The week in savings - w/e 28th November
29/11/2021
A much quieter week in the savings market, with just nine changes impacting our best buy tables, but there was still plenty of good news for savers with three outright best buys and two joint best buys. The big news was Aldermore improving its Double Access account on Friday morning, making it the highest paying easy access account of 2021. Here’s the roundup of the changes:
Monday 22nd November
No changes
Tuesday 23rd November
Secure Trust Bank launched a new 5 Year Fixed Rate paying 2.05%, moving joint top alongside Gatehouse Bank and UBL.
Wednesday 24th November
Investec moved top of 1 Year Fixed with a new best buy rate of 1.36%.
Wesleyan withdrew their entire fixed rate bonds range from sale, which were all in our best buys.
SmartSave Bank launched new 2 and 3 Year Fixed Rates, paying 1.61% and 1.83% respectively, making the 2 Year joint best buy and the 3 Year outright top.
Thursday 25th November
Furness Building Society improved their 5 Year Fixed ISA to 1.65%, taking it joint 2nd in the market.
Secure Trust Bank withdrew their 1 Year Fixed ISA, which at 0.95% was 2nd in the market.
Friday 26th November
Aldermore Bank increase the rate on its Double Access Account from 0.60% to 0.75%, making it the best buy easy access account and the highest paying easy access rate of 2021.
Gatehouse Bank improve the rates on their 1 Year and 18 Month Fixed to 1.35% and 1.51% respectively, which moves them the 1 Year to joint 2nd and the 18 Months to joint best buy
Hodge boosts the rate on its 1 Year Fixed ISA to 0.90%, moving up to 5th.
Summary
A more stable savings market this week, which will be welcomed by providers, but still plenty of good news for savers. I expect more of the same this week, with banks largely holding position where they currently are, but with a few small movements at the top of the tables. The exception will be easy access savings accounts where Aldermore's big move will trigger a response. With Paragon, Shawbrook and Cynergy also above the 0.60% level which many big players are at, there will be movement with more providers filling the gap between 0.65% - 0.75% to keep competitive, albeit I don't foresee anyone topping Aldermore.