Savings round up - 4th July 2022
03/07/2022
We've seen more increases to best buy rates with new leaders across every fixed rate bond category and notice accounts. There's also been increases to easy access but little movement on ISAs. We've rounded up the key changes and the leading rates from the past week:
In last week's update, I wrote that there were 17 providers paying between 1.30-1.40% and I expect further increases. Whilst Chase continue to lead the way at 1.50%, and have finally cleared their waiting list of applicants, the gap has been closed. Al Rayan Bank improved their easy access rate to 1.45% to take second place. Next best is Aldermore Bank's Double Access Saver paying 1.40% but they share third spot with Gatehouse Bank, Principality Building Society, Sainsburys, Secure Trust Bank and Zopa. Sainsbury's and Principality both limit withdrawals but the rest are unrestricted, although Zopa's is restricted to a maximum balance of £50,000. Skipton's Triple Access Saver is next at 1.36%, ahead of Aldermore's easy access account paying 1.35%, Atom and Coventry Building Society. It's still tight in this market and there will inevitably be more movement in it and it can't be long before someone joins or usurps Chase.
DF Captial lead the way, following the introduction of a new 180 Day Notice Account paying 2%. However, QIB are just behind paying 1.95% via Raisin and the £25 sign up bonus for new customers via our site will make this the more rewarding option for those with £10,000 plus to invest. Oxbury Bank are next with 180 Day (1.95%), 120 Day (1.90%) and 95 Day (1.80%) notice accounts. They've been joined by Allica Bank, who also pay 1.80% on 95 Day Notice.
Last week's leader, Kent Reliance, now have five providers alongside or above them! Out front are National Bank of Egypt paying 2.70% via Raisin. BLME and Allica Bank share second spot with both increasing their 1 Year rates to 2.65% during last week. QIB, Kent Reliance and Monument all pay 2.61% with Hampshire Trust Bank, Atom and Tandem all are just one basis point behind at 2.60%. With ten providers paying 2.50-2.57%, we expect to see more providers jump in to the 2.60s this week, albeit we don't foresee anyone topping the 2.70% from National Bank of Eygpt.
QIB lead the way having increased their 18 month rate to 2.85% (via Raisin), knocking fellow Raisin provider, Paragon, down to second with their 2.75% rate. BLME are down to third at 2.70% with United Trust Bank's 15 month fixed at 2.60% next best.
Last week's best buy, BLME, were the only provider at 3%, but now have five others with or above them. App only Monument Bank lead the way at 3.05%, just ahead of Castle Trust Bank (3.03%) and Allica Bank (3.01%). BLME have QIB and Charter Savings Bank alongside them paying 3% in joint 4th.
Charter Savings Bank have knocked last week's leader off top spot by the narrowest of margins with CSB paying 3.11%, a whisker ahead of PCF Bank's 3.10%. BLME upped their rate to 3.05% to take 3rd place ahead of SmartSave (3.02%), QIB, Zopa (both 3.01%) and Paragon (3%).
Last week's leader, BLME, have been knocked off by top spot by JN Bank, who are paying 3.11%, narrowly ahead of BLME's 3.10%. Zopa are in third at 3.05%, ahead of United Trust Bank at 3.00%.
Monument Bank are the new leaders in 5 Year with a best buy rate of 3.30%, but with a £25,000 minimum and only available by mobile app, it will be PCF Bank's 3.25% that will be the better option for many savers, with BLME also paying the same rate. There's a big drop then to Zopa and JN Bank at 3.11% in joint 4th.
ISAs
Paragon Bank's Triple Access ISA at 1.35% sits in top spot ahead of Cynergy Bank (1.31%) with Marcus, Saga and Virgin sharing third spot at 1.30%, although 0.25% of Marcus and Saga's rate is a bonus rate.
Aldermore Bank lead the way paying 1.40% on its 30 Day Notice ISA, which is significantly clear of second place, which is Teacher's Building Society paying 1.20%, after they increased their rate by 0.20% last week. Third spot is Family Building Society paying 1% on 35 Day Notice but you will need a £30,000 balance to get that, otherwise it is 0.80%. Melton Building Society has a lower threshold for their 1% rate but want 90 100 Days notice for access, or loss of the interest for the same number of days if access is without notice.
Paragon pulled their 2.10% top rate during the week so this has promted Virgin Money to top spot at 2.06%. There was little movement in 1 Year so Secure Trust Bank's 2.05% is second and UBL are third at 2.01% but OakNorth, Tesco (both 2%) and Principality (1.90%) have filled the gap that was previously there down to Kent Reliance's 1.86%.
There may have been little movement on 1 Year but 2 Year is a different story with Charter Savings now best buy at 2.45% and Castle Trust Bank (2.42%) also ahead of last week's leader, Paragon at 2.40%. With Virgin Money (2.36%) and Secure Trust Bank (2.35%) tucked in behind, there could well be further movement this week in response to last week's changes.
Leeds Building Society lead the way paying 2.75% on their 30 Month Fixed rate, which is a long way clear of Paragon Bank's 2.55% in second place. Hampshire Trust Bank (2.50%) share third spot with Secure Trust.
Hampshire Trust Bank are the best buy at 2.60% alongside Paragon Bank, UBL and Secure Trust Bank but United Trust Bank (2.55%) aren't far behind and they and Principality (2.50%) have filled what was a big gap to Shawbrook's 2.42%.