Savings round up - 29th August
It's been a big week of movements with best buy rates increasing as much as 0.20% on the week. In 2 Year Fixed, last week's leader now sits eighth! With base rate predicted to rise to at least 2% in September, there's no sign of any slow down in activity in the savings market. Here's our round up of the key changes and best buys:
Al Rayan lead the way at 1.90% but there has been plenty of movement behind them. Cynergy made their 1.85% rate existing customers only during the week but Shawbrook have filled the gap by upping their easy access rate to 1.86%. Zopa sit third still at 1.81%, marginally ahead of Gatehouse Bank and Paragon at 1.80%. Behind them, UBL Bank pay 1.76% via Raisin, having increased their rate by 0.24% during the week, to sit ahead of Nationwide, who increased their triple access saver to 1.75%.
Allica and OakNorth continue to trade blows at the top of the notice tables. OakNorth have upped their 120 Day Notice rate to 2.30% and 90 Day to 2.26%. Allica have left their 95 Day Notice rate to 2.26% but have introduced a 180 Day Notice paying 2.30%. United Trust Bank have moved up to third with their 200 Day Notice paying 2.25% and 1.85% on 100 Day Notice. UBL are next at 2.16% for their 95 Day Notice. This account is with Raisin, who are paying a £30 sign up bonus for new customers to their platform who apply via Savings Guru.
We've seen a huge 0.20% jump on the week with Tandem Bank leading the way now at 3.30%, just ahead of Shawbrook at 3.26%. Atom are third at 3.20% and Gatehouse are fourth at 3.15%. Last week's leaders QIB, who are paying 3.10% via Raisin, are down to fifth although they are joined by FCMB. Both providers come with a bonus of £30 for new to Raisin customers applying via Savings Guru. With seven providers tied on 3.05% we can only see more changes this week with further movement likely.
Hampshire Trust Bank continue to lead the way but with an improved rate of 3.36%. Shawbrook are second at 3.31% and Gatehouse third at 3.25%. BLME increased their rate to 3.20% to make it four providers paying above last week's best buy of 3.15%. QIB, via Raisin, pay 3.15% to complete the top five.
Last week's leader, Hampshire Trust Bank, now sit eighth, such has been the movement in the 2 Year category. SmartSave Bank top the charts at 3.47% but they are only a whisker ahead of Monument Bank who pay 3.46%. Ford Money and Tandem are next with both paying 3.45%. Hodge Bank (3.41%) hold off Atom Bank and Gatehouse (3.40%) who are all ahead of Hampshire at 3.36%.
There's been plenty of change in three year too although the price differential is less dramatic. Tandem lead the way at 3.50% ahead of JN Bank (3.45%) who also increased their rates during the week. Gatehouse Bank are third at 3.42% ahead of Atom, Shawbrook and BLME who all pay 3.40%. With just 0.05% between 4th and 15th spot, there will inevitably be further changes in 3 Year this week as providers respond to last week's moves.
The other move of note in the 3 Year category is from NS&I, who launched a third issue of the government's green savings bonds. Issue 1 paid just 0.65% and, although Issue 2 was doubled, 1.30% wasn't ever going to attract anything like the £15bn the government is wanting to raise. Issue 3 is paying a far more competitive 3%, which while still someway off the best deals, is far more likely to attract those who are happy to sacrifice a little on their rate to support green projects.
JN Bank are the new leaders paying 3.47% ahead of BLME at 3.45%. Gatehouse Bank are third at 3.43% with all three increasing their rates during the week. Last week's joint leaders, Aldermore Bank and United Trust Bank share fourth at 3.40%
Tandem moved top with a best buy 3.55% with Gatehouse Bank (3.51%) also moving ahead of Aldermore Bank, who were last week's leaders at 3.50%. They have been joined by BLME, JN Bank and Ford Money who all increased their rates during the week to 3.50%.