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Savings round up - 18th July

There's no sign of a slowdown in the rate increases in the savings markets, with rates having doubled since the start of the year in several categories.  We've seen 10 new best buys during the week and there's some big names involved with larger challenger banks, Aldermore (3) and Virgin Money (2), responsible for half of those.  Chase have finally been knocked off easy access top spot too.  We've run through the key changes and best buys in another busy week in the savings market.

Easy Access

In our last update I wrote that it was only a matter of time before Chase were overhauled in top spot and Al Rayan Bank duly obligied last week. The Sharia bank have increased the rate on their Everyday Saver to 1.60% to take best buy spot. Chase remain at 1.50% but have been joined by Zopa, who increased their rate to match them, as did Family Building Society with their Premium Saver.  However, Family's Premium Saver only allows additions to the account up until 3pm on 16th August.  1.53% is available from Yorkshire Building Society, but a whopping £50,000 is needed to get that rate, otherwise it is 1.48% for balances of £10,000 plus.  After that, it is a drop to 1.40% where Aldermore's Double Access Saver now leads seven banks and building societies at that price point. 

Notice

OakNorth took top spot with revised pricing on their 120 Day (2.05%) and 95 Day (2.02%) Notice accounts.  Previous leader, Allica Bank drops to second spot with its 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, as this effectively gives a 0.25% boost to the return.

1 Year Fixed

Smartsave are the new leaders paying 2.73%, nudging ahead of last week's leader, Cynergy Bank, at 2.72%.  Charter Savings Bank occupy third spot, having increased their rate to 2.71% during the week too.  Tandem, Monument, Kent Reliance and Secure Trust all pay 2.70% in what is a tightly contested category.  In fact, there are 17 providers paying between 2.60% - 2.73%, so we expect to see more movement this week as providers jostle for higher positions.

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 at 2.73% are third completing an unchanged line up on the week.  Given the veracity of movement in the market, expect to see this change in the week ahead.

2 Year Fixed

Cynergy continue to occupy top spot at 3.08%, which puts them ahead of App only Monument Bank at 3.05%.  They've been joined in second spot by Tandem, who increased their rate to 3.05% too during the week. The only other movement of note was Aldemore Bank, who upped their rate to 3.00%

3 Year Fixed

Aldermore Bank lead a three way tie for top spot, having increased their rate to 3.15%.   Hodge Bank and Cynergy are the other providers paying the same rate with Charter Savings Bank next at 3.11%, just ahead of PCF Bank's 3.10% which is also matched by Tandem Bank.

4 Year Fixed

Aldermore Bank are outright leader with a best buy rate of 3.20%, which is a long way clear of next best JN Bank, who are paying 3.11%.  BLME and Gatehouse Bank are tied for third spot at 3.10%.  

5 Year Fixed

5 Year is largely unchanged with PCF Bank way out clear paying a whopping 3.45%.  Hodge are still second at 3.31% with Monument Bank just behind them at 3.30%.  The only significant move of the week was Aldermore Bank, who moved up to fourth spot with an improved rate of 3.25%.

 

ISAs

Easy Access ISA

Shawbrook have joined Cynergy Bank at the summit with both paying 1.40% to share top spot.  Paragon's triple access ISA has been reintroduced and shares joint third with Charter Savings Bank, who increased their rate too during the week.  Marcus, Saga and Virgin are all tied at 1.30%, although 0.25% of Marcus and Saga's rate is a bonus rate.

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

Virgin Money lead the way at 2.12%, ahead of Aldermore Bank, who increased their rate to 2.10% during the week. Secure Trust Bank pay the same rate, as do Coventry Building Society, although savers will have to wait slightly longer than a year to get their money as their ISA comes with a fixed maturity of 30th September 2023.  

2 Year ISA

Virgin Money also lead the field in 2 Year, as they increased their rate to 2.56% during the week. Leeds Building Society are next at 2.55%, although there's a fixed maturity date for this product of 6th January 2025, making it a 28 month fix. Aldermore Bank are third at 2.50%, alongside Shawbrook and Secure Trust Bank.  

3 Year ISA

Aldermore Bank lead the field at 2.75%, a rate unbeaten by any ISA provider or term.  They are a long way clear of Hodge (2.61%), Coventry Building Society and Secure Trust Bank (both 2.60%).

5 Year ISA

Castle Trust Bank are the new leader at 2.71% with Hodge (2.66%) narrowly ahead of a three way tussle for third spot with Shawbrook, Secure Trust and Close all paying 2.65%. 

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