providers at 4.75%.
SmartSave are the new best buy, paying 4.64%, as they nip above last week's leader, UBL Bank, who pay 4.63%. UBL Bank also pay 4.63% via Raisin and have been joined by Shawbrook, who increased to 4.63% last week. Investec are just behind at 4.62% with five providers at 4.60%. Hampshire Trust Bank, Close Brothers via Hargreaves Lansdown's Active Savings, Atom, DF Capital and Hodge all paying 4.60%. Aldermore Bank were also on the move - up to 4.55%.
isbank, pay a best buy 4.50% via Raisin ahead of Zopa Bank and BLME who both pay 4.30%. UBL Bank pay 4.26% direct and also pay 4.26% via Raisin. United Trust Bank offer 4.25% and Cynergy complete the top seven at 4.20%.
There's a new best buy with Shawbrook moving to the summit last week with a new best buy of 4.53%. The move above UBL Bank's 4.52% offer - UBL Bank also pay 4.52% via Raisin - as do SmartSave. Hampshire Trust Bank are paying 4.51% as are Hodge Bank. Next is isbank, who pay 4.50% via Raisin, and Atom Bank at the same rate in a tightly contested top eight.