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Savings round up - 11th July

It's been another big week of rate changes with new best buys on all fixed rate bonds, bar 4 Year, and increases to easy access and fixed ISA rates.  Several product categories look tightly bunched suggesting their will be an outbreak soon, including on easy access, where we believe it is only when, not if, Chase are overhauled on top spot.  We've run through the key changes and best buys

Easy Access

Chase remain outfront at 1.50% but we continue to see providers closing in on them and it is only a matter of when, not if, they are overhauled.  This week saw a mainstream provider join the chasing pack with Nationwide increasing ther rate on its Triple Access Online Saver to 1.40%.  Shawbrook also increased its easy access rate to 1.40% meaning Aldermore's Double Access Saver now leads eight banks and building societies at that price point. Sandwiched in between are Al Rayan Bank at 1.45% and there's also a bonus rate saver from Cynergy at 1.46%.  We don't include this in our tables as 1.16% of the rate is a bonus and we feel that accounts with such large bonuses are predicated on the basis that savers will forget about the bonus by expiry and revert to the derisory underlying rate.  Expect to see more positive changes this week.


Allica Bank lead the way with their 95 Day Notice paying 2.00%.  DF Captial pay the same rate but require 180 Days' Notice for the privilege.   However, QIB are just behind paying 1.95% via Raisin and the £25 sign up bonus for new customers via our site could 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 before a big drop back to UBL at 1.76%.

1 Year Fixed

All change at the top of 1 Year with last week's leader, National Bank of Egypt (NBE), cutting their rate to 2.50%.  Savers who have signed up for an account but not funded it have until 15th July to secure the higher rate.  NBE have been replaced by Cynergy who improved their rate to 2.72%.  SmartSave are next best at 2.66% ahead of a cluster of providers paying 2.65%, including Hodge, BLME and Allica Bank, who are offering that rate both direct and to savers on Hargreaves Lansdown Active Savings platform

We don't expect the Cynergy rate to last beyond this week but, with 12 providers paying 2.60% - 2.66%, we do think there will be further upward movement as some of those seek to break out of that tight group.

18 Month Fixed

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.  Charter Savings improved their rate this week to 2.73% to move up to third with BLME next at 2.70%, alongside Kent Reliance and Charter offering 2.70% on Hargreaves Lansdown Active Savings - meaning four of the top six rates are only available on savings platforms.

2 Year Fixed

Cynergy also occupy top spot on 2 Year with an improved rate of 3.08%, which puts them ahead of App only Monument Bank at 3.05%. Castle Trust Bank withdrew their 3.03% rate during the week but are replaced by Hodge, who upped theirs to 3.02% to sneak ahead of Allica Bank (3.01%).  With four providers at 3%, we expect to see more movement this week as the top eight looks over crowded and ripe for a breakout.

3 Year Fixed

Hodge prevented Cynergy having a clean sweep of 1, 2 and 3 Year when they raised their rate to 3.15% to share top spot with Cynergy. Last week's leader, Charter Savings Bank, are demoted to 3rd at 3.11%, just ahead of PCF Bank's 3.10%.   

4 Year Fixed

The only category that has seen no changes during the week with 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%.

5 Year Fixed

It's all change in 5 Year this week with PCF Bank way out clear paying a whopping 3.45%.  Their move, late on Friday, knocked Hodge Bank (3.31%) off the top perch. Previous leader, Monument Bank, are down to 3rd at 3.30% with BLME next at 3.25% before a big drop down to the 3.11% on offer from JN Bank and Zopa. 



Easy Access ISA

Paragon Bank's Triple Access ISA (1.35%) was withdrawn during the week but has been replaced by Cynergy Bank, who increased their rate from 1.31% to 1.40%. Second spot is now shared by Marcus, Saga and Virgin sharing third spot at 1.30%, although 0.25% of Marcus and Saga's rate is a bonus rate, ahead of Coventry Building Society at 1.25%.

Notice ISAs

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%, who pay a higher rate of 1.30% for teachers and education professionals.   Third spot is Earl Shilton Building Society paying 1.10% for 90 Days' Notice but this can only be opened in their branches or via post.

1 Year ISA

Coventry Building Society are the new leaders as they launch a new rate of 2.10%, although savers will have to wait slightly longer than a year to get their money as this ISA comes with a fixed maturity of 30th September 2023.   Next is Virgin Money at 2.06% ahead of a three way tie for third with Paragon Bank, Secure Trust and Close Brothers all at 2.05%.

2 Year ISA

Leeds Building Society lead the way at 2.55% although, as with Coventry on 1 Year, there's a fixed maturity date for this product of 6th January 2025, making it a 28 month fix. Charter Savings pay 2.45% for a straightforward 2 Year, as do Coventry Building Society, but theirs has a fixed maturity of 30th September 2024.  With six providers paying 2.40% - 2.42% we expect to see changes this week and a challenge to the top 3. 

3 Year ISA

Leeds Building Society pulled their 2.75% 30 Month Fixed rate and have been replaced by Coventry Building Society at 2.60%, who are just ahead of Paragon Bank and Secure Trust Bank at 2.55% in joint second place.  Hampshire Trust Bank (2.50%) and Close Brothers are tucked in behind.

5 Year ISA

Secure Trust Bank and Close Brothers share top spot at 2.65% with last week's leader, Hampshire Trust Bank, leading a clutch of providers at 2.60% including Paragon, UBL and West Brom Building Society.

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