Savings round up - 13th June
13/06/2022
Another busy week in the savings market saw a clean sweep of new best buys for fixed rate bonds, ISAs and notice accounts plus improved easy access rates. We've rounded up the key changes and the leading rates.
Chase no longer lead the way - they have been toppled by UBL who now pay 1.52% via Raisin, which comes with a £25 sign up bonus for new customers which makes that an effective return of 1.77% on £10,000. Chase drop to second at 1.50%, and their £20 sign up bonus was pulled on Tuesday night. It also emerged that Chase is putting savers in to a queue to open accounts but anyone who joined that queue before the bonus was withdrawn will still get it. Virgin Money's M Account now comes with a 1.56% linked savings account if you open one of three M current accounts with them. Two are free but there's a £14.50 monthly fee on one so choose carefully if you are considering opening an account with them to access that rate.
Outside of this, the big change was Marcus and Saga increasing the 12 month bonus on their account to 0.25% to move both accounts up to 1.30% for the first year. This means we now have six providers paying 1.30% or 1.31% and another six at 1.25% - I expect this to change during the week with upwards movement from some of those providers
There is a new leader at the top of the notice charts with UBL paying a best buy 1.76% for 95 days notice via Raisin, who are also paying a £25 sign up bonus via our site, giving a return the equivalent of 2.01% for a saver depositing £10,000 in the first year. QIB also pay 1.70% for 95 Days on Raising with Oxbury Bank and DF Capital paying the same rate, but for 120 Day Notice.
There's been a significant jump in 1 Year Fixed rates with Cynergy Bank now leading the way paying 2.57%. Earlier in the week, Ahli United Bank, which is only available on Raisin, had taken top spot paying 2.55% but a late move by Cynergy saw it take spot ahead of the weekend. Long term leader, Al Rayan Bank, and Investec share third spot with both paying 2.40%.
DF Capital and BLME have been knocked off top spot with QIB, via Raisin, leading the way with a top rate of 2.55%. Both DF Capital and BLME are paying 2.50%. with Al Rayan dropping down to 4th at 2.47%.
2 Year saw big changes in the week with Al Rayan Bank, leader at the start of the week, not even in the top three at the end of it. SmartSave Bank, part of Chetwood Financial, lead the way with a best buy of 2.89%, a whisker ahead of Cynergy at 2.88% and Ahli United Bank at 2.87%. Alongside Al Rayan at 2.80% in fourth spot is DF Capital.
Ahli United Bank lead the way on 3 Year at 2.90%, alongside Cynergy Bank, with Al Rayan knocked down to third spot at 2.85%. PCF lead the chasing pack at 2.82% but with six providers paying 2.80% - 2.82% expect to see more changes this week.
DF Capital lead the way at 2.90% with last week's leader, United Trust Bank (2.85%), dropping down to second ahead of Zopa (2.83%) with a big gap then to Ikano Bank, BLME and Gatehouse all at 2.75%.
We have the first 5 Year Fixed rate at 3% for several years with Ahli United Bank leading the way at 3% via Raisin. PCF Bank and United Trust Bank are the next best at 2.90% followed by Hodge at 2.86%.
ISAs
There's been huge movement in the easy access best buys with Paragon Bank, last week's leader at 1.20%, relegated to fourth. Cynergy have taken top spot (1.31%) with Marcus and Saga, who also increased the bonus rate on their ISAs to 0.25% for 12 months, sit just behind at 1.30% alongside Virgin Money.
1 Year Fixed is lead by UBL at 2.01% with Virgin Money next at 1.90% ahead of Gatehouse Bank (1.86%)
2 Year Fixed sees UBL at the summit at 2.31% with Virgin Money second at 2.25% ahead of OakNorth (2.23%) and Secure Trust (2.22%). Charter Savings Bank (2.20%), last week's leader, now sit 5th.
3 Year Fixed best buy is UBL at 2.36% with OakNorth at 2.31% holding off Buckinghamshire Building Society (2.30%) and Secure Trust Bank (2.28%)
5 Year Fixed sees a clean sweep for UBL who top the charts at 2.60%, some way clear of Secure Trust Bank and Buckinghamshire Building Society who are tied for second place at 2.40%